HomeMy WebLinkAboutR-95-0674J-95-733
9/1 /95
RESOLUTION NO:
95- 674
A RESOLUTION, WITH ATTACHMENT, AUTHORIZING THE CITY
MANAGER TO ENTER INTO AN AGREEMENT WITH THE UNITED
STATES DEPARTMENT OF HOUSING AND URBAN
DEVELOPMENT ("HUD"), IN SUBSTANTIALLY THE ATTACHED
FORM, FOR A SECTION 108 LOAN GUARANTEE IN THE AMOUNT
OF $2 MILLION DOLLARS TO HELP FINANCE THE
DEVELOPMENT OF THE GOOMBAY PLAZA PROJECT TO BE
DEVELOPED BY THE COCONUT GROVE LOCAL DEVELOPMENT
CORPORATION (CGLDC), AND FURTHER ACCEPTING AN
ECONOMIC DEVELOPMENT INITIATIVE GRANT OF $300,000.00
TO BE USED WITH THE SECTION 108 LOAN GUARANTEE.
WHEREAS, the City of Miami is committed to assisting non-profit organizations
that develop projects which will create new jobs and remove slum and blight in the
community; and
WHEREAS, the City of Miami has applied for a Section 108 Loan Guarantee from
HUD in the amount of $2 million dollars to assist in the development of the Goombay
Plaza Project to be developed by the CGLDC; and
WHEREAS, the City of Miami has also applied for an Economic Development
Initiative Grant of $300,000.00 for the same project; and
WHEREAS, HUD has officially approved the Section 108 Loan Guarantee and the
Economic Development Initiative Grant.
NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE CITY OF MIAMI,
FLORIDA:
IATTACHMENT (5)
CONTAINED
,.CITY COMMISSION
MEETING OF
S E P 2 9 1995
Resolution No.
95- 674
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 hereby authorized to execute an agreement
with the United States Department of Housing and Urban Development, in substantially
the attached form, for a Section 108 Loan Guarantee in the amount of $2 million dollars
to help finance the Goombay Plaza Project to be developed by the Coconut Grove
Local Development Corporation,
Section 3. The City Manager is also authorized to accept the award of an
Economic Development Initiative Grant in the amount of $300,000.00 for the same
project to be used with the Section 108 Loan Guarantee.
Section 4. This Resolution shall become effective immediately upon its
adoption.
PASSED AND ADOPTED this 28th day of
E i
ALTER FOEMAN, CITY CLERK
NET REVIEW A I�� PROV
F
RAN ASTA , DIRECTOR
OA
Se
THEN P. CLARK, MAYOR(
95-- 674
_J
FINANCE AND BUDGETARY REVIEW:
MANOHAR S. SUI
ASSISTANT CITY
PREPARED AND APPROVED BY:
OLG AMIREZ-SEIJ
ASSISTANT CITY ATTORNEY
APPROVED AS TO FORM AND
CORRECTNESS: 19
C
W269:csk:O
3
95- 674
L
F ding Approval/Agreem t
Title I of the Housing and _immunity
Development Act (Public Law 93-383)
HI-00516R of 2051 SR
1. Name of Grantee (as shown in Item 6 of Standard Form-4241
CITY OF MIAMI, FLORIDA
2. Grantee's Complete Address (as shown In Item
U.S. Departrr of Housing
and Urban DL ipment
Office of Community Planning
and Development
Community Development Block Grant
59 6000375
B-94—MC-12-0013
5b. Project / Grant Number 2
so or t-unds
300 BISCAYNE BOULEVARD WAY — SUITE 420 60. Project / Grant Number 3 16c. Amount Approved
MIAMI, FL 33131
Grant Agreement
This Grant Agreement between the Department of Housing and Urban Development (HUD) and the above named Grantee is made
pursuant to the authority of Title I of the Housing and Community Development Act of 1974, as amended, (42 U.S.C. 5301 at seq).
The Grantee's submissions for Title I assistance, the HUD regulations at 24 CFR Part 570 (as now in effect and as may be amended
from time to time), and this Funding Approval, including any special conditions, constitute part of the Agreement. Subject to the
provisions of this Grant Agreement, HUD will make the funding assistance specified here available to the Grantee upon execution of
the Agreement by the parties. The funding assistance specified in the Funding Approval may be used to pay costs incurred on or
after the date specified in 4 above provided the activities to which such costs are related are carried out in compliance with all
applicable requirements. Pre -agreement costs may not be paid with funding assistance specified here unless they are authorized in
HUD regulations or approved by waiver and listed in the special conditions to the Funding Approval. The Grantee agrees to assume
all of the responsibilities for environmental review, decision making, and actions, as specified and required in regulations issued by
the Secretary pursuant to Section 104(g) of Title I and published in 24 CFR Part 58. The Grantee further acknowledges its
responsibiliip for adherence the Agreement by subrecipient entities to which it makes funding assistance hereunder available.
