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Home My WebLink AboutR-90-0815i ii J-90-898 10/18/90 RESOLUTION NO. 9 0 — S 15 A RESOLUTION, WITH ATTACHMENT(S), AMENDING SECTIONS 3 AND 4 OF RESOLUTION NO. 90-661, ADOPTED SEPTEMBER 7, 1990, WHICH HAD APPROVED AN EXTENSION OF THE REPAYMENT DATE OF THE LOAN AGREEMENT BETWEEN THE CITY AND YMCA OF GREATER MIAMI, INC., IN THE AMOUNT OF $1,150,000 FROM MARCH 14, 1991, TO MARCH 13, 1992; WITH THE CONDITION OF ACCEPTING $100,000 OF PRINCIPAL PLUS DUE INTEREST ON MARCH 14, 1991; FURTHER INCREASING THE INTEREST ON SAID LOAN FROM ONE PERCENT (1%) TO SEVEN PERCENT (7%) BEGINNING OCTOBER 18, 1990, TO THE NEW EXPIRATION DATE OF MARCH 13, 1992, SUBJECT TO THE CITY CONTINUING TO BE SECURED BY AN AMENDED LETTER OF CREDIT. WHEREAS, the City Commission adopted Resolution No. 90-661 on September 7, 1990, approving an extension of the expiration date of the Community Development Float Loan to the YMCA of Greater Miami, Inc.; and WHEREAS, Resolution No. 90-661 further required an immediate payment of $100,000 in principal plus due interest to October 5, 1990; and WHEREAS, the YMCA has requested a deferment of the requirement payment until March 14, 1991, because of financial difficulties and has agreed to pay seven percent (7%) interest as of October 18, 1990; NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE CITY OF MIAMI, FLORIDA: Section 1. Sections 3 and 4 of Resolution No. 90-661, adopted September 7, 1990, are hereby amended in the following particulars:-/ ' Words and/or figures stricken through shall be deleted. Underscored words and/or figures shall be added. The remaining provisions are now in effect and remain unchanged. ATTACHMENTS � CONTAINED rIL "Section 3. The extension of the due date set forth in the Agreement shall require the YMCA of Greater Miami, Inc., to pay the City, Agreement,the Amended the sum of $100,000 in principal and $17 r 958--99 ef--interest, plus any accrued interest due on March 14, 1991. Section 4. The YMCA of Greater Miami, Inc. shall agree to an increase in the interest rate from one percent (1%) to seven percent (7%) for Hie peried &f Section 2. This Resolution shall become immediately upon its adoption. PASSED AND ADOPTED this 18th day of AT S MA Y HIRAI City Clerk PREPARED AND APPROVED BY: ti RAFAE . D AZ Chief Assistant City torney APPROVED AS TO FORM AND CORRECTNESS: Of� JOR�E L. FERVANDEZ CM Attorne ROD/pb/M1865 -2- r effective VIER L. SUA_VEZ, MA , 1990. MODIFICATION AND EXTENSION AGREEMENT This Agreement and Extension Agreement (Modification Agreement") is made as of March 14, 1991 between the City of Miami, a municipal corporation of the State of Florida, hereinafter referred to as ("City"), and The Young Men`s Christian Association of Greater Miami, a Florida corporation ("Borrower"). RECITALS A. City and "Borrower entered into an Agreement dated March 14, 1989, concerning the Carver Branch YMCA ("Agreement"). B. City and Borrower desire to modify the Agreement to provide for, among other things, an extension of the maturity date of the City Loan (as defined in the Agreement) to March 13, 1992. 1. 2. Recitals. The foregoing recitals are true and are made a part of this Modification Agreement. Modification of Agreement. The Agreement is modified as follows: 2.1 The second sentence of Section 3.1 of the Agreement is deleted and replaced by the following sentence: This Agreement and the Letter of Credit shall have a term ending on March 13, 1992. 2.2 Section 5.2 of the Agreement is deleted and replaced by the following Section 5.2: The City Loan shall have a term ending on the March 13, 1992. 2.3 Section 5.3 of the Agreement is deleted. 