HomeMy WebLinkAboutR-94-0648J-94-666
8/29/94
RESOLUTION NO.
94- 648
A RESOLUTION AUTHORIZING THE CITY MANAGER TO
NEGOTIATE THE RESTRUCTURING OF A $117,000
LOAN FROM THE CITY OF MIAMI TO THE SMALL
BUSINESS OPPORTUNITY CENTER, INC. ("SBOC"),
EVIDENCED BY A LOAN AGREEMENT BETWEEN THE
CITY AND THE SBOC, DATED_ APRIL 1, 1988;
FURTHER AUTHORIZING THE CITY MANAGER TO
EXECUTE AN AMENDMENT TO THE LOAN AGREEMENT,
IN A FORM ACCEPTABLE .TO THE CITY ATTORNEY,
FOR THIS PURPOSE.
WHEREAS, the City Commission is committed to economic
development and the expansion of trade and commerce; and
WHEREAS, Resolution No. 87-350, dated April 9, 1987,
authorized the City Manager to negotiate and execute an agreement
with the Small Business Opportunity Center, Inc., (SBOC), with
funds allocated from the Twelfth (12th) Year Community
Development Block Grant in a total amount of $150,000; and
WHEREAS, said funds were divided into two separate loans,
evidenced by two loan agreements in the amounts of $33,000 and
$117,000; and
WHEREAS, the $117,000 loan bears interest at the rate of six
percent (6%) per annum, is payable over a period of 30 years
commencing on May 1, 1992, and is secured by a third mortgage;
and
CITY COM3USSION
V1EETITNTC OF
S E P 0 8 1994
Besah9m Na
94- 648 ,
i
WHEREAS, due to unexpected expenses and cash flow problem,
the $117,000 loan is in default; and
WHEREAS, SBOC is desirous of restructuring the loan in order
to cure the default and reinstate the loan;
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 Ordinance 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
negotiate the restructuring of a $117, 000 loan from the City of
Miami (City) to the Small Business Opportunity Center, Inc.
(SBOC) previously allocated from the Twelfth (12th) Year
Community Development Block Grant Funds, evidenced by a Loan
Agreement between the City and the SBOC dated April 1, 1988.
Section 3. The City Manager is further authorized]-' to
execute an Amendment to the Loan Agreement, in a form acceptable
to the City Attorney, for this purpose.
Section 4. This Resolution shall become effective
immediately upon its adoption.
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.
4
-2-
94- 648
PASSED AND ADOPTED this 8th day of September , 1994.
ATT
NATTY HIRAI
CITY CLERK
PREPARED AND APPROVED BY:
OLG RANIREZ-SEI S
AS TANT CITY A 0 EY
zz
ST PHEN P. CLAW , MAYOR
APPROVED AS TO FORM AND CORRECTNESS:
A. QU N J II
CITY TTOPEY
ORS:osk:M4598
94- 648
-3-
! CITY OF MIAMi, FLORIDA
{ INTER -OFFICE MEMORANDUM 3
2
TO Honorable Mayor and Members DATE FILE
of the City Commission AUG 25 1994
SUB ECT Authorization to Restructure
Loan for $117,000.00 with SBOC
Cesar o As per Resolution No. 87-350
1 FROM Ci ty 1 f REFERENCEs dated 4/9/87
I
ENCLOSUREs Attached
I
i
RECOMMENDATION
It is respectfully recommended that the City Commission authorize the City
i Manager to amend the Loan Agreement with the Small Business Opportunity
Center, Inc. (SBOC), regarding their $117,000.00 loan with the City of Miami,
for the purpose of restructuring said loan, in a form satisfactory to the City
Attorney.
BACKGROUND
On April 9, 1987, via Resolution 81-350, the City of Miami
Commission made a
loan (third mortgage) to SBOC for $117,000.00 towards the
purchase of the
Trade Center of the Americas Building, with an estimated worth of
approximately $575,000.00.
Presently the mortgage holders and outstanding balances are:
Mortgage Position Lender Original Amount Outstanding Amount
First: First Union $162,500.00
$ 99,996.37
Second: G. Sostchin S.A. $200,750.43
$190,717.83
Third: City of Miami $117,000.00
$117,000.00
TOTAL: $480,250.43
$407,714.20
Due to cash flow problems, poor rentability as well as additional expenses
SBOC has been unsuccessful in fulfilling its obligation.
