HomeMy WebLinkAboutR-92-0327J-92-288
8/7/92
RESOLUTION NO. 92-- 327
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
$2,000,000 FOR A COMMUNITY DEVELOPMENT "FLOAT
LOAN", SUBJECT TO THE AVAILABILITY OF FUNDS,
AND TO REFLECT A TECHNICAL INCREASE IN
REVENUES BY SAID AMOUNT PLUS INTEREST, AMOUNT
TO BE DETERMINED, SAID LOAN TO BE USED FOR
THE PURPOSE OF PROVIDING INITIAL FINANCIAL
ASSISTANCE IN THE CONSTRUCTION OF NEW CENTRAL
OFFICES WHICH WILL ALSO SERVE TO HOUSE CHILD
CARE AND YOUTH PROGRAMS.
WHEREAS, the City Commission approved Resolution No. 91-388
on May 9, 1991, authorizing the submittal of the approved
Community Development Block Grant Program Final Statement to HUD;
and
WHEREAS, the YWCA of Greater Miami, Inc., has requested a
Community Development "Float Loan" for the construction of new
central offices; and
WHEREAS, the new facility will be located in the
Overtown/Park West area and will include space to house several
child care and other youth programs serving the community; and
CITY COMMISSION
MEETING OF
MAY 14 1992
Resolution No.
92- 327
"Float Loan" activity
WHEREAS, this Community Development
will technically result in an increase of program revenues in the
amount of $2,000,000 plus interest; and
WHEREAS, said designation of Community Development Block
Grant Funds by the City Commission requires an amendment to the
f
previously submitted 17th Year Community Development 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 MM to reflect a proposed
allocation of funds in the amount of $2,000,000, subject to the
availability of funds, which will technically reflect a technical
increase in revenues by said amount plus interest to be
determined, said loan to be used for the purpose of providing
initial assistance in the construction of new central offices
which will also serve to house ohild care and youth programs.
Section 3. This Resolution shall become effective
immediately upon its adoption.
-2-
92- 327
L3
U
PASSED AND ADOPTED this _14th day of _, 1992.
ATTE :
MA HIRAI, CITY CLERK
COMMUNITY DEVELOPME,,AEVIEj AND APPROVAL:
/ Are -
FRANK CASTANEHA,-JDIRECTOR
DEPARTMENT OF COMMUNITY DEVELOPMENT
FINANCIAL DEPARTMENT REVIEW AND APPROVAL;
6 W. 0
CARLOS GAIRCIAr DIRECTOR
DEPARTMEih OF FINANCE
BUDGETARY REVIEW AND APPROVAL:
As)kl
MANOHAR SURANA
ASSISTANT CITY M IGER
PREPARED AND APPROVED BY:
i6iK�
ALBERTINE B. SMITH
CHIEF ASSISTANT CITY ATTORNEY
APPROVED AS TO FORM AND CORRECTNESS:
J
AVIER !gli-I-EZ, YOR
-3- 92- 327
CITY OF MIAMI, FLORIDA 38
r
INTER -OFFICE MEMORANDUM
To: Honorable Mayor and Members DATE:--�? FILE
A�
of the City Commission v 9_
Resolution approving an
suaIECT . Amendment to the 17th
Year CDBG Final Statement/
CD FLOAT LOAN to YWCA of —_
FROM REFERENcLireater Miami, Inc. —
Cesar H. Odio
City Manager ENCLOSURES.City Commission Meeting
of May 14, 1992
RECOMMENDATION:
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 (CDBG) Final Statement, for the purpose of providing a
Community Development "Float Loan" in the amount of $2 million
dollars to the YWCA of Greater Miami, Inc., to assist in the
construction of a new building to be located in the
ParkWest/Overtown area to serve as the new headquarters for the
agency. This is a public hearing required by the U.S. Department
of Housing and Urban Development (HUD) to permit public input on
this subject.
BACKGROURD:
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 $2
million to the YWCA of Greater Miami, Inc., for the construction
of new central offices. If adopted by the Commission the City
would then request formal approval from the U.S. Department of
Housing and Urban Development (HUD).
The YWCA plans to construct a two-story building of approximately
20,000 square feet which will include program space for a 126-slot
child care center, after -school program, teens workroom and
employment training facilities and administrative offices. The
new building will be located at 351 N.W. 5th Street.
The agency has provided a commitment letter from Sunbank/Miami
N.A. which will issue an irrevocable letter of credit as security
for the City loan.
Attachment:
Resolution
M
92- 321