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HomeMy WebLinkAboutR-90-0661L- 8/27/90 9 0 `w 6 61 :. �,,y.• .yyN• 1 Ot'ICH No. .. .... 'IC 1, W t A'PI�i1C'E 1�4iPr ROVIM AN 14 otme �I', Ayyyi r �t r:�N`I'rj, tm a�vW{� ilyi�y�y�y� eyf.�[�rC�a�id s4RS�r�I, � ��+��y�+p�yy ' '7 m C AM TM 117�A or �7�� �yyill r nc. , NOMM A $It 150,000' OMM MPHW "I +OAT MAN" FOIL 7HE RMF'MNCING Off' THE LAND XWI5ITION FOR M CWM .. MANM• ' YWAt, TkMFM MMMiNG THE RBPAYMM DATE BY ONE YEAR FROM MMM 14, 1991 TO XNM 13, 1992, AND ACCEPMIG AN tKMWt= PAYMENT TO THE CITY OF $100,000 IN PRINCIPAL AND $17,958.90 IN y WrM VJMnMY INIE'REST PAYMENTS TO BE MADE ON THE BALAN(E; PUR'IiER INCREASING THE INTEREST RATE ON THE RMlAIN M NVANCE OF $1, 050, 000 FROM CHE PE110EW (1%) TO SEVEN PERCENT (7%) MR THE PERIOD OF TM E)CrWION SUBJECT TO THE CITY TO BE SECURED BY AN AMER= LEWER OF CRIDIT. MMAS, the City Carmission approved Resolution No. 88-890 on October 61 1988, authorizing the provision of $1,150,000 of Ca mnity Development Block Grant Float funds to the YMCA of Greater Miami, Inc., for the refinancing of the Land Acquisition for the Model City's Carver Branch YMCA (MiCA); and MUMIkS, the "Float Loan" agreement between the City and the YMCA (Agreement) expires March 14, 1991; and WHEREAS, the letter of credit required as collateral for the City loan expires on October 5, 1990; and %MWA,S, the YMCA of Greater Miami is willing to provide a partial payment and to pay a higher interest rate on the remaining balance for the extended time period requested; NW, TfMtEPOkiE, BE IT RESOLVED BY THE CMUSSION OF THE CITY OF MIAMI, FLORIDA: Section 1. The recitals and findings contained in the Premble to this Resolution are hereby adopted by reference thereto and incorporated herein as if fully set forth in this Section. Section 2. The Citygex is hereby authorized execute an DEp 1W*WRWWBY A� CY' Y 33 t 1h. , :Section 3 1hri eftowidt of the due date set forth in the � �{ A treat shall reoUre the YMCA of treater Miami, Inc. , to pay the City, Von the awcution` of the Arnewded Agremnnt, the sure of $100, 000 in principal and $17#958 90 of interest. Section 4. The VK% of Greater Miami, Inc., shall agree to an =- increase in the interest rate from one percent (1%) to seven percent (7%) for the .period of the extension on the remaining balance of $1,050,000. Sion 5. The MCA of Greater Miami, Inc. shall agree to repay interest on the wining balance on a quarterly basis with the lower interest payment , due three (3) months after date of em3cution of the Amerced Agreement and with interest payments being made every three (3) months thereafter until the loan is satisfied on March 13, 1992. Section 6. This Resolution shall become effective immediately PASSED AND ADM'i'ED this 7th day CITY CLEREt The herein authorization is further subject with all requirements that may be imposed Attorney, including but not limited to those applicable City Charter and Code provisions. 2 - =ix to compliance by the City prescribed by g z- 4;'yT,j.. u _ y j { .: y�J' �jpp k6e}r>'+ti'.M 1 COMMUNITY DEVELOPMENT -APPROVAL: «� r Y `. .. WARTMEMT OF COMMUNITY DEVELOPMENT - y �. DEPARTMENT APPROVAL: z 'BUDGET r DEPARTMENT OF BUDGET y FINANCE DEPARTMENT REVIEW AND = r� APPROVAL: a _ t , FINAN DEPARTMENT PREPARED AND APPROVED BY: PIK• ALBLRTINE S11H. ., CHIEF ASSISTANT CITY ATTORNEY ` v liy �t APPROVED AS TO FORM AND CORRECTNESS: a •7NA"rZ,' 3 k — . r yw 4,4! i w1 �• YiiYi.