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1.2/6/95 9 5_ 860
RESOLUTION No.
A RESOLUTION AUTHORIZING THE CITY MANAGER
TO ENTER INTO AN AGREEMENT WITH DADE
FOREIGN TRADE ZONE, INC. ("DFTZ"'), IN A
FORM ACCEPTABLE TO THE CITY ATTORNEY, FOR
THE DEVELOPMENT OF THE WYNWOOD FREE TRADE
ZONE COMPLEX UTILIZING A $5.5 MILLION
SECTION 108 LOAN GUARANTEE FROM THE
UNITED STATES DEPARTMENT OF HOUSING AND
URBAN DEVELOPMENT ("HUD").
WHEREAS, the City of Miami is committed to assisting the
Wynwood community in developing the Wynwood Free Trade Zone, a
project of the Wynwood Community Economic Development
Corporation; and
WHEREAS, the United States Department of Housing and Urban
Development ("HUD") has approved a $5.5 million Section 108 Loan
Guarantee for said project; and
WHEREAS the City must enter into an agreement with Dade
Foreign Trade Zone, Inc., the project's developer;
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.
'!CITY COMMISSION
MEETING OF
DEC 0 7 1995
Resolution No.
95- 860
Section 2. The City Manager is hereby authorizedl� to
enter into an agreement with Dade Foreign Trade Zone, Inc., in a
form acceptable to the City Attorney, for the development of the
Wynwood Free Trade Zone utilizing a $5.5 million Section 108 Loan
Guarantee from the United States Department of Housing and Urban
Development.
Section 3. This Resolution shall become effective
immediately upon its adoption.
PASSED AND ADOPTED this 7th dar2of December 1995.
s.r
STEPIMN P. CLARK, MAYOR
MANUHAK b . 5
ASSISTANT CI AGER
PREPARED AND APPROVED BY:
A K. SON
ASSISTANT CITY ATTORNEY
LKK/pb/csk/bss/W455
NET REVIEW AND APPROVAL:
ELBE V WATERS, DIRECTOR
NET
APPROVED AS TO FORM AND
CORRECTNESS:
1 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.
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r
CITY OF MIAMI, FLORIDA
• INTER -OFFICE MEMORANDUM14
'
TO: Honorable Mayor and Members DATE : n�n11 � !? 1995 FILE
of the City Commission
SUBJECT : Resolution to Enter Into
Agreement with Dade Foreign
1 Trade Zone, Inc.
FROM Cos REFERENCES
City er City Commission Meeting of
ENCLOSURES: December 14, 1995
RECOMMENDATION
It is respectfully recommended that the City Commission approve the attached Resolution,
authorizing the City Manager to enter into agreement with the Dade Foreign Trade Zone,
Inc. (DFTZ) for the development of the VVynwood Free Trade Zone, through a Section 108
Loan Guarantee in the amount of $5.5 million dollars from the U.S. Department of Housing
and Urban Development (HUD).
BACKGROUND
NET has analyzed the need to enter into agreement with Dade Foreign Trade Zone, Inc. to
develop the Wynwood Free Trade Zone Project with a HUD Section 108 Loan Guarantee.
The City's agreement with DFTZ is for the purpose of developing the Foreign Trade Zone
Project on behalf of Wynwood Community Economic Development Corporation, the
community based organization which holds the Trade Zone Charter. As security for the
loan, the City would hold first mortgage position on the property and receive assignment of
leases from Dade Foreign Trade Zone and Wynwood Community Economic Development
j Corporation.
Approval of the attached Resolution is therefore recommended.
/0'V
95- 860