U.S. ;Sec
men of n Development (signet re arpe, (tle �dp1p1 Grantee (signature, name, title, date)
X K i lams, Deputy Assistant X
r tar for Grant Pro rams CITY OF MIAMI FLORIDA
heck On y One: Category of tle Asa stance for this 8. Special 9a. Date HUD Received Submission:
Funding Action I Conditions
a. Entitlement, Sec106(b) (check one)
b. State -Administered, Sec 106(d)(1)
c. HUD -Administered Small Cities, Sec 106(d)(2)(B)
d. Indian CDBG Programs, Sec 106 (A)(1)
e. Surplus Urban Renewal Funds, Sec 112(b)
f. Special Purpose Grants, Sec 107
g. Loan Guarantee, Sec 108
ao. uate urantea NOSITI00:
None
9c. Date of Start of Program
Attached X 06/01/94
11. Amount of
Community
Development
Block Grant
a. Funds Reserved For
This Grantee
X b. Funds Now Being
Approved
c. Reservation To Be
Cancelled 01 a minus 11 b)
2,000,000
Loan Guarantee Acceptance Provisions for
Designated Agencies
The public agency hereby accepts the Grant Agreement executed by the
Department of Housing and Urban Development on the above date with respect to
the above grant number(s) as Grantee designated to receive loan guarantee
assistance, and agrees to comply with the terms and conditions of the Agreement,
applicable regulations, and other requirements of HUD now or hereafter in effect,
pertaining to the assistance provided it.
Batch 176 PrIlllm
y
0
y
a
Previous Editions are Obsolete
a. Orig.Funding Approval
b. Amendment I X
c. Amendment
1
FY 94 FY FY
12b. Name and Complete Address of Public Agency
12c. Signature of Authorized Official (name, title, date) for
Designated Public Agency
X
MR Ana Document No. No. Pro ect Number
9' M 1 0013
Pr_o ect Number
Project Number
Cate o
Amount
Effective Date F
Amount
ou
Date Entered PAS
Date Entered LOCCS
Batch Number
Transaction Code
JEntered by:
I Verified by:
form HUD•1082 (4/14/93)
24 CFR 570
95- 674
ovP0 OENTO,�ON U. S ,partment of Housing and Urban DevelopmL.
Washington, D.C. 20410.7000
Q
OFFICE OF THE ASSISTANT SECRETARY
FOR COMMUNITY PLANNING AND DEVELOPMENT
,It IN ?_ 8 1995
Mr. Cesar H. Odio
City Manager
300 Biscayne Boulevard Way
Miami, FL 33131
Dear Mr. Odio:
Please be informed that City of Miami's (hereafter "the
City") request for loan guarantee assistance under'Section 108.of
the Housing and Community Development Act of 1974, as amended,
has been approved. Such assistance is to consist of the
guarantee of notes or other obligations in the principal amount
of $2,000,000, plus interest thereon, which shall be issued to
finance activities described in application B-94-MC-12-0013.
This offer of commitment is subject, however, to the
conditions specified in Item 8 of the Funding Approval (Form HUD-
7082).
The first condition provides that in the event the City
fails to submit notes or other obligations for inspection and
guarantee by the Secretary of the Department of Housing and Urban
Development (HUD) before July 1, 1996, the offer will expire as
of such date.
The second condition provides that the repayment schedule
for the guaranteed loan must be acceptable to HUD.
The third condition specifies that the City furnish such
additional security for the repayment of the guaranteed loan as
HUD deems appropriate. This security will be specified in the
Contract for Loan Guarantee Assistance, which will be executed at
the time the notes or other obligations are issued.
Please furnish us, at the address specified in the last
paragraph of'this letter, your timetable for execution of the
activities described in your application. These activities will
be financed through a public offering of Section 108 obligations.
If you need funds prior to the next public offering, please
notify HUD at the address below and instructions for obtaining
interim financing will be provided.
95-- 674
L
2
In addition to the special conditions cited above, the
release of funds for the project to be carried out with loan
guarantee assistance is conditioned upon compliance by the
City with all applicable provisions of the HUD Environmental
Review Procedures (24 CFR Part 58). In this regard a request for
release of funds must be approved by HUD prior to the obligation
or utilization of funds for the project.
Please execute the three enclosed copies of the Funding
Approval and return two copies to the Department of Housing and
Urban Development, Office of Block Grant Assistance, Financial
Management Division, Room 7180, 451 Seventh Street, S.W.,
Washington, D.C. 20410. One copy should be retained for your
files. The Funding Approval amends the Grant Agreement
authorized by HUD on June 16, 1994, under the Funding Approval
for grant number B-94-MC-12-0013 to include loan guarantee
assistance. The Grant Agreement thereby incorporates this
Funding Approval, the loan guarantee application, and Subpart M
of the block grant regulations governing loan guarantees, as well
as such agreements, schedules, and other documentation required
to be submitted or executed in connection therewith.
