HomeMy WebLinkAboutR-93-0135J-93-280
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RESOLUTION NO.
A RESOLUTION AUTHORIZING THE CITY MANAGER TO
EXECUTE AN AMENDMENT, IN A FORM ACCEPTABLE TO
THE CITY ATTORNEY, TO AN EXISTING AGREEMENT
BETWEEN THE CITY OF MIAMI AND THE HAITIAN
AMERICAN FOUNDATION, INC. ("HAFI") FOR THE
PURPOSE OF PROVIDING AN ADDITIONAL $100,000
LOAN, THEREBY INCREASING THE OUTSTANDING
PRINCIPAL LOAN AMOUNT TO $150,000, SUBJECT TO
THE FOLLOWING TERMS AND CONDITIONS: (A) SAID
ADDITIONAL LOAN WILL BE AMORTIZED OVER A
THREE YEAR PERIOD AT AN INTEREST RATS OF
THREE PERCENT (3%) PER ANNUM; (B) PAYMENTS
WILL BE MADE QUARTERLY COMMENCING SIX (6)
MONTHS AFTER THE DATE OF EXECUTION OF THE
AMENDMENT TO THE AGREEMENT; (C) THE CITY
RETAINS FULL AND COMPLETE CONTROL OF SAID
FUNDS AT ALL TIMES WITH THE RIGHT TO AUDIT
AND DISBURSEMENT OF SUCH FUNDS WILL OCCUR
ONLY UPON PRESENTMENT OF A PURCHASE ORDER TO
THE CITY MANAGER WHICH THE MANAGER MAY
APPROVE, IN HIS SOLE DISCRETION, AND THERE
ARE NO EXISTING DEFAULTS AT THE TIME OF SUCH
DISBURSEMENTS; (D) HAFI SHALL NOT BE ELIGIBLE
FOR ADDITIONAL LOANS UNTIL THIS LOAN HAS BEEN
REPAID; ALLOCATING FUNDS THEREFOR FROM THE
EIGHTEENTH (18TH) YEAR COMMUNITY DEVELOPMENT
BLOCK GRANT FUND AND SPECIFIED AS THE "LITTLE
HAITI PROTECT RESERVE FUND."
WHEREAS, the City Commission of the City of Miami is
committed to economic development and the expansion of trade and
commerce; and
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
CITY CO?43umcw
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WHEREAS, the City Commiseion is desirous of continuing the
neighborhood eoonomio development program and funds are available
from the Eighteenth (18th) Year Community Development 81ook
Grant; and
WHEREAS, the Haiti Projeot Reserve Fund is available to
develop and implement speoifio programs/projeots that will
economioally impaot the Little Haiti Target area; and
WHEREAS, the Haitian Amerioan Foundation, Ino. (HAFI) has
identified the need to develop a Salvation Army Prototype
community store in the Little Haiti Target Area; and
WHEREAS, a total of $100,000 is available to be loaned to
develop said community store; and
WHEREAS, said funds will be provided to HAFI in the form of
a loan; and
WHEREAS, said loan shall be at a rate of three peroent (3%)
Interest per annum with repayment oommenoing six (6) months after
the date of said amendment and every three (3) months thereafter
until the third anniversary of the date of the amendment when the
loan is to be fully repaid; and
WHEREAS, disbursement of said loan shall be upon presentment
of a purchase order to the City Manager wh1oh the Manager may
approve at his sole disoretion, and there are no existing
defaults at the time of suoh disbursements; and
WHEREAS, the agreement dated November 25, 1991 shall be
amended to inorease the existing prinoipal balanoe of $50,0O0 to
$150,00O and to extend the payment due date from the ourrent due
date to the amended loan maturity date set forth above.
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NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE CITY
OF MIAMI, FLORIDA:
Section 1. The recitals and findings oontained 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 City Manager is hereby authorixedl' to
exeoute an amendments in a form acceptable to the City Attorney,
to the original loan agreement dated November 25, 1991, between
the City of Miami and the Haitian American Foundation, Ino. to
provide an additional loan amount of $100,000 and extend the
repayment date of said loan, with repayment commencing six (6)
months after the date of said amendment and every three (3)
months thereafter, until the third anniversary of the date of the
amendment when the loan is to be fully repaid.
Section 3. The amended loan amount shall be repaid at an
annual interest rate of three percent (3%) per annum which shall
aoorue for thirty-six (36) months.
Section 4. Said loan funds will be used to cover
start --up costs required to establish a community discount
Salvation Army prototype store. Said funds shall be disbursed
upon presentment of a purchase order to the City Manager which
the Manager may approve at his sole discretion, and there are no
existing defaults at the time of such disbursements.
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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Seotion S. No additional projeot and/or administrative
monies will be provided to the Haitian Amerioan Foundation, Ino.
until the aforementioned loan amount is fully repaid.
Section 6. Funding for said loan is hereby allocated
from the Eighteenth (18th) Year Community Development Block Grant
Fund and specified as the "Little Haiti Projeot Reserve Fund."
Section 7. This Resolution shall become effeotive
immediately upon its adoption.
PASSED AND ADOPTED this 28th day Of 1993.
XAVIER L UAREZ, MAYOR
ATT
MA Ti HIRAI
CITY CLERK
PREPARED AND APPROVED BY:
RAFAEL O. DIAZ
DEPUTY CITY AT
APPROVED AS TO FORM AND CORRECTNESS:
Af
A. QUINNJQWS, III
CITY ATTORM
ROD:osk:M3840
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