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.
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94- 898
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Seotion 4. This Resolution shall beoome effective
immediately upon its adoption.
PASSED AND ADOPTED this 1st day of December 1994.
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STEP EN P. CLARK, MAYOR
AT S
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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
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