We have met with
SBOC Board of Directors and its Executive Director, and have
worked out an
agreement plan to reinstate the loan as follows:
Moratorium: to August 1, 1994
Loan Amount: $117,000.00
Interest Rate: 3% per annum
Payments: $701.40 monthly starting 8/1/94
Maturity Date: August 1, 2012
94-
648 �3Z1
I
a
TRADE CENTER OF THE AMERICAS
BEG r WN I NG { f1AN rant rANrE, 1 117, v 00- 00
_ NUMBER OF PERIODS: c_17
PERIOD TYPE: Monthly
PAYMENT AMOUNT: $701. 40
I
°iaYMENT
PRINCIPAL
INTEREST
TOTAL_
LOAN
DATE
PAIL-`
PAID
PAYMENT
BALANCE
i
94
$408. 90
$292. 50
$701. 40
$1161 591. 10
94.
$409. 92
$291 . 48
$701. 40
$ 1 16, 181. 18
q 4
<{•, [s.1 L%)9 5
1 =' 9 4%7. 4 `_,
J 7 tZi 1 4 VI
$ 1 1 . r._ , . 77 0 . c_ `;
94
$41 1. 97
$289. 43
$701. 40
$1 15, 350. 26
__C
94
$413. 00
$288. 40
$701. 40
$114, 940. 26
_L.u-I-
'•Gc:, V.i5LF. 7 4
•: 1, 4JG. 2h
i, 3, •J0i ., I,l0
$ 1 1 4 , 94,..1.2l:l
_ JM
TOT
$2, 054. 74
$ 1, 4 56_. 26
$ 3, 50 7. 00
$ 1. 1 4, 945. 26
95
$414. 04
$287. 36
$701. 40
$114, :531. 2`
f,
gF;
$415. 0.7
$286. as
$701. A0
$1. 14•,..1, 1.6. 15
R
95
$ 416. 1 1
$285.29
$ 701 . 40
$ 1. 131 '7 00. 04
=;
95
$417. 15
$284. 25
$701. 40
s 113, 202. `t'+
95
$419. 24
$282. 16
$701. 40
$112, 445. 46
._�.
95
$420. 29
$281. 11
$701. •40
$ 1 1;_, 025. 1. 7
g,=;
>4• i _ =;4
$LBtZi. e7{8
$701. 40
_6 a.- a 1
95
$422.39
$ 79. 01
$ 701.. 40
$ 1 1 1.. 181. Wi
i
95
$423. 45
$277. 95
$701. 40
$ 1 1<<_'i, 757. %)
. ,...
95
$425. 57
$275. 83
$ 70i. 40
tk 109, 907. 91
{i=t
i'fl"f
��. l7►".7- .3 S
d,3, a;7G_ 4,;
$8 416.8�
$ 1 19, QQ 7. 91
-iM
TOT I
$ 7, 09`. 09
$4, 031 . 71
$ 1 1 , '923. SO
$ 14' 9, 90 /. `1 1.
i
I
I
94-
648 5
TRADE CENTER OF THE AMERICAS
DATE
PAID
PAID
PAYMENT
BALANCE
---------------
---------------
---------------
---------
--- —
ON
97
$439~61
$261.79
$701.40
$104,277.74
_______________
_______________
_______________
_______________
AN 98
$452.98
$248.42
$701.40
$98,915.93
W
$454.11
$247.Z.)