Very sincerely yours,
Deputy Assistant Sec
for Grant Programs
Enclosures
95- 6'74
L. J
8. Special Conditions:
(a) In the event the applicant shall fail to submit a
promissory note or other obligation to the
Secretary for inspection and guarantee before
July 1, 1996, this commitment shall terminate and
expire as of such date.
i
{ (b) The repayment schedule for the guaranteed loan shall be
acceptable to the Secretary.
(c) Pursuant to 24 CFR 570.705(b)(3), the applicant shall
furnish such additional security for the loan guarantee
as the Secretary deems appropriate. Such additional
security shall be specified in the contract required
under 24 CFR 570.705(b)(1).
95- 674
CITY OF MIAMI, FLORIDA
INTER -OFFICE MEMORANDUM
TO ; Honorable Mayor and
Members of the City Commission
FROM : Cesar H. Odlo
City Manager
RECOMMENDATION
DATE : SEP -, 5 ' 1995 FILE
SUBJECT : Agreement with U.S. HUD
for Section 108 Loan Guarantee
for Goombay Plaza Project of
REFERENCES: C. Grove Local Devel. Corp.
ENCLOSURES: City Commission Meeting
SPntpmhpr 14 19A5
It is respectfully recommended that the City Commission approve the attached resolution
authorizing the City Manager to enter into an agreement with the U.S. Department of Housing
and Urban Development (HUD) for a Section 108 Loan Guarantee in the amount of $2 million
dollars to help finance the Goombay Plaza Project of the Coconut Grove Local Development
Corporation (CGLDC,) and further authorizing the City Manager to accept the Economic
Development Initiative (EDI) grant of $300,000.00 for the same project to be used with the
Section 108 Loan Guarantee.
BACKGROUND
NET has analyzed the need to enter into agreement with HUD and accept the Economic
Development Initiative Grant to assist in the development of the Goombay Plaza Project of
the Coconut Grove Local Development Corporation.
On October 29, 1994, the City, on behalf of Coconut Grove Local Development Corporation,
submitted an application to HUD for both the Section 108 and the EDI grant for the Goombay
Plaza Project. Coconut Grove Local Development Corporation proposes to develop a
restaurant and -other facilities having a Caribbean/African-American theme, located In the
West Grove to be a catalyst for economic revitalization of the area.
On June 28, 1995, the City was formally notified by HUD that the Section 108 was approved
/I
LOUV191vNr11VIII. Mci 11-UDI .aw U;J-:iS3) utuce O' 'nmu
HW515R of 20515R and Devi _,rent
59 6000375
CITY OF MIAMI, FLORIDA
Block Grant
of standard Form-4241 B-94—MC-12-0013
6b. Rolect ! Grant Number 2
300 BISCAYNE BOULEVARD WAY — SUITE 420 tic. Pro)ect /Brant Number 3 6c. Amount A
MIAMI, FL 33131 Pproved
Grant Agreement ::I
This Grant Agreement between the Department of Housing and Urban Development (HUD) and the•above named Grantee is ma
pursuant to the authority of Title I of the Housing and Community Development Act of 1974, as amended, (42 U.S.C. 5301 et se
The Grantee's submissions for Title 1 assistance, the HUD regulations at 24 CFR Part 570 (as now in effect and as may be amend
from time to time), and this Funding Approval, including any special conditions, constitute part of the Agreement. Subject to t
provisions of this Grant Agreement, HUD will make the funding assistance specified here available to the Grantee upon execution
the Agreement by the parties. The funding assistance specified in the Funding Approval may be used to pay costs incurred on
after the date specified in 4 above provided the activities to which such costs are related are carried out in compliance with
applicable requirements. Pre -agreement costs may not be paid with funding assistance specified here unless they are authorized
HUD regulations or approved by waiver and listed in the special conditions to the Funding Approval. The Grantee agrees to assur
all of the responsibilities for environmental review, decision making, and actions, as specified and required in regulations issued !
the Secretary pursuant to Section 104(g) of Title I and published in 24 CFR Part 58. The Grantee further acknowledges i
responsibili adherence the Agreement by subrecipient entities to which it makes funding assistance hereunder available.