� #, h � Agr+� meat and Extension Agreement (Modification } Agraetl act) , , 3s. rttada : as of March 14, 1991, between the- City of Miami; a munioioal corporation of the State of Plof`ida1 � ' hereinafter referred to as ( "CITY") ► and The `young Mien `°a l Christian :-Association of greater Miami, a �'iorida corporation "Borrower".).; Z RECITALS A, City and "borrower entered into an Agreement dated March 14# 1989, concerning the Carver Branch 'YMCA "the - "Agreement"). B. City and Borrower desire to modify the Agreement to ' w provide for, among other things, an extension of the maturity date of the City Loan (as defined in the Agreement) to March 14, k 1092. TERMS 1. Recitals. The foregoing recitals are true and are made a part of this Modification Agreement. 2. Modification of Agreement. The Agreement is modified as follows: 2.2. 2.3 2.4 2.5 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 14, 1992. 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 14, 1992. Section 5.3 of the Agreement is deleted. Section 5.5 of the Agreement is deleted and replaced by the following Section 5.5. tr City acknowledges that City has received a principal repayment of $100,000, plus a payment of $17,958.90 in accrued interest (being all of the interest which has accrued on the City Loan through October 4, 1990), with y` respect to the City Loan. The outstanding principal_ balance of the City Loan on March 14, 1991, shall accrue interest at a rate equal to seven percent (78) per annum simple interest and shall be payable to the City on a quarterly basis, with the first interest payment clue on June 14, 1991, and a subsequent interest payment due every three (3) months thereafter until the City ]roan is repaid in its entirety, Borrower agrees that on March 14, 1992, a balloon payment sufficient to s< payoff the outstanding indebtedness of principal and fr accrued interest shall be made by Borrower to City. City and Borrower each acknowledge that the Letter of 4 Credit described in the Agreement, a copy of which iv set forth in Exhibit 3 of the Agreement, has been replaced by a new letter of Credit, a copy of which attached hereto and made a part hereof as Exhibit "Ap ( the "Replacement Letter of Credit"). All reference' D in the agreement to the Letter of Credit shall, hereinafter be deemed to be references only to the y Replacement Letter of Credit, and Exhibit 4 of the Agreement shall be deemed to be a copy of the Replacement Letter of Credit. k�s�F• r 7 n y kid ti�•-w r 4kk 7 iir d m-qkf-iPAtion. borrower hereby agrees that, in the event r any Of the, amendMento to the -Agreement Agreement eontained herein is - 'regulation �' Beamed t 141*ti,'4i k SAW, ordinance rule' or of s; any gdVerhmental agency affecting or relating to the City a San, borrower shsli indemnify and hold City harmless for any 0013t penalty# claims# suites, lasses or damages that. Cit May endure as a result of this Modification Agreement#. ia, covenant shall survive the termination of this Agreemefit. The, parties have , caused this instrument to be duly executed by ' their respective duly authorized officials as of the date set y h- forth in the first paragraph. ATTEST:CITY OF MIAMI, a municipal - corporation of the State of Florida By: By: $: Matty Hirai Cesar H. Odio - city Clerk City Manager WITNESSES: Young Men's Christian Association of Greater Miami,' Inc. By., APPROVED AS TO FORM AND CORRECTNESS: s ..