$701.4o
$98,461^82
$2+5.0L
K I'.4b
$9/.550.19
$W43.Go
$|��.�u
$97,N9�.6i
~L 98
$459.82
$241,5�
$701.40
$96' 174.18
98
$460~96
W40.44
1$71,7i1.40
$95,713.22
�a.:--4z__
} 18
$463.27
$238.13
$72i.4W
$94;787.83
jo 38
$+64.V3
$7'.'1.yv
$94`323.46
_______________
W8 TOT
_______________
$5v511.10
_______________
$2,905.70
$8,4l6.80
_______________
$93,857.81
�� � �
w � � �u m
TRADE CENTER OF THE AMERICAS
DATE
PAID
PAID
PAYMENT
BALANCE
'
'ON_-
�_
! ED
99
$467.92
$233.48
$701-40
$92,923.13
AR
99
1469.09
$232.31
$701.40
$92,454.04
�AY
99
$471.44
$229.96
$701.40
$91,512.34
UN
99
$472.62
$228.78
$701.40
$91,039.72
UG
99
$474.99
$226.41
$701.40
$90,090.93
EP
99
$476.17
$225.23
$701.40
$89,614.76
99
_-_
'
/ml
| OV
99
$478.56
$222.84
$701°40
$88,658~84
/ EC
i----
99
$479.75
---------------
$221.65
---------------
$701.40
---------------
$88,179.09
| SU3
TOT
$5,678.72
$2,736.08
s8,416.80
$88,179.09
CUM
TOT
$2S,82W.91
$16,770.09
$45,591.00
$88,179.09
AN
100
$480.95
$220.45
$701.40
$87,698.14
.AH
100
$483.36
$218.04
$701.40
$86,732.63
WH
100
$484.57
$216°83
$701.40
$86,248.N6
JN
100
$486.99
$214.41
$701,40
$85,275.29
JL
1N0
$488.21
$213.19
$701.40
$84,787^08
�P
100
$490.66
$210.74
$701.40
$83,806.99
wT
100
$491.88
$209.52
$701.40
$83,315.11
EC
100
$494.35
$207.05
$701.40
_______________
$82,327.65
_______________
_______________
_______________
lUM
TOT
$34,672.35
119,335.45
$54,007,80
$82,327.65
ON 101
$495~58
$2N5.82
$701.40
$81,832.07
Z8 101
$496.82
$204.58
$701.40
Sal ,335.25
--_--__.'$'4£
^00-___-___�����i'
84
�/W�.+�
�//,83/.3�
JL 1N1
1503.06
34
$701.40
$78,832.45
J6 101
$504.32
$197.08
$701.40
$78,328.13
-��-
101
1506.u4
$14,56
$701.40
$77,315.71
�v 101,
3.
$701.40
176,807.60
_______________
Oi]8 TOT
_______________
$6,029.43
_______________
$2,387.37
$8,416.80
_______________
$76,298.221"I
` JOT
���Z1&�."-l�
TRADE CENTER OF THE AMERICAS
LATE RAID PAID PAYMENT BALANCE
fQlg
1 my,
d;c+1 it_ A
t 1 4075
1701 40
175. 7B7. 07
EB
102
$511. 9 3
$1G9. 47
$701. 40
$75, 275. 64
,AR
102
<ai51.3. 21.
$ 188. 19
$ 701.. 40
$74, 762. 4;3
A',t:
117{':
1514,49
<11 FirQ 1
3> 701 . 4i
1; 74,._;_'4-7. 911
i1--t`f
102
$515. •78
$185. 62
$701. 40
$737 7W. 1b
UN
10P
$51. 7. 07
$1. B4, 33
s 7W. ti 0
$73, 215. 09
151
t1A3. Q4.
1701 L o
172,696.23
..1.11.___1Q--,
tJl;
102
$519.6C.,
$181.74
a>701.00
$74_', 177.0t
{
102
$520. 96
$ 180. cfc1
'j 701. 'Tk1
41
40
_ _13
10V
102
$523. 57
'$ 177. B3
$701. 40
$70, 610. 28
DEL;
102
$524. 87
$ 1 76. 53
$701. 40
$70, OS5. 41.
.=UB
TOT
$6,212.al
$2, 203. 99
1'.0, 41.6. `1
$70, 11S5. 41.
Wm
i LI t
$46, ? tLI'. yJ9
$l_..JM 9,`•. t_`. V 1
$ 74'1, t341 • ,0
$•./ 0, I[I iJ. 41
PIN
103
$526. 19
$1 75. 21
$701. 40
$69, 5`,9. 22
iF=1R
104;
$528. BE:
$172. 5 -1,
1 701. 40
$68, 50 . 9Crr
PR
103
`1530. 14
$1 71. 26
$ 701. oO
KV, 97a. 16,
10:-,;
1521 47
$j Co.g""'
` 7lhi &o
M i 4.41 =29
JN
103
$532. 80
$1.68. 60
$701. 40
$66, 90S. 49
JL
103
$534. 1 3
$1.67. L7
$701. 4>t:`I
$66, 374.:36
JG
1.0
1t[I
$536.80
$1`'�4. 6k'I
_
$701.. h:_.
S65, 302. 10
_
1013
fj J38. 14
$ 16, . 2t!,
`G 701 . 4._
$64y 763. '11b
i ,
1 1c1.;;
j c_i '::; t.,y_i_1_`aV
`'ii .l k 1 91
`t 7 t:1j- 4 L%
ai r, 4 , :, i_. 4 - 0 2'
f_L
10:
$540. -4
$160. 56
$701. 40
$63, 683.E s
-:I11'•� `t'fll
fit;; 4lA', _'r 5
i;'.JSI 02
la L>•1C•,_ w
IKA 6a3 h
-1i'':
1k1�:1.