U.S. o Development (Nana a , de Grantee (signature, name, title. date)
Xx I
sec to for GarantDProtratnseistant
Fr77mock O A��nly . esgory o rtls Aas stance or Ut a 8. Special Conditions chock 6
a. Entitlement. Sec106(b) (check
( anal r
b. State -Administered. Sac 106(d)(1) None I
c. HUD -Administered Small Clties, Sac 10e(d)(2)(B)
d. Indian CDBG Programs, Sec toe (4)(1)
a. Surplus Urban Renewal Finds, Sec 112(b)
f. Spacial Purpose Grants, See 107
a. Loan Guarantee, Sac toe
Attached X
11. Amount of
community
Dec menp t
Block Grant
a. Funds Reserved For
This Grantee
X b. Funds Now tieing
Approved
c. Reservation To Be
Cancelled (11 a mInus 11
2,000,000
Loan Guarantee Acceptance Provisions for
Designated Agencies
The public agency hereby accepts the Grant Agreement executed by the
Department of Housing and Urban Development on the above date with respect to
the above grant number(s) as Grantee designated to receive loan guarantee
assistance, and agrees to comply with the terms and conditions of the Agreement,
applicable regulations, and other requirements of HUD now or hereafter in effect,
Pertaining to the assistance provided it.
Batch 11 9I =I P' OM- V A n__
a• Orig.Funding Approval
b. Amendment
n of Fi am Year c. Amendment
1
Fy 94 Fy F,
12b. Name and Complete Address of Public Agency
12c. Signature of Authorized Official (name, title, date) for
Designated Public Agency
X
form HUD-7082 (4/10
r G 17 4 17
24 CFR f
X
e 'r
a ♦ ♦ n
i F
a`
`,#ti4 DEV` Dq
wasnington, u.G. Zoa10-woo
OFFICE OF THE ASSISTANT SECRETARY
FOR COMMUNITY PLANNING AND DEVELOPMENT
1IN P. 8 1995
Mr. Cesar H. Odio
City Manager
300 Biscayne Boulevard Way
Miami, FL 33131
Dear Mr. Odio:
Please be informed that City of Miami's (hereafter "the
City") request for loan guarantee assistance under'Section 108 of
the Housing and Community Development Act of 1974, as amended,
has been approved. Such assistance is to consist of the
guarantee of notes or other obligations in the principal amount
of $2,000,000, plus interest thereon, which shall be issued to
finance activities described in application B-94-MC-12-0013.
This offer of commitment is subject, however, to the
conditions specified in Item 8 of the Funding Approval (Form HUD-
7082).
The first condition provides that in the event the City
fails to submit notes or other obligations for inspection and
guarantee by the Secretary of the Department of Housing and Urban
Development (HUD) before July 1, 1996, the offer will expire as
of such date.
The second condition provides that the repayment schedule
for the guaranteed loan must be acceptable to HUD.
The third condition specifies that the City furnish such
additional security for the repayment of the guaranteed loan as
HUD deems appropriate. This security will be specified in the
Contract for Loan Guarantee Assistance, which will be executed at
the time the notes or other obligations are issued.
Please furnish us, at the address specified in the last
paragraph of'this letter, your timetable for execution of the
activities described in your application. These activities will
be financed through a public offering of Section 108 obligations.
If you need funds prior to the next public offering, please
notify HUD at the address below and instructions for obtaining
interim financing will be provided.
2
In addition to the special conditions cited above, the,
release of funds for the project to be carried out with loan
guarantee assistance is conditioned upon compliance by the
City with all applicable provisions of the HUD Environmental
Review Procedures (24 CFR Part 58). In this regard a request for
release of funds must be approved by HUD prior to the obligation
or utilization of funds for the project.
Please execute the three enclosed copies of the Funding
Approval and return two copies to the Department of Housing and
Urban Development, Office of Block Grant Assistance, Financial
Management Division, Room 7180, 451 Seventh Street, S.W.,
Washington, D.C. 20410. One copy should be retained for your
files. The Funding Approval amends the Grant Agreement
authorized by HUD on June 16, 1994, under the Funding Approval
for grant number B-94-MC-12-0013 to include loan guarantee
assistance. The Grant Agreement thereby incorporates this
Funding Approval, the loan guarantee application, and Subpart M
of the block grant regulations governing loan guarantees, as well
as such agreements, schedules, and other documentation required
to be submitted or executed in connection therewith.
Enclosures
ro
very sincerely yours,
putli Assistant Sec
for Grant Programs
95-w 674
8. Special Conditions:
(a.) In the event the applicant shall fail to submit a
promissory note or other obligation to the
Secretary for inspection and guarantee before
July 1, 1996, this commitment shall terminate and
expire as of such date.
(b) The repayment schedule for the guaranteed loan shall be
acceptable to the Secretary. - '
(c) Pursuant to 24 CFR 570.705(b)(3), the applicant shall
furnish such additional security for the loan guarantee
as the Secretary deems appropriate. Such additional
security shall be specified in the contract required
under 24 CFR 570.705(b)(1).
9-5'- 674