- Jorge L. Fernandez City Attorney Y Y 14 x� s Pr = MY u _ 'S t t <{fi.J. 7 fig. v�Ek jf s'fWk j¢'jt44 Witt PO t.4if it 14itl11 tint. 11)1 In";�1' it t:1 f `�ti► '�� 1i�ki�F11(1�•�►`n��,M� tl�rfit, yk,�#!1� ��I�i , or jent - Ctc 4t1►tli+� tr ,�,�., � x 9 g � L City ref' 1+It.m - 3 350O Van AMOr earn bt l'vl► httn: , itdf our trrewnnnbtf! standhy 60tte r, of Credit f Nulnbbr •/2ii g , l�avor•trnyr ��Cy at Mi�nii, Afr,flffnfaiioiaf�y • »rc:ountl YMCA of ornator til umi•f Inc. dfantIt man:. R Wd horeby estabiiatl our 1 rrravoctable: Lutt@r of credit,. was „ t2 dated 00t.ohnr ,..A...' 1 i968 f in your favor and Authdtrise you t.o draw or up for tho &000u►tt of YMch of area'Ler "Iftmit the i up to an inhiuding the aggraVaLe amount at ;1,150t,000.00. This credit in, iAl uIld - so that t:he Spillicanfa t3an eeoure a, loan; from the CILY of Miami tot the Purpofoe of rfatinfrncLul tho aaquiAtion of YMCA. Calrver stanch, /01 :r.w.. yi Street. Mlami, ylor�dn. Thf.s ittevrlonhirr f:redit , t a a►vallabla by your signed draft III -awn on %on at sight Pub jrect to the to Lowingl f+ bra►ft drffwn undor this ciedit musts Soar on it•o food t fo' ffinudas of wn ur day YhhMrrn � + v rust Hank at ! i onda f R o ho p Get blc a1ct a �.t No+ , dated OcLobe r , 1988 Isiued for the account of YMCA of atuater Mitt, inc 1 b, Sol pre sant.nd for payment durilly regular business hours a4 —out count am at 700 8xickell Avenel Miami, rjorido c.. bfl adhornpeitiod by t.hifs tatter of Credit In trrigInal/ d. ae acrompanieed by It sworn statemank as oaf: spsdlalen attikchgd of the .city oi, Miami Manager: in the totm :of • "Exhibit A114 = 2. roymont-, under• thin cradit against A "Maim will be made within 48 hours of submission of the draft subiect to full k compliances of torme and cotiditionas of this credit/ The Prilmle Bank h�+r1M�r�r��..�wvr•. �.� .....rest.... Y}. rfnMMm TnM of f f� IA t�nryw+dl•w� ►a) "odor" Hunt fl�li of ►IpMe N A. rr _ ....�...N. w•w•1 ..�.wbU�.1•. .1 �..• sM •M AN IanMA/..n Ir{+1►ss -- ,' _ resolution or e4ti4ns __________ .�.._._ _---------------• , __.._ �.�- .--�,- a. Any amendments, extension* . of uo+litiQ4t4On0 of thltl Agreement proposed by s4RROMiR• rr M b, Any proposed apeignment, sjej traneter or. evolgt 9 of this Agreeeerttf or on p intere+a�• �Aer���:br �. MX µ. -_ DOW101191t which 0all be derived Vic► iiwl,tat+iont the bgsk 4#101P @o fi r+ ��F r} a 1 r' � + F..n 7�-fi��'� ` "` �4 "�,�•'#"� fie. _— ��� } A, n" : xa .� a "`'§,�', �, { r 'ngp'' n Y � �,j d � t''t • a � „&.#,s.°5+,�� i� - - ,��— cz 3 a Z'"�, � � �r t�` :. p �z•4 ^"Y d'a.'y^ , $ m � ' �+ ��. t • � say 1�' ��'�: `� fn ra • E. — y { A,. :' tie . r.': `•. -. - .. .. .. - "'.4; E, '',H., i "Y" -- •r t Ci I•� �► ►:+4+-r+� t��t.r: tc:r��.y � �rrt ir• Ir�r��i rri. Its: ;�Y;:;.•• a t1at-1 1yti `� ' NortheraTrust Dank6f Florida IL z4 3. Thin Letter of Credit shall have a t;arm at two Years �- begi,nning t.ho dater of axornit-Jon horear, and the Latter of. Credit ahali bo null anti void atter the expiration of this k= pcla-iud t chaotx►s !l, 1990. ?- 4. We► hereby agree with you that your draft drawn under and in ; full comptlatice wtth tits tat ms and conditions of this Latter - of Credit dhall be dilly hottorad upon ptreyaeantation to on if ` negutfeted on or before t.hn expiration of this Letter of Gtc+dlt. - 3 S. Hagutiation and payment: of this Lotter of credit in re►at►riuted to un at our count ats. is r s' 0. Partial cal In tits this Lett ar of Ctedit are not ,permitted. This iattte:r of credit can only be called upon for one # payment. y 1. Tine Lette Ir of Cradit van only be'►nonded or uancolled with thu written consent of the bonefl iAry, the City of Miami City Manager# and Northern Trust Bank of 1•lorida. N.A. . y{1k1 •, 11. We will not be rospooxiblce for the authenticity# valldity or Vanulnenee►Is of kitesignAturas un the donumento presented t;v uA under this Letter of Credit. r;= 9. 