HomeMy WebLinkAboutR-95-0773i
J-95-1070
10/26/96
RESOLUTION NO. 9 5 - 773
A RESOLUTION, RELATING TO THE 150 UNIT
MELROSE TOWNHOME PROJECT ("PROJECT") BEING
DEVELOPED BY CODEC, INC., ("DEVELOPER")
GRANTING DEVELOPER'S REQUEST FOR DEFERMENT OF
PAYMENT ON CITY'S LOAN OF $1,750,000 TO THE
MELROSE TOWNHOMES PROJECT; AUTHORIZING THE
CITY MANAGER TO EXECUTE INDIVIDUAL PARTIAL
RELEASE OF MORTGAGES TO CONSUMMATE THE
PURCHASE/MORTGAGE CLOSINGS ON FIFTY-FOUR (54)
TOWNHOME UNITS UNDER PHASE II OF THE PROJECT;
INSTRUCTING THE CITY MANAGER TO EXECUTE AN
AGREEMENT, IN A FORM ACCEPTABLE TO THE CITY
ATTORNEY, WITH THE ESCROW AGENT TO PLACE IN
ESCROW THE CITY'S SHARE OF THE PROCEEDS FROM
THE SALE OF EACH TOWNHOME UNIT UNDER PHASE
II, IN THE AMOUNT OF APPROXIMATELY $500,000;
DIRECTING THE CITY MANAGER AND THE DEVELOPER
TO DETERMINE THE FIXED PROJECT DEVELOPMENT
COST, UNIT SALE PRICES, FINAL AMOUNT OF CITY
SUBSIDY TO THE DEVELOPER, AND THE ECONOMIC
FEASIBILITY FOR THE DEVELOPMENT OF PHASE III
PRIOR TO THE COMMENCEMENT OF CONSTRUCTION,
SUBJECT TO CERTAIN TERMS AND CONDITIONS AS
HEREIN SPECIFIED.
WHEREAS, on October 26, 1995, representatives of Codec,
Inc., made a personal appearance before the City Commission to
discuss the repayment of the City's loan in the amount of
$1,750,000 in connection with the development of the 150 unit
Melrose Townhome Project ("Project"); and
WHEREAS, Codec, Inc., has requested financial relief in
connection with the $1,750,000 in City financial assistance to
the Project due to the increased costs in building materials and
CITY COrM.IISSION
MEETING OF
i; ; 2 6 13355
Rcrolutlnn No.
5 - 773
modifications to the South Florida Building Code caused by
Hurricane Andrew; and
WHEREAS, it was anticipated that the City of Miami would be
able to recapture approximately $500,000 after the close-out of
Phases I, II and III of the Project to fully satisfy the
$1,750,000 loan to Codec, Inc., for land acquisition and
construction financing for the Project; and
WHEREAS, Codec, Inc., has also requested a partial release
of mortgage from the City in order to consummate the
purchase/mortgage closings on fifty-four (54) townhome units
under 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. The City Commission hereby approves and
grants the request of Codec, Inc., for the deferment of payment
on the City's loan of $1,750,000 to the 150 unit Melrose Townhome
Project.
Section 3. The City Manager is hereby authorized to
execute individual partial release of mortgages to consummate the
purchase/mortgage closings on fifty-four (54) townhome units
developed by Codec,-Inc., under Phase II of the Project.
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JJ— 773
1
t
Section 4. The City Manager is hereby instructed to
executer an agreement, in a form acceptable to the City Attorney,
with the escrow agent responsible for the purchase/mortgage
i
closings, to place the City's share of the sales proceeds for
each Phase II townhome unit in escrow, in an estimated amount of
$500,000.
Section 5. The City Manager and Codec, Inc., are hereby
directed to determine the fixed project development cost, unit
sales prices, final amount of the City's subsidy, and the overall
feasibility of developing Phase III prior to commencement of
construction, subject to the City Manager bringing back the
feasibility study for City Commission approval once Codec, Inc.
has secured Dade County surtax funding for Phase III of the
Project.
Section 6. This Resolution shall become effective
immediately upon its adoption.
PASSED AND ADOPTED this 26th day of October, 1995.
0
STEPH N P . CLARK, MAYOR
ATTEST:
ALTER J. gqiMkN
CITY CLER
t 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.
PHONE: (305) 642-1381/82
642-7463
CODEC
DC
300 S.W. 12th AVENUE_ SUITE A MIAMI, FLORIDA 33130
August 4, 1995
Ms. Elvi Gallastegui
City Manager's Office
Agenda.. office
3500 Pan American Drive
Miami, Florida 33133
Subject: Discussion of Re -Payment of Loan to
City of Miami for the Melrose Townhomes
Project - Phase II and Feasibility of
Phase III
Dear Ms. Gallastegui:
As previously discussed on August 3rd., 1995, with Mr.
Jeffrey P. Hepburn and Mr. Frank Castaneda of. Community
Development, CODEC, Inc. is respectfully requesting an
appearance in front of the City Commission on September
14, 1995, to discuss the aforementioned items.
Previous to this appearance, staff request of a Cost
Certification by a private accounting firm will be furnished.
If further information is requested, please contact me
at (305) 642-1381.
Very truly yours,
CODEC, I
I
e bregas
Exe tive Director
JF:io
cc: Messrs. Jeff P. Hepburn
Frank Castaneda
773
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