HomeMy WebLinkAboutR-91-0010J-91-16
12/26/90
RESOLUTION N0. y 1 -'' 1_ 0
A RESOLUTION AUTHORIZING THE CITY
ATTORNEY TO INITIATE APPROPRIATE LEGAL
PROCEEDINGS AND CIVIL ACTION AGAINST
CHARLES AND MARIA SHERRER, AND STEWART
GLADSDEN D/B/A SHERRER & SHERRER
ACCOUNTING SERVICE, TO RECOVER LOAN
FUNDS IN THE AMOUNT OF $11,837.62 FROM
SAID BUSINESS OWNERS THROUGH THE MODEL
CITY SMALL BUSINESS DEVELOPMENT PILOT
LOAN PROGRAM.
WHEREAS, the Miami City Commission is committed to the
economic development and the expansion of trade and commerce in
the City of Miami; and
WHEREAS, the City Commission adopted Resolution No. 87-923
authorizing the establishment of the Small Business Development
Pilot Program in Model City; and
WHEREAS, the aforementioned business owners received a
$14,500.00 loan from the City; and
WHEREAS, $11,837.62 of the original loan amount is due to
the City; and
WHEREAS, Charles and Maria Sherrer, and Stewart Gladsden
d/b/a Sherrer & Sherrer Accounting Service have defaulted on
their Promissory Agreement with the City of Miami and payment is
more than 120 days past due;
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 Attorney is hereby authorized to
initiate appropriate legal proceedings and civil action against
Charles and Maria Sherrer, and Stewart Gladsden d/b/a Sherrer &
CITY COMMISSION
MEETING OF
J A N 10 1991
1 R�,oN - L"
Sherrer Accounting Service to recover loan funds in the amount of
$11,837.62 provided to said individuals through the Model City
Small Business Development Pilot Loan Program.
Section 3. This Resolution shall become effective
immediately upon its adoption.
PASSED AND ADOPTED this loth day of Januay
,Y2 0.-x,1991.
ATT
MATTY HIRAI
CITY CLERK
COMMUNITY DEVELOPMENT REVIEW AND APPROVAL:
i
FRANK CAS ANED , DIRECTOR
DEPARTMENT OF COMMUNITY DEVELOPMENT
PREPARED AND APPROVED BY:
ALB TI E B. SMITH
CHIEF ASSISTANT CITY ATTORNEY
APPROVED AS TO FORM AND CORRECTNESS:
AQJ/gfa/gmb/M1952
XAVIER L. JUAREZ
MAItO
-2-
91- i0
• s
CITY OF MIAMI, FLORIDA CA 13
r INTER -OFFICE MEMORANDUM
ro: Honorable Mayor and Members
of the City Commission
FROM: Cesar H. 0
City Manag
RECOMMENDATION
DATE J A N - ? 1991 FILE :
Authorization to Initiate
SUBJECT : Default Proceedings
REFERENCE!Charles & Maria Sherrer &
Stewart Gladsden d/b/a Sherrer
ENCLOSURES& Sherrer Accounting Service
It is recommended that the City Commission authorize the City
Manager to advise the City Attorney to proceed in initiating
default proceedings as it relates to the Model City Small
Business Development Pilot Program against loan recipients
Charles and Maria Sherrer and Stewart Gladsden, owners of Sherrer
and Sherrer Accounting Service, to recover the City's loan funds.
BACKGROUND
On June 17, 1988, Charles and Maria Sherrer and Stewart Gladsden,
owners of Sherrer & Sherrer Accounting Service received a $14,500
loan via the Model City Small Business Development Pilot Program,
and executed a Promissory Agreement with the City of Miami
outlining the terms of said loan. As of June, 1990, the
aforementioned loan recipients have defaulted on their agreement,
per the following terms:
ITEM NO.
1
DEFAULT PROVISION
Should there be a default in the punctual and
full payment of interest or an installment of
principal due hereunder; or
A total of $14,500 has been disbursed to the loan. -recipients.
To -date, the loan recipients have made payment totalling
$2,662.38, leaving an outstanding balance of $11,837.62 ($14,500-
2,662.38=$11,837.62). No further payments have been made on this
loan since December, 1989.
Based on the above information, the Department of Community
Development is requesting that the City Commission authorize the
City Manager to proceed with legal action against Charles & Maria
Sherrer & Stewart Gladsden d/b/a Sherrer & Sherrer Accounting
Service to recover the outstanding loan funds allocated to the
above mentioned named loan recipients.
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