'I1sis iottesr of Cradit to joubject to the Uniform customs And ftacst.teas for Donumentary credits (1999 revision) at tits- International Chamber of commerce Publication Nos 400. NORTNRRN TRUST RANK 700 WKi1 KB&L AVR•NUR w , MtAMN rWRIbA 33131 VP XPI Bank .r r_ y 4 y,hY' fa,t< "W41I 10 "aw 0" 04•11 R 000 e1 44 wool l o 077 777777-, 77 — _.. e .r AORgi)19NT RT RIt TON-SITTOP-NIANX THE YOUNG _M1AM' fa M g3oCIAIM This Agreement entered into this /V,4*day of -989, by and between the City of Miami, a municipal corporatior, - -f the State of Florida (hereinafter referred to as "CITY"), and .oung Men's Christian Associatioh of Greater Miami (Floridal, !nc. (hereinafter referred to as "BORROWER")., - THEREFORE, in consideration of the mutual covenants and obligations herein contained, and subject to the terms ant ^onditions hereinafter stated,'the parties hereto understand and agree as follows: I. +BFINITIONS: For the purposes of this Agreements the following terms --� y~' hall be defined as set forth below: .1 *BORROWER",, shall mean Young Men's Christian Association of Greater Miami (Florida), Inc., a Florida not for profit corporation, and also shall be Identified herein as "YMCA". .2 "CDF" shall mean Community Development Float, which constitutes the loan by the CITY to the BORNOW99 in accordance with this agreement and applicable laws. 1.3 "City Activities" shall mean those activities of the Project to be carried out by the CITY as described In Exhibit I. f 1.4 "City Commission" shall wean the Mayor and City Commissioners who constitute the legislative body of the CITY and who is the authority approving or disapproving the following actions or conduct, by passage of an enabling resolution or nation: a. Any amendments, extension$ .or modifleetions of this SUM Agreement proposed by BONNOYiR. b. Any proposed asslgnwent, sale, transfer or subletting of this Agreement, or any interestr• hberela by the BORROWER which shall be defined to tooludl, without limitation, the bulk salep eorgor or gequteilioo or 90 "41 •.. try% __ Y.. ...i.:"ic'.. '�,qYc > d ti+ "* Y ' o - X j #0#1tow9ft by *fAother botineas ent tyw air th+� trsna%er, I1aie # h j►Not#iilcat ion the wre gotiat ion # ether, n1ahher off' encumbrance Or hOR)ti)iirlt' 3 4attiw°-= ' f . z FF , .., Credit - get, x k o. Any proposed inOresde in the Project bud or Any, so dif ioation or aS&ndsent to the Latter 'Or required by thig Agreementmust similarly be ooniid�red as a Nlitable by -the aed or disapproved, P and pProv k #i Commission. 1.5 'City Loank shall mean Monies- advanced tont�Rlt0i16R y_ the CITY in connection with the Project and pursuant to the terms and conditions of this Agreement, as secured by the Irrevocable/Unconditional Letter of Credit. { '+ "City Manager" shall mean the Chief Rxecutivs Officer of the a 1.6 Y t of Miami who Will be construed do include any duly City Manager much as an Asetstant City } authorized designee,.. • it of Miami Community DeveloPMent Director: and/or�tiie city 1.7 Norther n Trust Bank of ['lorias• N.A. is t11e` bank isiuins 5° Irrevocable Unconditional Letter of Credit for the ' Thousand ooilars One Million 'One Hundred Fifty r 0.00) ani i• located at Too? Sriokell'-ArN ($19150000 t _ w5 Miami, Florida 33131•,, 1.N "Contract Doc uMents" shall mean thin dgreesrnt biMen bee CITY and 80RIt0i�Rw, its exhibits, as Me11 g►s antlosb y aPP l.e r to and local regulations, laws arid sta nd , +o'd nauae main to this Projector to thalp �►! ,a a�na+pd which po _ time i o tiwe, and shall ad4itlonell! be AesA to lnolle, [' an agree entered into eet>reen ibte Ii0tR0aR)t nA' hbp g y �r eneral contractor architectlengincer conra, Y� Manager for the aeholtiont 1lRorMtipn a..1"lthabiAt�i1�1 x fi 