HomeMy WebLinkAboutR-91-0021J-91-59
1/10/91
(M 90-934
12/6/90)
RESOLUTION NO. y 1 - 21
A RESOLUTION AUTHORIZING THE CITY MANAGER TO
EXECUTE AN AGREEMENT, IN A FORM ACCEPTABLE TO
THE CITY ATTORNEY, WITH EDWARD J. GERRITS,
INC., GENERAL CONTRACTORS, TO PROVIDE A LOAN
IN THE AMOUNT OF $500,000 AT TWO PERCENT (2%)
INTEREST RATE FOR A PERIOD OF SEVENTEEN (17)
YEARS TO BE SECURED BY A SECOND MORTGAGE ON
THE PROPERTY DESCRIBED IN THE AGREEMENT AND
BY CORPORATE GUARANTEE OF EDWARD J. GERRITS,
INC., AND LIMITING ANY FIRST MORTGAGE ON SAID
PROPERTY TO A MAXIMUM AMOUNT OF $400,000,
WITH ALL DISBURSEMENTS TO BE MADE IN THE FORM
OF DRAWS AS THE FUNDS BECOME NECESSARY FOR A
NEW CORPORATE FACILITY IN THE CITY OF MIAMI
TO REPLACE THE COMPANY BUILDING DESTROYED IN
THE WYNWOOD CIVIL DISTURBANCE OF DECEMBER 16,
1990, AND TO THEREBY HELP RETAIN THIS
PROMINENT BUSINESS IN THE WYNWOOD
NEIGHBORHOOD OF THE CITY, WITH FUNDS THEREFOR
ALLOCATED FROM THE TARGET AREA MINI-UDAG LOAN
POOL FUNDS OF THE COMMUNITY DEVELOPMENT BLOCK
GRANT PROGRAM.
WHEREAS, the City Cornmissien is desirous of providing
assistance to the businesses affected by the recent civil
disturbance in the Wynwood neighborhood; and
WHEREAS, one of the largest buildings destroyed in the
Wynwood disturbance belonged to Edward J. Gerrits, Inc., General
Contractors; and
WHEREAS, Edward J. Gerrits, Inc., General Contractors,
requires financial assistance in order to reestablish its
business in the Wynwood neighborhood;
NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE CITY
OF MIAMI, FLORIDA:
Section 1. The City Manager is hereby authorized to enter
into an agreement/, in a form acceptable to the City Attorney,
with Edward J. Gerrits, Inc., General Contractors, to provide a
loan in the amount of $500,000 at two percent (2%) interest rate
The herein authorization is further subject to compliance
with all requirements that may be imposed by the City
Attorney, including but not limited to those prescribed by
applicable City Charter and Code provisions.
CITY COIF MSSION
MEEETIT,iC OF -
J AN 10 1"
for a period of (17) seventeen years secured by the corporate
guaranty of Edward J. Gerrits, Inc., for the purpose of assisting
in the construction of a new corporate facility at 3465 Northwest
2nd Avenue, Miami, Florida, located in the Wynwood neighborhood,
which facility was destroyed in the civil disturbance of
December 16, 1990.
Section 2. The Agreement shall specify that the loan
contemplated herein shall be secured by a second mortgage on
property to be more particularly described in said Agreement and
such property shall at no time be encumbered by a first mortgage
that would exceed $400,000, and all disbursements of loan
proceeds shall be in the form of draws to ensure that such
proceeds will be used for the purpose herein intended.
Section 3. Funds for the herein loan are hereby allocated
from the Target area Mini-UDAG Loan Pool funds of the Community
Development Block Grant Program.
Section 4. This Resolution shall become effective
immediately upon its adoption.
PASSED AND ADOPTED this 17jay ,�1991.
IER L. SU , MAYOIA
ATTEST
�-
MATTTHIRAI, CITY CLERK
BUDGETARY APPROVAL:
MANOHAR S.
DEPARTMENT
DIRECTOR
FINANCIAL APPROVAL:
Z�:Z��L � I
CARL E. GARCIA, DIRECTOR
DEPARTMENT OF FINANCE
PREPARED AND APPROVED BY:
RAFAEL 0. .DIAZ /
11
CHIEF ASSISTANT CITY ATTORNEY
ROD/pb/M1976
COMMUNITY DE
DEP
APPROVAL:
A, DIRECTOR
COMMUNITY DEVELOPMENT
APPROVED AS TO FORM AND
CORRECTNESS:
JOR E L. FE ANDEZ
CIT ATTORN
91 21