HomeMy WebLinkAboutR-91-0540J-91-541
7/25/91
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RESOLUTION NO.
A RESOLUTION AUTHORIZING THE CITY MANAGER
TO EXECUTE AN AGREEMENT, IN A FORM
ACCEPTABLE TO THE CITY ATTORNEY, WITH
N.B. REALTY, A FLORIDA GENERAL
PARTNERSHIP, TO PROVIDE A COMMUNITY
DEVELOPMENT "FLOAT LOAN", SUBJECT TO THE
AVAILABILITY OF FUNDS, IN THE AMOUNT OF
$5,000,000 AT AN INTEREST RATE WHICH WILL
AVERAGE THREE PERCENT (3%) FOR A PERIOD
OF SEVEN (7) YEARS, SECURED BY AN
ACCEPTABLE LETTER OF CREDIT FROM A BANK
APPROVED BY THE DEPARTMENT OF FINANCE IN
ACCORDANCE WITH FEDERAL GUIDELINES, FOR
THE PURPOSE OF CONSTRUCTING A NEW MULTI -
FRANCHISE AUTO DEALERSHIP ON NORTHEAST
2ND AVENUE BETWEEN NORTHEAST 20TH AND
21ST STREETS IN THE WYNWOOD NEIGHBORHOOD
TARGET AREA.
WHEREAS, the City Commission is desirous of promoting and
encouraging economic development in the City's neighborhood
Community Development target areas; and
WHEREAS, the City Commission can provide financial
assistance to businesses with projects designed to improve the
neighborhood target areas through the elimination of slums and
blight; and
WHEREAS, N.B. Realty, comprised of N.B. Motors, Inc., and
Braman Cadillac, Inc., companies in which Norman Braman is the
President, has requested a Community Development "Float Loan" in
the amount of $5,000,000 to construct new business facilities in
the Wynwood neighborhood target area;
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 Manager is hereby authorized to enter
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error COMMSSiON
METING OF
JUL 11 1991
91-- 540
MoLl"In I..
into an agreement,l/ in a form acceptable to the City Attorney,
with N.B. Realty, a Florida General Partnership, to provide a
Community Development "Float Loan", subject to the availability
of funds, in the amount of $5,000,000 at an average interest rate
of three percent (3%) for a period of seven (7) years, for the
purpose of providing financial assistance in the construction of
a new multi -franchise auto dealership in the Wynwood neighborhood
target area and the elimination of existing slums and blighted
areas.
Section 3. The Community Development "Float Loan" is
further subject to and conditioned upon, the City's receipt of an
irrevocable letter of credit in favor of the City and acceptable
to the City's Finance Department as collateral for said loan and
upon approval by the appropriate federal regulatory agency.
Section 4. This Resolution shall become effective
immediately upon its adoption.
PASSED AND ADOPTED this llth
ATTE
MATIA HIRAI, CITY CLERK
BUDGET DEPARTMENT APPROVAL:
DEPARTME
PREPARED AND
A, DIRECTOR
DGET
ROVED BY:
RAFAEL 0. DIAZ
CHIEF ASSISTANT CITY ATTORNEY
day
R L . SUJXREZ ,
, 1991.
COMMUNITY DEVFLJJPMENToAPPROVAL:
r
i
C
F K C ANEDA, DIRECTOR
DEPART ENT OF COMMUNITY
DEVELOPMENT
FINANCE DEPARTMENT REVIEW AND
APPROVAL:
C GARCIA, DIRECTOR
FIN DEPARTMENT
APPROVED AS TO FORM AND CORRECTNESS:
+JOGEL. ERNANDEZ
TT EY
ABS/gmb/M2333
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.
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91- 540
CITY OF MIAMI, FLORIDA
INTER -OFFICE MEMORANDUM
TO: Honorable Mayor and Members
of the City Commission
FnoM: Cellar H. Odi
City Manager
RECOMMENDATIONt
DATE : JUL - 31991 FILE :
SUBJECT ; Resolution Approving a
Community Development
"710at Loan" of
$5,000,000
REFERENCES:
City Commission Meeting
eNcLasURES:of duly lit 1991
It is respectfully recommended that the City Commission approve
the attached Resolution authorising the City Manager to enter
into an agreement, in a form acceptable to the City Attorney,
with N.B. Realty, a Florida General Partnerahip, comprised of
N.B. Motors, Inc., and Braman Cadillac, Inc., companies of which
Borman Braman Is President, to provide a Community Development
"Float Loan" for purpose of assisting the Braman Dealership
redevelop existino facilities through the construction of a new
multi- franchise auto dealership and thus serving to retain a
major community business in the Wynwood Neighborhood target area.
BACKGROUND:
The Department of Community Development has analyLed the need to
enter into an agreement with N.B. Realty for the provision of a
Community Development "Float Loan" in the amount of $5,000,000 at
three (3%) percent interest rate for a period of two (2) years,
secured by an irrevocable letter of credit from an approved bank.
The loan will be used specifically for the purpose of financing
the construction of a new multi -franchise auto dealership to be
located on Northeast 2nd Avenue between Northeast 20th and 21at
Street in the Wynwood neighborhood. This new facility will
improve the neighborhood through the elimination of existing
deteriorating structures and replacing theme structures with new
buildings in an area in need of revitalization.
Attachment:
Resolution
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