HomeMy WebLinkAboutR-94-0330a
J-94-698
5/5/94
RESOLUTION NO. 9 4" 330
A RESOLUTION ESTABLISHING AND APPROVING TERMS
AND CONDITIONS, AS SPECIFIED HEREIN, FOR A
DEFERRED PAYMENT LOAN, PREVIOUSLY APPROVED
AND ALLOCATED FROM FY 1992 HOME INVESTMENT
PARTNERSHIP PROGRAM (HOME PROGRAM) FUNDS, IN
THE AMOUNT OF $672,100, AND MADE AVAILABLE TO
THE URBAN LEAGUE OF GREATER MIAMI, INC. AND
GREATER MIAMI NEIGHBORHOODS, INC., FOR THE
DEVELOPMENT OF M&M MAISON II, A 21-UNIT
AFFORDABLE RENTAL HOUSING PROJECT LOCATED IN
THE MODEL CITY NEIGHBORHOOD; AUTHORIZING THE
CITY MANAGER TO EXECUTE THE NECESSARY
DOCUMENTS, IN A FORM ACCEPTABLE TO THE CITY
ATTORNEY, FOR THIS PURPOSE.
WHEREAS, a severe shortage of low and moderate income
housing exists in the City of Miami; and
WHEREAS, pursuant to Resolution No. 94-101, adopted
February 17, 1994, the City Commission approved providing
financial assistance, in the form of a deferred payment loan, to
the Urban League of Greater Miami, Inc. and Greater Miami
Neighborhoods, Inc. ("Sponsors") in connection with the
development of M&M Maison II, a 21-unit affordable rental housing
project located in the Model City neighborhood; and
WHEREAS, funding for this loan, in the amount of $672,100,
from the City's FY 1992 Home Investment Partnership Program was
CITY COMMSSION
MEETING OF
MAY R 5 1994
ROVAution No.
�"It4_ 330
further made available to said Sponsors pursuant to Resolution
No. 94-101; and
WHEREAS, the City Administration was directed to recommend
terms and conditions for said loan and present them to the City
Commission for approval;
NOW, THEREFORE, HE 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 following terms and conditions for the
deferred payment loan, previously approved and allocated from FY
1992 Home Investment Partnership Program (Home Program) Funds, in
the amount of $672,100, and made available to the Urban League of
Greater Miami, Inc. and Greater Miami Neighborhoods, Inc. for the
development of M&M Maison II, a 21-unit affordable rental housing
project ("Project"), located in the Model City Neighborhood are
hereby established and approved: 1) the loan, in the amount of
$672,000, for construction of the Project will bear a zero
percent (0%) interest rate for a term of ten (10) years from the
date of closing, 2) upon completion of the 21 units, $291,000 of
the $572,100 will convert into a permanent loan, at an interest
rate of one-half percent (1/2%), amortized for a period of thirty
(30) years, 3) the balance, in the amount of $381,100, will
remain at an interest rate of zero percent (0%), due and payable
ten (10) years from the date of closing, or from the proceeds of
94-- 330
N
the syndication of Low Income Tax Credits, whichever occurs
first, 4) hiring procedures must be in compliance with the
Davis-Baoon Act, and 8) signed labor contracts must be presented
to the City Commission for approval prior to disbursement of any
funds.
Section 3. The City Manager is hereby authorized -I' to
execute the necessary documents, in a form acceptable to the City
Attorney, for this purpose.
Section 4. This Resolution shall become effective
immediately upon its adoption.
PASSED AND ADOPTED this 5th da 1994.
ST HEN P. CLARK,AXAYOR
ATTE
f
MATTY HIRAI
CITY CLERK
PREPARED AND APPROVED BY:
LINDA KELL AR
ASSISTANT CITY ATTORNEY
LKK:csk:M4477
APPROVED AS TO FORM AND
CORRECTNESS:
A. QU±NX CJ*RS, ZIT
CITY ATT EY
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.
94- 330
P
APR-27-9,4 WED 14.r, 7
P . 02
CITY OF MIAMI, FLORIDA
INTEROFFICE MEMORANDUM 27
TO! Honorable Mayor and DATE
Members of the City Commissions
8uere0T
FROM: Coma io
City 0
x
APR 26 I94 FNE :
M&M Maison II Housing
Project
REFERENCES: City Commission Agenda
Item - May 51 1994
CNOL09URES :
At the February 17, 1994 City Commission meeting, through
Resolution No. 94-101, the City Commission approved providing
City financial assistance in the amount of $672,100 in FY 1992
Home Investment Partnership Program funds to the Urban League of
Greater Miami, Inc. and Greater Miami Neighborhoods,' Inc. in
connection with the development of M&M Maison II, a twenty one
(21) unit iental housing project planned on former city -owned
parcels, located at Northwest 60th and 61st Streets between
Northwest 15th and 17th Avenues.
Pursuant to the City Commission request, the City Administration
was directed to bring back this agenda item in ninety (90) dagra
with the terms for the aforementioned loan. As a result, the
Department of Development and Housing Conservation is
recommending the following terms and conditions and requirements
in connection with the $672,100 in HOME Program funding that is
being provided to the Urban League of Greater Miami Inc. and
Greater Miami Neighborhoods, Inc., in connection with the
construction of the proposed M&M Maison 11 housing project
planned at Northwest 60th Street and Northwest 15th Avenues
1. $672,100 for construction of the 21 units, at a rate of
zero (0%) percent interest for a term of ten (10) years
from the date of closing.
2. Upon completion of the 21 units, $291,000 of the
$5728100 will convert into a permanent loan, at a rate
of one half (1/2%l percent interest, amortized for a
period of thirty (30) years.
3. The balance in the amount of $381,100 will remain at a
rate of zero (0%) percent, due and payable ten (10)
years from the date of closing, or from the proceeds of
the syndication of Low Income Tax Credits, whichever
ocoure first.