'a, �,=1',r. K.
9 . • . 1.
i�' 1L.� c
'ii 7 0 1 . �' Y:l
.#i L� • 1. 4i' 1. . tl. L1.
1.W1
$ J43.1 ,
`.{i157.85
$701. 00
iE,C_'., 597. 8,-)
i rit "----12
L
-�_ IiL�t?�_! L _...
i 1 L� .
1701,
..... ..-�.--.•-�`
-
-':Gwyli..::.,,_jIj1J---...----..-.____..-._�92_.:1ii.
���1 �1
_._._..- ''i '� 'L, �i�...i_1.���_t;.'1t
>_
11Gt +
$550. W
$ 151 . 03
$ 701 . c10
059, !mot59. 71
0
1041
$551. 75
$1.49.65
$>701.40
$59, 307. 9E,
22
<k ?1,h 1
`i. 1 4 b , (,t G
`•iic. c.: ::: ,.
..,.,...!._:. ':�Ifi
,:..
'1` 1''I'.... b1LI
-57., 6'1i:.'
_OB
TOT
s6, 596. 5o
$1., $20. ._:Qt
$ 7, 0W. 1.3
$ . a fil
��.-«-�_,�� 1 "
�.E� % , 1, � 1� tv�
W.Z, 1;1U ,
94- 648
TRADE CENTER OF THE AMERICAS
PitUWr-NT
:ttiIP ES i
"rn-rrai
i rrai�
DATE
PAID
PAID
PAYMENT
BALANCE
r-
arc
1 -
c 40
tMlc: c
ZB
10
7i560. 08
1,141. 32
$701. 40
$55, 968. u7
,AR
105
L_ -
f
,r -t -
k7
'1 . 4hk7
�>•J `-. 5
!, 4lGl6. u'_1
lY
105
$ 564. 29
$137. 1 1
$701.. 40
$54, 279. 72
WN
105
$bb5. 0
$135. 70
$701 . 40
$53, 714. 0
_'0
105
$ ...+b o, W.
'#>132. 8r
$ r1L 1. 40
i52, ..i t
_{-'
105
$569.95
$131. 4`_,
$ 701 . 40
i`!i'_, k'10a. 43
_IV
105
$5 72. 81
$ 128. 59
$701 . 4 0
$50, 864. c4
_ c
105
$574. 24.
$127. 16
$701. 40
$50, 290. 00
SUB
ICII
$6, r'`9(.13
$1,619.67
$S,41.S.%S0
$50,290.00
rJI''I
-I..1.1
- $6E�, (lki. k�L'I
j•L:.'', .:.'+_ 1. _�
_
$'3 �, k'� 1..k� v
`.7> k . ,_' k . _k
AN
106
$575. 66
$125. 78
$701. 40
$49, 714. 3c
OR
i mr,
1577. i 1
112A.. 29
1701 - 40
$19, 1 37. c'1
-:k"
106
$578. 56,
$ 122. 84
$701. 40
$4 8, 55S. 6t;
Q
106
$560. 4_'0
$121. 40
$701. 4 0
$47, 9 78. 65
y'
iLhF,
9;�fiJ 4i.c;
$71711_. 40_ S47, i97. 0
_N
106
'$582. 91
$ 1 18. 49
$701. 40
$46, 814. L9
-L
106
1584.36
$ 1. 17. 04
$701. 40
$46, `29. 9,
1115,57
$70t. 40
4'
1!�16
I> tS! :' i
�% ! J.ri. 11
rrklJ.. LrkI
�,�P�5, 056n �'.1.
l.'
'I VI1",
4iIll '9A
•ji �..L 1 1. ['
'170Y 40
4i..';, 07 ! t'' ,
1 _.
1 tZtc,
` -- 1- 71
`G -
,
--- --- _.._
-. __. 1 4}3' ----1 -
1 _-rIm
----•------�----
Tn-F
--•--------
-z, "i ,: a(,
- - _ ..-�---•---`
$1, 412. i1
$8,416.80
s4uv 28c' 11
$ ice, i 13. a9
a 30, 794. i 1
$ 10 `_ 0S. 60
$W, 206. 11.
,
_•I'i
1w/
$59 .._. .L lJ
$108. VL_
$ /'01.. 40
$4I ., 602. W.-.
