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HomeMy WebLinkAboutR-92-0748J-92-909 11/12/92 RESOLUTION NO. 9 2 748 A RESOLUTION AUTHORIZING THE CITY MANAGER TO AMEND THE AGREEMENT, PROMISSORY NOTE AND MORTGAGE AGREEMENT, IN A FORM ACCEPTABLE TO THE CITY ATTORNEY, BETWEEN GROVITES UNITED TO SURVIVE ("GUTS") AND THE CITY OF MIAMI FOR THE PURPOSE OF REDUCING THE LOAN AMOUNT TO $271,976.26 AND TRANSFERRING THE REMAINING BALANCE OF $228,023.74, IN THE FORM OF A GRANT/LOAN, TO THE COCONUT GROVE LOCAL DEVELOPMENT CORPORATION, INC. ("CGLDC"); FURTHER AUTHORIZING THE CITY MANAGER TO EXECUTE AN AGREEMENT, IN A FORM ACCEPTABLE TO THE CITY ATTORNEY, WITH CGLDC FOR THE PURPOSE OF TRANSFERRING TO CGLDC SAID FUNDS WHICH WILL BE USED FOR THE ACQUISITION AND SOFT COSTS ASSOCIATED WITH THE TIKI PROJECT; FUNDING THEREFOR PREVIOUSLY ALLOCATED FROM COMMUNITY DEVELOPMENT BLOCK GRANT FUND. WHEREAS, the City Commission 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 WHEREAS, the City of Miami previously allocated $500,000 pursuant to Resolution Numbers 86-95 and 85-190 to assist in the redevelopment of the property located at Grand Avenue and Douglas Road into a commercial complex; and (if" C0IS8�� �1 IMETING or, NRV 1 2 IM R"Qutl= Na 92- 748 WHEREAS, GUTS, a minority -owned oommunity organization, was instrumental in seouring a oommeroial property that would be developed to proteot the oharaoter, ambienoe and historioal integrity of Miami's oldest Blaok oommunity; and WHEREAS, CGLDC will 000rdinate and oversee the development of the Tiki Club and adjoining properties into a viable retail/oommeroial oenter; NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE CITY OF MIAMI, FLORIDA: Seotion 1. The reoitals and findings contained in the Preamble to this Resolution are hereby adopted by referenoe thereto and incorporated herein as if fully set forth in this Seotion. Seotion 2. The City Manager is hereby authorized/ to amend, in a form aooeptable to the City Attorney, the agreement with GUTS for the purpose of reduoing its loan amount to $271,976.00, with all other terms and provisions remaining in full force and effect. Section 3. The City Manager is hereby authorized V to exeoute an agreement, in a form aooeptable to the City Attorney, with CGLDC for the purpose of transferring to CGLDC the balanoe remaining from the original loan amount of $500,000 from funds previously appropriated to GUTS. The herein authorization is further subjeot to oomplianoe with all requirements that may be imposed by the City Attorney, including but not limited to those presoribed by applioable City Charter and Code provisions. 92- 748 Section 4. The total balance to be allocated to CGLDC will not exceed $228,023.74. Section S. CGLDC shall use the aforementioned funds for soft costs associated with the acquisition and development of properties as it relates to the development of the Tiki oommeroial/retail project. Section 8. Final approval by the City Commission will be required prior to the purchase of any property by CGLDC. Section 2. This Resolution shall become effective immediately upon its adoption. PASSED AND ADOPTED this 12th day of Nosyemb2err, 1992. ATT MATTY HIRAI CITY CLERK PREPARED AND APPROVED BY: CARMEN L. LEON ASSISTANT CITY ATTORNEY APPROVED AS TO FORM AND CORRECTNESS: 0 A. QII NN J i S, IIT CITY ATTO CLL:osk:M 437 XAVIERc-0. SIIARLZ , MAYOR 92- 748 -3- 32. 3682 Grand Avenue, P.O. box 76, Coconut Grove, FL 33133. (306) 446.309N6 September 28, 1992 Mr. Aurelio Perez-Lugones Legislative Administrator CITY MANAGER'S OFFICE 3500 Pan American Drive Miami, Florida 33133 Dear Mr. Perez-Lugones: We are hereby requesting to be placed on the Agenda for the October 8, 1992, City Commission Meeting. The subject for discussion will be The Goombay Plaza/ Tiki Redevelopment Project. Thanking you for your kind cooperation. Sincerely, DAVID J. ALE DER Executive Director DJA/sk 92-- 748 A Non -Profit Corporation for Economic Development 2 r