2.4 2.5 Section 5.5 of the Agreement is deleted and replaced by the following Section 5.5: The Borrower agrees to pay the City the principal amount of $100,000 plus any accrued interest due on March 14, 1991, and further agrees to an increase in the interest rate from one percent (1%) to seven percent (7%) to commence to accrue on the outstanding balance of the City Loan on October 18, 1990, which shall be payable to the City on a quarterly basis, commencing with the payment of all interest due on March 14, 1991 and with subsequent interest payments due every three (3) months thereafter until the City Loan is repaid in its entirety. Borrower agrees that on March 13, 1992, a balloon payment sufficient to pay off the outstanding indebtedness of principal and all accrued interest shall be made by Borrower to City. City and Borrower each acknowledge that the Letter of Credit described in the Agreement, a copy of which is set forth in Exhibit 3 of the Agreement, has been replaced by a new Letter of Credit, a copy of which is attached hereto and made a part hereof as Exhibit "A" (the "Replacement Letter of Credit"). All references in the Agreement to the Letter of Credit shall hereinafter be deemed to be references only to the Replacement Letter of Credit, and Exhibit 4 of the Agreement shall be deemed to be a copy of the Replacement Letter of Credit. 94 8 . Y 3. Indemnification. Borrower hereby agrees that, in the event any of the amendments to the Agreement contained herein is deemed to violate any law, ordinance, rule or regulation of any governmental agency affecting or relating to the City Loan, Borrower shall indemnify and hold City harmless for any cost, penalty, claims, suits, losses or damages that City may endure as a result of this Modification Agreement. This covenant shall survive the termination of this Agreement. The parties have caused this instrument to be duly executed by their respective duly authorized officials as of the date set forth in the first paragraph. ATTEST: By• Matty Hirai City Clerk WITNESSES: APPROVED AS TO FORM AND CORRECTNESS: JORGE L. FERNANDEZ City Attorney ROD/pb/M238 11/01/90 2:53 PM CITY OF MIAMI, a municipal corporation of the State of Florida By: • Cesar H. Odio City Manager Young Men's Christian Association of Greater Miami, Inc. By: 50� Is YMCA OF GREATER MIAMI METROPOLITAN OFFICES.,; „ 2400 BISCA YNE BOULEVARD" • i MIAMI, FLORIDA 33137-4516 (305) 576-9622 Mr. Aurelio Perez-Lugones Legislative Administrator City of Miami 3500 Pan American Way Miami, FL 33133 Re: Resolution number 90-661 Dear Mr. Perez-Lugones: I am writing to request time on the City Commission agenda regarding the above -referenced resolution. This resolution, passed by the Commision on September 7, 1990, extends a CD float loan on a YMCA property (The Carver YMCA). The agreement specified that the YMCA of Greater Miami pay $100,000 in principal and $17,958.90 in interest to the City. The resolution reads that this payment is due immediately. If possible, we would like to make this payment in March, 1990, when the current loan agreement expires. I was advised by Mr. Ed Blanco of the City of Miami Department of Community Development that this would require our appearing before the commision as soon as possible to request this change. Thank you for your attention to this matter. Please advise me at your:convenience. I can be reached at 576-9622. Sincerely, Edward J. Gerhardt Chief Financial Officer 51 1990 CCT -2;1 4: 112 October 2, 1990 . !ortrt !. ',C4rte '� [ICF'•.T ,r Mr. Cesar H. Odio, City Manager City of Miami •:I,.; 1.[R 3500 Pan American Drive r :nor Miami, Florida 33133 Re: Overtown Advisory Board - i.k Presentation to the City Commission iokur 3f ov, n Dear Mr. Od io : ESQ. Pfvths Lee The Overtown Advisory Board is requesting permission Or. 'AdiimPerry to appear before the City Commission meeting A,rnire�av,vvr scheduled for October 181, 1990, to report on the id%NardSindelar progress and discussions with the City Manager .r_mnn regarding the proposed Overtown development plan. i _ v ,.,rd Turkei dii,ms Thank you for your consideration. ,. cr ',urte 1,dker FCRET-\RIAT 3 .rli im 5j vyer e . idea John F . White lati. "IE ABER Pre; Hlntmund Noriega } EP.7J?1.ti COORDINATOR JFW/HN/mim i A Y 407 N.W. 5th Street, Miami, FL 33128 WU_ > 'i 5 x' .. u:^... ,.s ..,.y=. .. .. ,1„�_. .�., k, r..=_.,,„a. .`rti ,.1�4•53. SN£?a"sk_;rr'