HomeMy WebLinkAboutR-92-035541 4
J--A2-428 .
5i28i92 355
RESOLUTION NO.
A RESOLUTION AUTHORIZING MIAMI CAPITAL
DEVELOPMENT, INC. TO REVIEW ITS LOAN
AGREEMENT WITH GARCES COMMERCIAL COLLEGE
("COLLEGE"), AND SUBJECT TO A DETERMINATION
BY MIAMI CAPITAL DEVELOPMENT, INC. THAT THE
COLLEGE HAS ADEQUATE COLLATERAL TO SECURE THE
LOAN, AND THAT THE APPROPRIATE UNIFORM
COMMERCIAL CODE FORMS TO SECURE COLLATERAL
WHICH SHALL PLACE MIAMI CAPITAL DEVELOPMENT,
INC. IN FIRST SECURED POSITION HAVE BEEN
OBTAINED; FURTHER EMPOWERING MIAMI CAPITAL
DEVELOPMENT, INC.'S BOARD OF DIRECTORS TO
CONSIDER AN AMENDMENT TO SAID LOAN AGREEMENT
WHICH WOULD THEREBY PROVIDE FOR THE REMAINING
PRINCIPAL BALANCE OF $178,695.21 TO BE REPAID
IN 96 MONTHLY INSTALLMENTS OF $2,096.00 AT
THREE PERCENT (3%) ANNUAL INTEREST,
COMMENCING AUGUST 10, 1992.
WHEREAS, Resolution No. 85-677, adopted on June 20, 1985,
authorized Miami Capital Development, Inc. to enter into a loan
agreement (the "Agreement") dated July 10, 1985 which granted
Garoes Commeroial College a loan in the amount of $300,000; and
WHEREAS, the balance of said loan will have been reduced to
$178,695.21 by July 10, 1992 and a balloon payment will come due
on said date; and
WHEREAS, due to economic conditions, Garoes Commercial
College's very existence will be threatened by having to make
such a balloon payment; and
CITY COMMISSION
MEETING OF
MAY 2 8 1992
Resolu im No.
92- 355
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WHEREAS, the City Commission has determined that the
survival of Garoes Commercial College is in the best interest of
the City of Miami by virtue of the vital employment training it
3
provides; and
WHEREAS, the Commission wishes to authorize Miami Capital 4 —
Development, Inc.'s Board of Directors to grant a repayment
i�
extension to Garoes Commercial College, subject to a
determination by the Board that the College possesses adequate
- s
collateral and subject to the execution of the appropriate
i E
Uniform Commercial Code forms to secure the collateral, placing
Miami Capital Development, Inc. in first secured position, and
amending said Loan Agreement with Garoes Commercial College by ►
changing the repayment terms on the remaining principal balance
of $178,695.21 to 96 monthly installments of $2,098.00 at three
percent (3%) annual interest, commencing August 10, 1992;
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. is hereby
- authorized to review its loan agreement with Garoes Commercial
} College, and subject to a determination by Miami Capital
Development, Inc. that the College has adequate collateral to
secure the loan, and that the appropriate Uniform Commercial Code
Forms to secure collateral which shall place Miami Capital
Development, Inc. in first secured position have been obtained. -�
-2-
. $ 92- 355
s
Section 3. Miami Capital Development, Inc. Is $oard of
Directors is further empowered by the City Commission to consider
an amendment to said loan agreement which would thereby provide
for the remaining principal balance of $178,695.21 to be repaid
in 96 monthly installments of $2,096.00 at three percent (3%)
annual interest, oommenoing August 10, 1992.
Section 4. This Resolution shall become effective
immediately upon its adoption.
PASSED AND ADOPTED this 28th day ojt/") 1992.
ATTB
MA HIRAI
City Clerk
PREPARED AND APPROVED BY:
XAVIER,
SUAREZ, MAYOR
APPROVED AS TO FORM AND
CORRECTNESS:
-,RKFA9L 0. DIAZ Af Q I ES,
Deputy City Att ey City At ey
ROD/pb/osk/bss/M2969
j •� -
92- 355
i
May 26, 1992
The Honorables Mayor and Commissioners
Miami City Commission
3500 Fan American Drive
Miami, Florida
Honorable Sirs and Madam:
TAMES
W*V40LLEGE
1301 S.W. 1st. STREET
MIAMI, FLORIDA 33135
TEL: 643-1044
5385 N.W.36th STREET
MIAMI SPRINGS, FLORIDA 33166
TEL: 871-6535
As you are aware on July 10, 1985 Garces Commercial College
received a loan in the amount of $300,000.00 at 3% interest,
amortized over a fifteen year period at $2,071.77 per month.
However, a balloon payment of $178,249.59 at the end of the 7th
year would be due.
Henceforth, our current dilemma, although GCC has kept its payment
in a timely manner and is up to date, we unfortunately can not make
the required balloon payment, due to cutbacks in Federal Program,
as well as funds.
We regret the inconvenience, and would like the opportunity to
continue to meet our loan obligation with Miami Capital, therefore,
we propose that the City allow GCC to pay the balance of this loan
over the remainder of the amortization period (8 years) at the same
rate and stipulations outlined in the agreement.
Garces history, excellent standing and valuable service to the
community over the past 31 years, merits a favorable consideration
of this request.
If you have any questions or need additional information, kindly
contact me at your earliest convenience.
S cerely,
Gabriel L. T rres
Director
GLT/11
cc: Cesar Odio, City Manager
Submitted into the public
record in connection with
item A_ on c La $ :�
Matty Hirai
City Clerk
92- 355