22 of..: the Otto... tdtec Q0P#�r1aln° 'offio11iA 1.9 101100y shall wean the United s s - avelQpstnt aA any d0#. authorg' dp t'�+Aarr ►1 � ilrlean - i IQ �L+ett r Crerdito �ofu:�con��ti�oci/�rrpy+ad+bblp �►*t���' j a ` � r Y h finaneiai institution of excellent standing and reputes With ; an, ortlee within the corporate lioits of the CI'1Tr which k attar of.: Credit shall be irrovocable, unconditionale frwd $h&llr be a clean- Letter of Credit which will not re4uira a b document of title to ,be presented in order for payment to be honored. The Letter of Credit procured by the 80RROMER gay rf be draWnr upon by the CITY for any cause or no cause whatsoeverg at the discretion of the City Manager, upon- F t' � prior forty-eight (48) hours written notice to the BORRONER• t, 1.11 "Project" - shall mean the refinancing of the acquisition or ` } the YMCA of Creater.Miami site. ` 1.12 "Project Site" - shall mean YMCA Carver Branch located on the Northside of 401 N.W. 71st. Street. Niamie Flori4ae and rr. as more specifically described in Exhibit 2. s 1.13 "Total Project Cost" - shall be One Nillion One Hundred r_ Fifty Thousand Dollars (i191509000.00) which will be used to ,r refinanchk the debt of the mortgages held by Graham C•. Niller, a and ,Martha Miller his wife and Skylake State Bank. SUIBBTISIOMt , i 2.1 Excluding such authorisations which are reserved to the City s,^ Manager or City CMBissione for tht pwrp*se of this . Agreement, the City of Niaoi DepertWeet Of COMMIlitt Development. (hereinafter the *DIPAt !") Will behalf of the CITY in the f1seal ceptro pro ` 2 monitoringe and. Wodification of this AgreeNtnte eueept 4 otherwise provided by this AVOONent• x, TINN OF FICsloaNASCRs• 3.1 The offtotivo dot* abet& 00 the 460 V ♦B000196 of 4gresOent by the part$*$. '�'he IWO Off' ,01f .A #Went ' � d � • r the letter ' of Credit - shell' two effective dotoo l y III 1i aeaucing oeiinquency by providing 4 poOstiva _ alternative for leisure time. r 2) Meeting the adolese•onts' needs for sooeptanct, success .f; and positive role Models by making "2" programs and facilities accessible to them. 3) Refocusing the energies of youth by Offering programs in ,fob development, employment and training and youth leadership. 4) Discouraging student dropouts through programs Seared to give recognition and to reinforce astrong tseling of self esteem. 5) Brifgins the strain between cultures anq races through icultural* and racial appreciation activities, group recreation` and sports leagues. � 'Yt 6) preserving the family structure by offering. seminars/workshops and counseling on parenting, ohil'd m development, nutrition, wney manageeeent# substance Y� j� abuse programs. s s5 T) Eliminating the waiting 114ts for sh ld care services through the provision of • child oars stater Bind't`tlr� L"a f school progrdas. ` g 8) Improving indlvidual�' mltl-�rstaem 61�rowA dtvsl4ping l life skills by offertag *dolt titopocy `dud language *lasso* and spoolat ` *disc atioa lrograa " 0*0 the physically M# mentelar handle M 9) Promoting a panitivs lsepoet on doolVapiag OAj*r ho ith } problems and their impliestleas J providl.aS +education, nutrt$lon 4n4 sterol** WMld"ps. #d) InarOasing commV41tt t 7 a r Tom. 4W s' . and rbdwama.� by irlminating overcrs,rang in faeilitta .w. and by harming tho resburaer to Offer ebre. 3 i 11) Eliminating the waitinglists for 001801n lbsaos doe s to overcroUdift and lack of adequate peel Facilities ECONOMIC DNVELOPHLNY INPAC'C t) Improving and expanding employment opportUnitifi and ' increasing personal income in order to strengthen, diversify and maximize the economic Rase of the service area. 2) Helping residents acquire the skills and resources to create their own businesses and serviess• 3) Expanding YMCA collaboration with small and midsize - businesses. q) Developing a oampaign to encourste socioeconomic balance by attracting norm affluent fgmilies to return to the area without diminishing opportunities for"lov an\d�,*oderate income residents. 