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HomeMy WebLinkAboutR-94-0898J-94-1020 12/1/94 RESOLUTION NO. 9 898 A RESOLUTION URGING MIAMI CAPITAL DEVELOPMENT, INC. ("MCDI") TO PROVIDE A WORKING CAPITAL LOAN, FULLY COLLATERIZED AND AT A REASONABLE INTEREST RATE, IN THE AMOUNT OF $200,000.00, TO BORINQUEN HEALTH CARE CENTER, INC. ("THE CENTER"), LOCATED AT 5700 NORTHEAST 4TH COURT, MIAMI, FLORIDA; FURTHER AUTHORIZING THE CITY MANAGER, IN THE EVENT MCDI IS UNABLE TO PROVIDE SUCH A LOAN, TO TAKE ALL STEPS NECESSARY TO PROVIDE A FULLY COLLATERIZED LOAN, AT A REASONABLE INTEREST RATE, IN THE AMOUNT OF $200,000.00, FOR THE CENTER, AND TO EXECUTE THE NECESSARY DOCUMENT(S), IN A FORM ACCEPTABLE TO THE CITY ATTORNEY, TO IMPLEMENT SAID LOAN. WHEREAS, the City Commission is committed to providing appropriate health and social services to all residents of the City of Miami; and WHEREAS, the Borinquen Health Care Center, Inc. (the "Center") has requested short term financial assistance for its new building, located at 5700 Northeast 4th Court, Miami, Florida; and WHEREAS, the City Commission is in accord with said request and urges Miami Capital Development, Inc. to provide a fully collaterized working capital loan at a reasonable interest rate, in the amount of $200,000.00, to the Center; and WHEREAS, the City Commission has directed that, in the event MCDI is unable to provide such a loan, the City shall work out a comparable solution; CITY COMMISSION IEET7P,r OF DEC r 1 4994 Resolution No. 94- �J� KI 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. Miami Capital Development, Inc. ("MCDI") is hereby urged to provide a working capital loan, fully collaterized and at a reasonable interest rate, in the amount of $200,000.00, to Borinquen Health Care Center, Inc., located at 5700 Northeast 4th Court, Miami, Florida. Section 3. In the event that MCDI is unable to provide such a loan, the City Manager is hereby authorized,l/ to take all steps necessary to provide a fully collaterized loan at a reasonable interest rate, in the amount of $200,000.00, for the Borinquen Health Care Center, Inc. and to execute the necessary document(s), in a form acceptable to the City Attorney, to implement said loan. 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- 94- 898 i Seotion 4. This Resolution shall beoome effective immediately upon its adoption. PASSED AND ADOPTED this 1st day of December 1994. i STEP EN P. CLARK, MAYOR AT S i MATTY HIRAI CITY CLERK PREPARED AND APPROVED BY: RAFAEL 0. DI —AZ DEPUTY CITY AT RNEY APPROVED AS TO FORM AND CORRECTNESS: v A. QU N j ES, III CITY TTO EY EB:BSS:M4811 94- 898 -3-