HomeMy WebLinkAboutItem #51 - Discussion ItemGroff ! ocal.
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P.O. Box 330075 . Coconut Grove, Florida 33233-0075 • (305) 446,3695f 6 . Fax (305) 446-9932
October 17, 1994
Mr. Walter Green
President
GROVITES UNITED TO SURVIVE'
3571 Grand Avenue `
Miami, Florida 33131
Re: Goombay Plaza Development Project
Dear Mr.Green:
t _
This letter is to request a meeting with -the GUTS Board Hof
Directors to announce the" commitment of a $300 , 000 grant to fhe
CGLDC from the Federal Government in support of this project, and
to update you on the current status of our agreement. We are also
requesting a resolution from the Board approving and accepting the
following outline of terms and conditions in order to secure a loan
of $2.0 million to the CGLDC to build the project.
1. CGLDC will obtain a forty -nine-year lease from GUTS for which
a guaranteed payment will be received to cover all existing
debt service obligations on this project.
. r .
2. GUTS will accept�a ten percent (10%) ownership share
in the project improvements as a limited partnership.
3. GUTS will not be -required to borrow any funds: The existin%..t
note with the City of Miami will be reduced to approximately
$272,000.
4. Other project related expenses, such as, real propert
taxes, insurance and maintenance will be paid under tL
terms of the above lease.
• 5. The parking lot facility is the only.exception to this
agreement.
On Tuesday, October 25, 1994, the City of Miami will hold a public
hearing on the Section #108 loan application at the Human Resources
Building at 7:00pm. it is imperative that the members of GUTS and
their families attend to speak in support of the project.
We look forward to your continued support.
Sincerely,
David J.Ale�ander
Executive Director
Sc v,S0 J
A Ncn Profit Corporation for Economic Development+�r_) �'j
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J-92-909
11/12/92
RESOLUTION NO.
A RESOLUTION AUTHORIZING THE CITY MANAGER TO
AMEND THE AGREEMENT, PROMISSORY NOTE AND
MORTGAGE AGREEMENT, IN A FORM ACCEPTABLE TO
THE CITY ATTORNEY, BETWEEN GROVITES UNITED TO
SURVIVE ("GUTS") AND THE CITY OF MIAMI FOR
THE PURPOSE OF REDUCING THE LOAN AMOUNT TO
$271,976.26 AND TRANSFERRING THE REMAINING
BALANCE OF $228,023.74, IN THE FORM OF A
GRANT/LOAN , TO THE COCONUT GROVE LOCAL
DEVELOPMENT CORPORATION, INC. ("CGLDC");
FURTHER AUTHORIZING THE CITY MANAGER TO
EXECUTE AN AGREEMENT, IN A FORM ACCEPTABLE TO
THE CITY ATTORNEY, WITH CGLDC FOR THE PURPOSE
OF TRANSFERRING TO CGLDC SAID FUNDS WHICH
WILL BE USED FOR THE ACQUISITION AND SOFT
COSTS ASSOCIATED WITH THE TIKI PROJECT;
FUNDING THEREFOR PREVIOUSLY ALLOCATED FROM
COMMUNITY DEVELOPMENT BLOCK GRANT FUND.
WHEREAS, the City Commission is committed to ecbnomic
development and the -expansion of trade and commerce; and :C
WHEREAS, the promotion of economic revitalization in the
neighborhoods of the City of Miami is an important part of the
City's economic development strategy; and
WHEREAS, the City of Miami previously allocated $500,000
pursuant to Resolution Numbers 85-95 and 85-190 to assist in the
redevelopment of the property located at Grand Avenue and Douglas
Road into a commercial complex; and
94- 777.1
. WHEREAS, GUTS, a minority -owned community organization, was
instrumental in securing a commercial property that would be
developed to protect the character, ambience and historical
integrity of Miami's oldest Black community; and
WHEREAS. CGLDC will coordinate and oversee the development
of the Tiki Club and adjoining properties into a viable
retail/commercial center;
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.inc6porated herein as if fully set forth in this
r
Section.
Section The City Manager is hereby authorized`/ to
amend; in a form` acceptable to the.. City Attorney, the agreement
with GUTS for the purpose of reducing its loan amounti to
$271,976.00, with all other terms and provisions remaining in
- full force and effect.
Section 3. The City Manager is hereby authorized!/ to
execute an agreement, in a form acceptable to the City Attorney, :
with CGLDC for the purpose of transferring to CGLDC the balance
remaining from the original loan amount of $500,000 from funds
previously appropriated to GUTS.
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.
' -2-
o-
•
" Section 4. The total balance to be allocated to CGLDC
k
will not exceed $228,023.74.
Section 5. CGLDC shall use the aforementioned funds for
soft costs associated with the acquisition and development of
properties as it relates to the development of the Tiki
commercial/retail project.
-
Section6. Final approval by the City Commission will;be
required prior to the purchase of any property by CGLDC.
Section 2. This Resolution shall become effective
immediately upon its adoption.
PASSED AND ADOPTED this 12th day of November, 1992.
XAVIER L . SUARE; , MAYOR4
ATTEST: ...
MATTY HIRAI �
I: CITY CLERK
PREPARED AND APPROVED BY:
CARMEN L. LEON
ASSISTANT CITY ATTORNEY
APPROVED AS TO FORM AND CORRECTNESS:
A. QUINN JONES, III
CITY ATTORNEY
CLL:Csk:M3437
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