HomeMy WebLinkAboutR-91-0110J-90-9`i9
il/14/90
RESOLUTION NO. 91 _ 110
A RESOLUTION AUTHORIZING THE CITY
ATTORNEY TO INITIATE APPROPRIATE LEGAL
PROCEEDINGS AND CIVIL ACTION
AGAINST EVELYN SILVER, D/B/A MAYFAIR
WALLCOVERINGS, TO RECOVER LOAN FUNDS IN
THE AMOUNT OF $44,111.86 RECEIVED BY
SAID INDIVIDUAL THROUGH THE CITYWIDE
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. 88-743
authorizing the establishment of the Citywide Small Business
Development Pilot Loan Program; and
WHEREAS, the aforementioned loan recipient has received
$47,000 from the Citywide Small Business Development Pilot Loan
Program; and
WHEREAS, the loan recipient has made payments totalling
$2,888.14 to -date; and
WHEREAS, Evelyn Silver, owner of Mayfair Wallcoverings, has
defaulted on the 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:
.�S
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
Evelyn Silver, d/b/a Mayfair Wallcoverings, to recover loan funds
fT!'Y COMMSSXQH
MEETING OF
F E B 14 1991
Section 3. This Resolution shall become effective
immediately upon its adoption.
PASSED AND ADOPTED this 14th day of Februa �•
XAVIER L S AREZ
MA 0
ATTES
MA HIRAI
CITY CLERK
M1881/gjd/ABS/mv
suaJEctAuthorization to Initiate
Default Proceedings
rnoM Cesar H. Odio nt-rtnENCE!Evelyn Silver d/b/a
City Manager Mayfair Wallcoverings
ENCLOSURES:
RECOMMENDATION
It is recommended that the City Commission authorize the City
Attorney to proceed in initiating default proceedings as it
relates to the Citywide Small Business Development Pilot Program
against Evelyn Silver d/b/a Mayfair Wallcoverings to recover the
City's loan funds.
BACKGROUND
The Department of Community Development (DCD) has analyzed the
need to initiate appropriate legal proceedings and civil action
against Evelyn Silver, d/b/a of Mayfair Wallcoverings. On
October 21, 1988 and again on November 13, 1988, Evelyn Silver,
owner of Mayfair Wallcoverings, and loan recipient $39,000 and
$8,000 respectively via the Citywide Small Business Development
Pilot Program entered into a Promissory Agreement with the City
of Miami. As of May 1, 1990 the aforementioned loan recipient
have defaulted on their agreement per the following terms:
ITEM NO. DEFAULT PROVISION
16
�3
Should there be a default in the
punctual and
full payment of interest or an installment of
principal due hereunder; or
Should the borrower fail to faithfully and
fully comply with the Program
requirements
an,d/or obligations of the conditions set
forth in the Promissory Note and
Disbursement
Agreement pertaining to this program, which
the borrower hereby represents
he has read,
understood and agreed to; or
Should the contractor fail
to submit
quarterly financial reports to
the City of
Miami;
clam
M
Q3 ,i
Ste,
A combined total of $47,000 has been disbursed to
recipient. To=date the loan recipient has trade
totalling $2,888.14 which has been applied as follows:
TO PRINCIPAL TO INTEREST
$2,179.81 $576..64
the loan
payments
TO. LATE FEES
�-$131.69
C {e
The. last loan payment was made on April 1, 1990 leaving a balance
outstanding of $44,111.86. -w
Based on the above information, we are requesting that the City
Commission authorize the City Attorney to. proceed with legal
action against Evelyn Silver d/b/a Mayfair Wallcoverings.
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