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96- 646
RESOLUTION NO.
A RESOLUTION AUTHORIZING THS CITY MANAGER 'TO
SUBMIT AN ECONOMIC DEVELOPMENT INITIATIVE GRANT
APPLICATION AND SUBSEQUENT ACCOMPANYING SECTION
108 LOAN APPLICATION TO THE UNITED STATES
DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT
(USHUD) ON BEHALF OF THE SOUTHEAST"
OVERTOWNIIPARK 'WEST COMMUNITY REDEVELOPMENT
AGENCY FOR THE PURPOSE OF PROVIDING FINANCIAL
ASSISTANCE TO DESIGNATED RESIDENTIAL HOME
OWNERSHIP PROJECTS TO BE DEVELOPED IN OVERTOWN.
WHEREAS, the United States Department of Housing and Urban Development
(USHUD) has recently announced a new program to stimulate home -ownership in urban centers
where the home -ownership ratios are well below the national averages; and
WHEREAS, USHUD will award a combined total of $50 million of Economic
Development Initiative (EDI) grant money to the entitlement communities for the purpose of
promoting and developing home -ownership projects in urban areas; and
WHEREAS, USHUD requires that the EDI grant proceeds have to be used as matching
funds for the Section 108 Loan proceeds which vvill be used as a gap financing mechanism; and
WHERFAS, USHUD further requires that the proposed home-ovnership projects have to
be located in an area that will iccommodate the development of not less than 300 residential
units; and
cm COMMSSION
I TINC; Or
SEP 12 1996
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WHEREAS, the proposed residential projects must be underway within 60 days from
approval of the EDI grant application; and
WHEREAS, the Southeast Overtown/Park West Community Redevelopment .Agency has
identified five residential projects in the Overtown neighborhood that meet the criteria for home-
ownership projects;
NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE CITY OF
MIAVII, FLORIDA:
Section 1. The recitals and findings contained in the Preamble to this Resolution are
hereby adopted by reference, thereto and incorporated herein as if fully set forth in this Section.
Section 2 The City Manager is is hereby authorized to submit an Economic
Development Initiative (EDI) grant application to the United :States Department of Housing and
Urban Development (USHUD) on behalf of the Southeast Overtown/Park West Community
Redevelopment Agency for the purpose of providing financial assistance to designated
residential home -ownership projects to be developed Overtown.
Section 8. The City Manager is further authorized to prepare and submit an
accompanying Section 108 Loan application to USHUD within 60 days from the approval of the
EDI grant application,
Section 4, This Resolution shall become effective immediately upon its adoption.
PASSED AND ADOPTED this ..111,h_ day of September , 1996.
-CAROLLO, MAYOR
ATTEST,
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ALTER , CITY CLERK
96-- 646
PREPARED AND APPROVED BY:
LINIDA K. KEAR Ltd
ASSISTANT CITY ATTORNEY
APPROVED AS TO FORM AND CORRECTNESS:
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96►" 646
CITY OF MIAMI. FLORIDA
INTER -OFFICE MEMORANDUM 46
TO. Honorable Mayor and the Members
of the City CommAssion
LATE FILE
SEE' 3 mG
SUBJECT: Request to Submit a
Grant Appllcation
FROM: Cesar REFERENCES:
City ENCLOSURES:
It is respectfully recommended that the City Commission authorize the Southeast
Oveatow /P'aurk West Community Redevelopment Agency to submit an
Economic Development Grant Application and subsequent accompar ving
Section 108 Loan Application, to the United States lDepartrnent of Housing and
Urban ban. Development for the purpose of providing financial ial assistance to
desigilated residential home -ownership projects to be developed in Overtown.
BACKGROUND:
The Southeast Overtown/Park West Community Redevelopment Agency (the
'CRA") has prepared. a. grant application for five residential projects in
Overtown, in msponse to the recently announced $50 n-dlhon Economic
Development Initiative (the "EDIr') grant which will be awarded by the US HM
(the "'HUI.7") for the express purpose of promoting home ownership in urban
areas throughout the United States.
The proposed I million EDI grant is expected to be awarded between 6-1.0
entitlement coxrtan ndties based on the merits of each grant application. The
HUD also stipulates that the EDI grant proceeds have to be matched with the
Secdoll 108 l,o= finds which the successful applicants vrill, have to submit to
HUD vrithm 60 days after the approvd l of the EDI grant, Fur th=wre, in order
to make the uwst impact in an �area, the HUD requires one or more
projccts with a mum of 300 residential units should be &evelopfd. within a
close proxirdty to each other.
The CRA has identified the following five residential projects in Overtown with
over 357 units thai will be completed within ? years.
96- 646 i
Number
RI,Jo ects: of Units
1. SL John's Phase II Development 42
2. Mt, Zion CDC Residential Project 44
3. BAMM, of South Florida Inc. 4
4. SEOPW blacks 2 &3- 6 Development
5. Townpa rk Public Housing � 145
Todd 3 s7+
e C RA will be responsible for all activities associated with the preparation and
submission of the EDI grant and Section 108 Loan application, as well as
n+woitori% alI development activities assodated with the above referenced
re sidential,projeds.
Eu+iciosur:
Resolution
F,
06- 646
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