HomeMy WebLinkAboutR-91-0307A RESOLUTION WAIVING ARTICLE IV, SECTION 4.2
OF THE MEMORANDUM OF AGREEMENT BETWEEN THE
CITY OF MIAMI AND FLORIDA HOUSING
COOPERATIVE, INC., DATED MARCH 28, 1991WHICH
WILL ALLOW SAID CORPORATION TO GIVE A
PURCHASE MONEY FIRST MORTGAGE IN THE AMOUNT
OF $20,000 AND WILL ALLOW A LIEN IN SAID
AMOUNT TO BE PLACED ON PROPERTY LOCATED AT
APPROXIMATELY 1025 WEST FLAGLER STREET,
MIAMI, FLORIDA.
WHEREAS, on February 14, 1991 the City Commission authorized
the City Manager to enter into a Memorandum of Agreement with
Florida Housing Cooperative, Inc. whereby the City would provide
a grant to said corporation in the amount of $288,610
specifically for the purchase of property to be used to develop a
mixed -use cooperative housing project; and
WHEREAS, the Memorandum of Agreement executed on
March 28, 1991 stipulates in Article IV, Section 4.2) that on the
date of acquisition the subject property is to be free and clear
of any outstanding liens and encumbrances; and
WHEREAS, the purchase price of the property is $300,000 plus
closing costs; and
I -
WHEREAS, Florida Housing Cooperative,
Inc. is in need of
financial assistance for the balance of the
purchase price and to
pay the closing costs;
WHEREAS, the current owner of the property has agreed to
take back from Florida Housing Cooperative,
Inc. a purchase money
first mortgage in the amount of $20,000 to
cover the balance of
the purchase price and the closing costs, thereby placing a lien
on the property at the time of acquisition;
and
WHEREAS, in consideration of providing
the grant, title to
the property shall automatically vest in
the City of Miami,
Florida in the event Florida Housing Cooperative, Inc. does not &4
CoMmence construction within twenty-four.
(24) months of the
WIPMG OF
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disbursement of the City funds, with said title being subject to
the purchase money first mortgage; and
WHEREAS, to secure the City' s interest in the title to the
property, the purchase money first mortgage agreement will
contain a notice requirement whereby the City will receive
written notification of any default of Florida Housing
Cooperation, Inc. and will be given a period of sixty days within
which to cure said default prior to the mortgagee's institution
of any suit based upon said default;
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. Article IV, Section 4.2, of the Memorandum of
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CITY OF MIAMI, FLORIDA
1091 AFR 23 Phi 3-* 55
-71
THE HONORABLE VICTOR Dt YURRE DATE
April 12, 1991 FILE
T 0
M C A:
1"At AT T Y I-MAI
Voting —While Abaont
C i T# Q 0i I , 4 Roll Call
L
REFERENCES !City Attorney
Fsom; MATTY HIRAI CitClerk Memorandum dated June
y
NCLOSURES :1 1987
1991, you were absent
o f April 11,
turn t o
Commission meeting
At the the
Upon your re
agenda item 50.
call on a
during roll vot
ing ting with the motion
1, meeting, you requested that I show you ----
show, as in all other
on the above -cited item. The record will
that although you were absent during roll
similar situations, t call, you requested of the Clerk to be shown voting with the
motion. Kindly confirm.
Upon receipt of your confirmation, we will proceed to affix the
appropriate agenda notation reflecting your request, as follows:
"ALTHOUGH ABSENT DURING ROLL CALL,
COMMISSIONER DE YURRE REQUESTED OF THE CLERK
TO BE SHOWN AS VOTING YES ON THE MOTION."
low by signing.
Kindly acknowledge in t e space provided hereinbe
in e Space PrOVIUU"
q.
E:
ACKNOWLEDGED: ---------- - -----
Com acknowledge
1ioner Victor D Yurre
MH: sl
ENC: a/s
77
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CITY OF MIAMI, FLORIDA
INTE10MEO*EORANDIUM
THE M0140RABLE XAV'IRR L.
Yo . 4ATTY
FROM :MIRAI
City Clerk
i
April 12, 1901 FILE:
sM R
T
IPTi' WA
CITY CI U" v_oting_ lhile Abgent
ECT
rid f OP WWI, h 1�A. Duran,&_Ro11_Cal l s<
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REFERENCES :City Attorney E
Memorandum dated June
ENCLOSURES :1 , 19 8
At the Commission meeting of April 11,
1991, you were absent
ti
am 50. Upon your return to the
during roll call on agenda itF
meeting, you requested that I show you as voting with the motion
on the.above-cited item. The record will show, as in all other
similar situations, that although you were absent during roll
call, you requestedof the Clerk to be shown voting with the
motion. Kindly confirm.
Upon receipt of your confirmation, we will proceed to affix the
appropriate agenda notation reflecting your request, as follows: