HomeMy WebLinkAboutR-96-0941J-96-1331
12/23/96
�.
RESOLUTION N096 -9
A RESOLUTION RESCINDING IN ITS ENTIRETY,
RESOLUTION NO. 96-596, ADOPTED JULY 25, 1996,
WHICH ALLOCATED $750,000 IN 23RD YEAR
COMMUNITY DEVELOPMENT BLOCK GRANT (CDBG)
FUNDS TO NEW ARENA SQUARE CORPORATION
(CORPORATION) FOR THE REHABILITATION OF 206
RENTAL UNITS IN THE OVERTOWN AREA; HEREBY
AUTHORIZING THE CITY MANAGER TO ALLOCATE AND
DISBURSE AN INTERIM LOAN, IN THE AMOUNT OF
$1,000,000 IN 22ND YEAR CDBG PROGRAM FUNDS,
FROM THE CITY'S CDBG ASSISTED MULTI -FAMILY
LOAN PROGRAM, TO NEW ARENA SQUARE CORPORATION
FOR THE PHASE I REHABILITATION OF 206 RENTAL
UNITS IN THE OVERTOWN AREA; FURTHER
AUTHORIZING THE CITY MANAGER TO ALLOCATE AND
DISBURSE $1,250,000 IN FY 197-98 HOME
INVESTMENT PARTNERSHIP PROGRAM FUNDS TO SAID
CORPORATION FOR THE PHASE II REHABILITATION
OF APPROXIMATELY 350 RENTAL UNITS IN SAID
AREA; AUTHORIZING THE CITY MANAGER AND THE
CITY ATTORNEY TO EXECUTE THE NECESSARY
DOCUMENTS TO IMPLEMENT SAID PROJECT.
WHEREAS, in July, 1996, pursuant to Resolution No. 96-596,
the City Commission allocated $750,000 in 23rd Year Community
Development Block Grant (CDBG) funds to New Arena Corporation
(Corporation) in connection with the rehabilitation of 206 rental
units located in the Overtown area; and
WHEREAS, at the December 12, 1996, City Commission Meeting,
representatives of the Corporation requested the City Commission
allocate $1,250,000 in HOME Program funds, rather than the
CITY COMMISSION
MEETING OF
DEC 2 3 1996
Resolution No,
6 - e_i 4 1
original funding, in the amount of $750,000, allocated pursuant
to Resolution No. 96-596; and
WHEREAS, the requested amount of $1,250,000 in FY 197/98
HOME Program funding is not anticipated to be available from the
U.S. Department of Housing and Urban Development until July 1,
1997; and
WHEREAS, in an effort to commence the rehabilitation of the
206 units prior to July 1, 1997, the City Administration
recommended allocating $1,000,000 from the City's CDBG Assisted
Multi -family Rehabilitation Loan Program, as an interim loan, for
Phase I of the proposed project; and
WHEREAS, it was also recommended that the City Commission
allocate $1,250,000 in FY 197/98 HOME Program funding for the
purpose of rehabilitating an additional 350 units in Phase II of
the project;
NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE
CITY OF MIAMI, 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. Resolution No. 96-596, adopted July 25, 1996,
i
is hereby rescinded in its entirety.
i
Section 3. The City Manager is hereby authorized to 1
allocate and disburse $1,000,000 in 22nd Year CDBG Program funds
from the City's CDBG Assisted Multi -family Rehabilitation Loan
i
Program, as an interim loan to New Arena Square Corporation
i
i
-2- , 41 f
w i
(Corporation), for the rehabilitation of 206 Phase I rental units
located in the Overtown area.
Section 4. The City Manager is hereby further authorized
to allocate and disburse $1,250,000 in FY 197/98 HOME Investment
Partnership Program funds to said Corporation for the
rehabilitation of approximately 350 Phase II rental units located
in the Overtown area.
Section 5. The City Manager and City Attorney are hereby
authorized to execute the necessary documents, in compliance with
all requirements that may be imposed by the City Attorney
including those prescribed by applicable City Charter and Code,
to implement said rehabilitation project.
Section 6. This Resolution shall become effective
immediately upon its adoption.
PASSED AND ADOPTED this 23rd day of December 1997.
C�LT,O, MAYOR
ATTEST:
WALTER J OEMAN
CITY CLERK
- 3 -
r
COMMUNITY DEVELOPMENT/NET REVIEW
ELBER L. WATERS, DIRECTOR
COMMUNITY DEVELOPMENT/NET
AND D RY REVIEW:
MICHAEL . LAVIN, DIRECTOR
DEPARTMENT OF FINANCE
PREP RED AND APPROVED BY:
LINDA KELLY KtVRSON
ASSISTANT CITY ATTORNEY
APPROVED AS TO FORM
AND CORRECTNES
A. Q O ,III
CITY ATTO EY
W1336:csk:LKK
(4)
r
CITY OF MIAMI, FLORIDA
INTER -OFFICE MEMORANDUM
TO : The Honorable Mayor and
Members of the City Commission
12-20-1996
DATE :
Resolution Allocating
SUEUECT : $1,250,000 in HOME
Program Funding - New
FILE :
Arena Square Corp.
FROM : REFERENCES
ward Marquez ENCLOSURES: City Commission Agenda
City Manager Item - December 23, 1996
RECOMMENDATION:
It is respectfully recommended that the City Commission adopt the attached resolution,
authorizing the City Manager to reallocate $1,250,000 in FY' 1996-97 Home Investment
Partnership Program (Home Program) funding to New Arena Square Corporation, for the
purpose of rehabilitating approximately 206 rental units in the Overtown neighborhood.
The attached resolution further directs the City Manager to provide the said $1,250,000 in
Home Program funding from the $2,375,000 in funding allocated to the Urban League of
Greater Miami, Inc., in connection with the City's financial commitment to Phase II
funding of the proposed Knight Manor Housing Project planned in the Model City
neighborhood.
BACKGROUND:
At the December 12, 1996 City Commission meeting, representatives of New Arena
Square Corporation made a request for $1,250,000 in Home Program funding, in
connection with the rehabilitation of approximately 206 rental units in the Overtown
neighborhood.
In an effort to promote the participation of both the public and private sector in
r6habilitation of 206 substandard housing units in the Overtown neighborhood, the City
Administration recommends reallocating $1,250,000 in FY' 1996-97 Home Program
funding to New Arena Square Corporation for the aforementioned purpose. The said
allocation will be made available to New Arena Square Corporation from the $2,375,000
in project funding allocated to the Urban League of Greater Miami, Inc., in
connection with Phase II funding of the proposed Knight Manor Homes Project.
It is recommended that $1,250,000 from the City's FY' 1997-98 Home Investment
Partnership Program allocation of approximately $4,315,000, be made available to the
96— 941 1
r
Urban League of Greater Miami, Inc. in order to replace the Home Program funding
which is being allocated to New Arena Square Corporation.
It is anticipated that the City's FY' 1997-98 Home Program allocation of $4,315,000 will
be available to the City from the U.S. Department of Housing and Urban Development by
July 1, 1997.
1
I
i
i
i
r'
2
y 6 - 941
L-,Ot•