__
10''j
a> ;94h. :,7
a>106. 73
$701. ;{0
:, A2, 0`_ja. m.
- ----- -
-
.ry;. 4':,..r
ai vs';J ib 41-------,;
103. (-
_ '' 4j1 :L . 4 0
to ,:; ': j y; .L . :'h
1'LI (
:N•`_. _ .. 1.
t!LIr.:.. ._
W01.40
ow? .:.1`._,. ......
_._.
107
'{:602. 1.41
1i99, 26
i ..701. 40
a 30, 14:2. Wz
_+sue
10 7
J>603. Wf�
$9 i. 76
•P 701 . 40
63a,, i.F9a. 91
7
107
$ t_i I it S . 6 1'
. 9 A n ._
1 1 0 J . i _.
.' .... I M 7. ti I' ;
1 ILI r'
$ 6 0 :J . 1. l_i
$ `' __ . ,_ i_
is 701.4o
T s 0 , 6 1 `_' . 9 J.
_:'.JB
---------------
1OI.
--...-
i..(', 21.6. 90
----•_-_-...-_.. __-- ---------------
$1, 1.99. 9ILi
se, a 1C'. £.k1
_-_..._._._._-_-...-_.---..._..-
$36, 0b9. i=1
111
`I f"f
J; �'�_sa4'I.._iy
01.1'-j94.G1
$112,925.40
$36 Q1G`•y.21
94-- 648
`
'
'
`
'
�
^�
'TRADE CENTER ON THE AMERICAS
DATE PAID PAID PAYMENT BALANCE
UL
04R
108
$614.29
$87.11
$701.40
$34,230.93
AY
108
$617.36
$84.04
$701.40
1i32,997.75
JN
108
$618.91
$82.49
1701~40
$32,378^84
_
SUB
TOT
$7,436.43
$980.37
$8,416.8O
----
028,632.78
lUM
TUT
$88,367.22
$32,974.98
$121,342.20
$28,632.78
AN
109
$629.82
$71.58
$701.40
$28,002.96
_______________
_______________
_______________
_______________
$648.97
$52.43
$701.40
s20,321.21
$650.60
$50.80
$701.40
$19,670.61
� .
-
---------
$W3.85
$005.*9
--^_
_--
'
��- 110
$658./7
$42.63
,393.15
-� 110
$660.42
$40,98
$701.40
$15,732.73
^1�
$663.72
�37.68
WK.4Q
$/4,4&6.44
110
$665.38
$36.02
c701.40
viol 7*1.5�
_______________
_______________
�UB TOT
$7,895.67
_______________
$521.13
_______________
$8,416.80
$13,07q.51
TRADE CENTER U1= THE AMERICAS
1='1R rNcI1--,AI
11IAN
DATE
PAID
PAID
PAYMENT
BALANCE
7 V71 _ L}ti�
[E1,1 _ ajh
_L:1
111
a>6lvti. 39
'31. 01
;> ( �11.• 11'0
1> 11, -'J�. fl'1.
1 'l
$ L 9 • tiJ 4
01. LI'Ll
7
" G,F,
T,70 i 4.0
1;6 75. 43
$2E5. 97
$ i'01 . 40
G':%, rr 1 4. 18
11J
11 ].
$6 t 7. 11
$24. 29
$701. /1Q7
03 7. 07
L` C'
$ 6✓ 0. JILT
2 c1l . 9 I..
h r 11. c r l
'a> % a ,:? r/ 76
111
$68E. 21
`G19. 1`3
$'f"o1. 40
hb cjci`;.
1 11
$ 6 8 : 91
9L j 7 y.9
$ 71211 t1. fir,
v
111
$685. 62
s15.78
$701. 40
$5, 626. 02
$687.33
$1.4. 07
$ 7Q11. 40
938. 69
! _jM
IuI"
`h112, 061. 1
$34, 53�1.29
$146, 'jL. 60
<1,4, ; b. b9
$689. 05
12. ;:;5
4701. 40
Ti 1 1
E,90 76
1 j til_ F,;=
11z1] . 40
112
$692. 50
$a. 90
$ / 01.. 40
ac b. JE,
11
$6'y4. 23
$ 7. 17
$ 701. 40
1 1 ='
9469F5 9 7
$701 ,4•0
$ t, 47�,. 16
-�A 11
$697. 71
9 C. 69
$ 71L11. Ll0
$778. 45
__. 112
$699. 45
$ 1. 9J
$ 7Q11. 4111
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