HomeMy WebLinkAboutR-91-0539J-91-542
7/25/91
`- 5 39
RESOLUTION NO.
A RESOLUTION AUTHORIZING THE CITY MANAGER
TO SUBMIT AN AMENDMENT TO THE APPROVED
SEVENTEENTH (17TH) YEAR COMMUNITY
DEVELOPMENT BLOCK GRANT (CDBG) PROGRAM
FINAL STATEMENT TO THE U.S. DEPARTMENT OF
HOUSING AND URBAN DEVELOPMENT (HUD) TO
REFLECT A PROPOSED ALLOCATION OF FUNDS IN
THE AMOUNT OF $5,000,000 FOR A COMMUNITY
DEVELOPMENT "FLOAT LOAN" DURING THE
1991-92 PROGRAM YEAR, SUBJECT TO THE
AVAILABILITY OF FUNDS, AND TO REFLECT A
TECHNICAL INCREASE IN REVENUES BY SAID
AMOUNT PLUS INTEREST ON SAID AMOUNT AT AN
=
INTEREST RATE WHICH WILL AVERAGE THREE
PERCENT (3%), FOR A PERIOD OF SEVEN (7)
YEARS; FURTHER DIRECTING THE CITY
MANAGER, UPON APPROVAL OF SAID AMENDMENT
BY HUD, TO BRING BEFORE THE COMMISSION
FOR ITS REVIEW AND APPROVAL ALL NECESSARY
_
AGREEMENTS FOR A PROPOSED LOAN TO N.B.
REALTY, A FLORIDA GENERAL PARTNERSHIP.
WHEREAS,
the City Commission approved Resolution No. 91-365
-
on May 9,
1991, authorizing the submittal of the approved
Community Development Block Grant Program Final Statement to the
U.S. Department of Housing and Urban Development (HUD); and
—`
h
WHEREAS,
N.B. Realty, a Florida General Partnership
, comprised of
N.B. Motors, Inc., and Braman Cadillac, Inc., has
requested a
Community Development "Float Loan" for the
construction
of a new auto dealership facility in Wynwood; and
A.
WHEREAS,
this Community Development "Float Loan" activity
will technically result in an increase of Program revenues in the
amount of $5,000,000 plus interest thereon at an interest rate
which will average three percent (3%) for a period of seven (7)
years; and
WHEREAS, said designation of Community Development Block
Grant funds by the City Commission requires an amendment to the
previously submitted Community Development Block Grant Program
Final Statement;
NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE CITY
OF MIAMI, FLORIDA:
CITY COMMISSION
. MEETING OF .,s,,;
JUL 11 1991
91-- 539
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E , -1
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 Manager is hereby authorized to submit
an amendment to the approved Community Development Block Grant
Program Final Statement to the U.S. Department of Housing and
Urban Development (HUD) to reflect a proposed allocation of funds
in the amount of $5,000,000 for the Community Development Block
Grant Program during 1991-92, subject to the availability of
funds, which will technically reflect an increase in revenues by
said amount plus the interest thereon at three percent (3%) for a
period of two (2) years.
Section 3. The City Manager, upon approval of said
amendment by HUD, shall bring before the City Commission for its
review and approval all agreements pertaining to the proposed
1991-92 N.B. Realty Community Development "Float Loan" for the
purpose of constructing a new multi -franchise auto dealership
facility in the Wynwood Community.
Section 4. This Resolution shall become effective
immediately upon its adoption.
PASSED AND ADOPTED this llth day
ATTEST*
MATTY IRAI, CITY CLERK
BUDGET DEPARTMENT APPROVAL:
MANOHAR S. S A, DIRECTOR
DEPARTMENT 0 GET
XAVIER L. S
Z,
, 1991.
CO71,
NITY DEVE OPMENT PROVAL:
G
FRANK CA"ANEDA,/ DIRECTOR
DEPARTMENT OF COMMUNITY
DEVELOPMENT
PREPARED AND"APPROVED BY: FINANCE DEPARTMENT REVIEW AND
APPROV
RAFAEL 0. DIAZ l C E. GARCIA, DIRECTOR
CHIEF ASSISTANT CITY ATTORNEY FIN DEPARTMENT
APPROVED Ap,T , �FRRM ANR CORRECTNESS
CI
ROD/pb/M2334 -2- 91- 539
CITY OF MIAMI, FLORIDA 36
INTER -OFFICE MEMORANDUM
To: Honorable Mayor and Members DATE `!!�, 2 1991 FILE
of the ty Commission ti+ 11
SUBJECT Amendment to the
Seventeenth (17th) Year
Community Development
Block Grant Final
FROM Cesar H. O d i o REFERENCES :S t a t e m e n t
City Manager
ENCLOSURES City Commission
Meeting July 11, 1991
RECONHENDATIOH:
It is respectfully recommended that the City Commission adopt the
attached Resolution, authorizing the City Manager to submit an
amendment to the Seventeenth (17th) Year Community Development
Block Grant Final Statement to the U.S. Department of Housing and
Urban Development, for the purpose of allocating $5,000,000 for a
Community Development "Float Loan", to N.B. Realty, a Florida
General Partnership, comprised of N.B. Motors, Inc., and Braman
Cadillac, Inc., companies of which Norman Braman is President.
BACKGROUND:
The Department of Community Development has analyzed the need to
submit an amendment to the Seventeenth (17th) Year Community
Development Block Grant Final Statement to reflect a technical
increase in the amount of $5,000,000 plus interest by providing a
Community Development "Float Loan", to N.B. Realty, a Florida
General Partnership, at three (3%) percent for a period of two
(2) years for the purpose of constructing a new multi -franchise
auto dealership in the Wynwood neighborhood Community Development
target area.
Attachment:
Resolution
91- 539