HomeMy WebLinkAboutR-92-0056r
J-92-79
2/4/92
RESOLUTION NO.
A RESOLUTION AUTHORIZING THE CITY MANAGER TO
SUBMIT AN AMENDMENT TO THE APPROVED
SEVENTEENTH (17TH) YEAR COMMUNITY DEVELOPMENT
BLOCK GRANT (CDBG) PROGRAM FINAL STATEMENT TO
THE U.S. DEPARTMENT OF HOUSING AND URBAN
DEVELOPMENT (HUD) TO REFLECT A PROPOSED
ALLOCATION OF FUNDS IN THE AMOUNT OF
$8,000,000 FOR A COMMUNITY DEVELOPMENT "FLOAT
LOAN" FOR LOW AND MODERATE INCOME HOUSING,
SUBJECT TO THE AVAILABILITY OF FUNDS, AND TO
REFLECT A TECHNICAL INCREASE IN REVENUES BY
SAID AMOUNT PLUS INTEREST AMOUNT TO BE
DETERMINED AT A LATER DATE; FURTHER DIRECTING
THE CITY MANAGER, UPON APPROVAL OF SAID
AMENDMENT BY HUD, TO BRING BEFORE THE
COMMISSION FOR ITS REVIEW AND APPROVAL ALL
NECESSARY AGREEMENTS FOR A PROPOSED LOAN TO
THE DUPONT BUILDING GENERAL ASSOCIATES, A
FLORIDA LIMITED PARTNERSHIP.
I
t WHEREAS, the City Commission approved Resolution No. 91-365
on May 9, 1991, authorizing the submittal of the approved
Community Development Block Grant Program Final Statement to HUD;
and
WHEREAS, the DuPont Building General Associates has
requested a Community Development "Float Loan" for the
redevelopment of the Alfred I. DuPont Building in Downtown Miami
for low and moderate income housing; and
WHEREAS, this Community Development "Float Loan" activity
will technically result in an increase of program revenues in the
amount of $8,000,000 plus interest; and
CITY COMMISSION
MEETING OF
JAN 23 199Z
y 2-. 56
WHEREAS, said designation of Community Development Block
Grant funds by the City Commission requires an amendment to the
previously submitted 17th Year Community Development Block Grant
Program Final Statement;
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. The City Manager is hereby authorized to
submit an amendment to the approved 17th Year Community
Development Block Grant Program Final Statement to HUD to reflect
a proposed allocation of funds in the amount of $8,000,000,
subject to the availability of funds, which will technically
reflect an increase in revenues by said amount plus interest.
Section 3. The City Manager, upon approval of said
amendment by HUD, shall bring before the City Commission for its
review and approval all agreements pertaining to the proposed
DuPont Building General Associates, a Florida limited
partnership, "Float Loan" for the redevelopment of the Alfred I.
DuPont Building for low and moderate income housing.
Section 4. This Resolution shall become effective
immediately upon its adoption.
r
PASSED AND ADOPTED this 23rd
ATTEST-
MATATTEST-
MATT7 HIRAI, CITY I
COMMUNITY DEVEL PMl
>l
__.
OF
day of January 1992.
KXA SUAREZ, MAYOR
REVIEW AND APPROVAL:
TAT DA, DIRECTOR
COMMUNITY DEVELOPMENT
FINANCIAL DEPARTMENT REVIEW AND APPROVAL:
i
i
CA S. ARCIA, DIRECTOR
DEPARTMENT OF FINANCE
BUDGETARY REVIEW AND APPROVAL:
Aw ICIA.-e
MANO)IAR,PJRANA, DIRECTOR
DEP RTM T OF BUDGET
P PARED AND APPROVED BY:
66 ea---e
ALB RTINE B. SMITH
CHIEF ASSISTANT CITY ATTORNEY
M2799
APPROVED AS TO FORM AND
CORRECTNESS:
92-- 56
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CITY OF MIAMI, FLORIDA i
INTER -OFFICE MEMORANDUM
TO: The Honorable Mayor and
Members of the City Commission
FROM : Cesar H. Odio
City Manager
RECOMMENDATION:
DATE J A N I " 1992 FILE
SUBJECT: Resolution Approving an
Amendment*,to the 17th
Year Community Development
REFERENCES8.1-ock Grant
Commission Agenda Item
ENCLOSURES January 23, 1992
It is respectfully recommended that the City Commission adopt the
attached Resolution, authorizing the City Manager to submit an
amendment to the Seventeenth (17th) Year. Community Development
Block Grant Final Statement to the U.S. Department of Housing and
Urban Development for the purpose of providing a Community
Development (CD) Float Loan in the amount of $8,000,000 for the
proposed redevelopment of the Alfred I. DuPont Building in
downtown Miami.
BACKGROUND:
The Department of Community Development has analyzed the need to
submit an amendment to the Seventeenth (17th) Year. Community
Development Block Grant Final. Statement for the purpose of
providing a Community Development Float Loan in the amount of
$8,000,000 to the DuPont Building General Partnership for
financial assistance in the redevelopment of the Alfred I. DuPont
Building in downtown Miami.
The developer proposes to redevelop the building into a mixed -use
facility to include retail space on the first four floors and 385
affordable residential units for low and moderate income residents
on the fifth through seventh floors. The building is designed to
attract residential clientele comprised of students who attend the
downtown Miami -Dade Community College and employees of the
surrounding establishments in the downtown area.
Terms for. the CD Float Loan are to be negotiated at a later date
and are subject to Commission approval along with the appropriate
loan agreement.
Attachment: (1) Proposed Resolution
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