HomeMy WebLinkAboutR-95-0562.1RESOLUTION NO . q 5 - Fj '' .
A RESOLUTION APPROVING A LOAN TO THE DOWNTOWN
DEVELOPMENT AUTHORITY (11DDA11), IN AN AMOUNT
NOT TO EXCEED $650,000, TO PROVIDE INTERIM
FINANCING FOR CONSTRUCTION OF AN
INTERNATIONAL TRADE CENTER ON THE FOURTH
FLOOR OF THE FORMER JORDAN MARSH BUILDING,
LOCATED AT 1601 BISCAYNE BOULEVARD, MIAMI,
FLORIDA, PENDING DISBURSEMENT OF A TWO
MILLION FIVE HUNDRED THOUSAND DOLLAR
($2,500,000) GRANT AWARDED BY THE UNITED
STATES DEPARTMENT OF COMMERCE, ECONOMIC
DEVELOPMENT ADMINISTRATION ("EDA") TO THE DDA
FOR THIS PURPOSE; PROVIDING FOR THE
DISBURSEMENT OF UP TO ONE HUNDRED FIFTY
THOUSAND DOLLARS ($150,000) ON APPROXIMATELY
SEPTEMBER 15, 1995, AND MONTHLY DRAWS
THEREAFTER, AS NEEDED; FURTHER PROVIDING FOR
DDAIS REPAYMENT OF THE LOAN NOT LATER THAN
TWELVE (12) MONTHS AFTER THE DATE OF THE
FIRST DRAW, SAID LOAN TO BE EVIDENCED BY A
LOAN AGREEMENT, IN A FORM ACCEPTABLE TO THE
CITY ATTORNEY, TO BE EXECUTED BY THE DDA
PRIOR TO THE FIRST DRAW; ALLOCATING FUNDS
THEREFOR FROM SPECIAL PROGRAMS AND ACCOUNTS.
WHEREAS, the Downtown Development Authority ("DDA") has been
awarded a two million five hundred thousand dollar ($2,500,000)
grant from the Economic Development Administration of the United
States Department of Commerce (11EDA Grant") for the development
of an. International Trade Center (the "PROJECT") on the fourth
floor of the former Jordan Marsh Building, located at 1601
Biscayne Boulevard, Miami, Florida (the "PREMISES"); and
WHEREAS, pursuant to Resolution No. 94-586, adopted July 26,
1994, the Miami City Commission authorized the DDA to execute a
lease agreement with Equitable Life Assurance Society of the
United States for the Premises and a sublease agreement and an
operating agreement with IntraExpo, Inc., for the development and
operation of the Project; and
WHEREAS, DDA has received sealed bids for the construction
of the Project and is about to execute a contract with the lowest
bidder as required by the EDA Grant; and
WHEREAS, construction is expected to commence on August 1,
1995, and the first payment to the contractor is expected to be
due within thirty (30) days thereafter; and
WHEREAS, the EDA Grant provides for the disbursement of
funds on a reimbursement basis and requires that construction of
the Project be twenty-five percent (25%) complete prior to the
first disbursement; and
WHEREAS, it is necessary for DDA to obtain interim financing
to pay for construction costs until it is reimbursed by EDA in
accordance with the EDA Grant;
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. A loan to the DDA, in an amount not to exceed
$650,000, is hereby approved to provide interim financing for
of the former Jordan Marsh Building, located at 1601 Biscayne
Boulevard, Miami, Florida, pending disbursement of a two million
five hundred thousand dollar ($2,500,000) grant awarded by the
United States Department of Commerce, Economic Development
Administration ("EDA°) to the DDA for this purpose, with funds
therefor hereby allocated from Special Programs and Accounts.
Section 3. Said loan shall be subject to the following
"conditions:
a. The first disbursement shall not exceed the amount
of one hundred fifty thousand dollars ($150,000)
shall be made on approximately September 15, 1995;
b. Monthly draws thereafter shall be made as needed;
C. The DDA shall repay the loan to the City of Miami
not later than twelve (12) months after the date
of the first disbursement.
Section 4. The City Manager is hereby authorized) to
execute a loan agreement, in a form acceptable to the City
Attorney and prior to the first loan disbursement, with the DDA
for the hereinabove purpose.
Section 5. This Resolution shall become effective
immediately upon its adoption.
The herein authorization is further subject to compliance with all requirements that may be imposed by the City
Attorney, including but not limited to those prescribed by applicable City Charter and Code. provisions.
3-
95- 562,1
r�
PASSED AND ADOPTED this 13th day of July, 1995.
STEPIYEN P. CLAR , MAYOR
ATTEST:
WALTER J. ittMAN
CITY CLERK
PREPARED AND APPROVED BY:
OLGA IREZ-SEI AS
ASSISTANT CITY ATTORNEY
APPROVED AS TO
x
CITY7 ATTOi
W239:csk:ORS
AND CORRECTNESS:
a"
95- 56