5) Encouraging coaawunity pride and aMerenssso' - 6) Snoouraging maximum participationof finenelai institutions, chambers of commeae* and businesses as. x volunteers in tpo YMCA to heighten their awareness of the challenges undertaken. 7) To provide employment for 60 IN people rm the service rea in operating the Caarvgr INC&• 8) A sliding'scale toe will be devsi open tv i+trr! low/mod Income residents. t � Assurance of Governmental ro • t' 4.2 BORROWER warrants thdt it has 9bteiAe49or has re"ons4ls assurance that .it rift obtwi"I all f*d.1%j# mutt 'lted i+�a�►i ��:: governmental approval* and reftews re4mirsd - by lob to .60 t obtained by tho'G RIGNIN for the Frojest .�I�� LA k9 �� SA Thelty .lf.I+xn t0 1lRIiR ehAl ►e In ap1N+c to exceed One M14119n 0019 11110dred i'i y "We"'o - a i t 3� l ' 0-100#000.00) to assist in the refinancing of th+e` Projootf ab+earding to the tewms and conditions set forth In this y contract, and its exhibits# so they may be aranded +t" applicable fedaral, state and local laws• rules:, : and } �Y regulations, all of ghich are deemed as beta$ incorporated r by reference herein. All loan disbursesento shall be made by the CITY to an account designated by 101ROUR in writing to the CITY at Northern Trust Bank, P.A•# 700 Brickell Avenue, Miami, Dade County, r1orida. All, such loan a, disbursements to the sank are for the use sod benefit or the i BORROWER, and an obligation of the kORROWBOo pursuant to the provisions of the Loma Agreement. 5.2 The term of the City Wan shall be for two (2) years$ from the date of execution of this agreement. 5.3 The interest ratJ shall be (one percent' it per annus; - simple interest to be calculated monthly an the actual amount W4bursed. 5•s BORROWER hereby agreed to pay to CITY tao principal of such g loan, thesaid interest, in addition to payments for local surtax# documentary stamps,, intangible taxes, recording fees, and any other miscellaneous_ oosts-:generated �in , relation toCity 4oanq including the psrohose of various .the required insurance policies. 5.5 Principal and Interest payment• shall 'be dwfsrred in yssrt__.1 and 2, and shall be paid at tho end of the second :ear of k • the City Loan. At the end of year t# ! bolloon payment sufficient to pay off the entire outstoodtog indebtsrndoo of principal and accrued interest shall to Waft i• the CITT at ` such date stipulated to scoordanse with ibis Agreent. 5.6 The City Loan shall be tH10urad by t k Uncondittonal/ lrrovoc4bIs, Letter of greojt to t*vor .'ter CITY, which shall be salted upon ti bourp written netioe� copy off' a�ald 4stttrr bf Ca�edit i9 ettao�tirQ � : ioe�M '; s z heroin as 5xhibit 3. 7777-777-,,,,­� ------- U7 Thaentire balance of the Actual disbursed prinelpal 46t ;.thk. City Loan, and all secrued unpaid interest thereon$ shall become Immediately due and payable olther., 'upon- the bankruptcy# reorganitationg dissolutionl, or liquidation of the BORROWER, or upon the sale, partial Sol*$ refinanoingg, exchange$ transfer, sale under foreclosure# or othor disposition of the Project.Sit*# improvements and/or capital equipment situated thereong as Is more particularly -got forth in Articles VIII and X11 herein. The repayment of the City Loan shall be unconditionally and Irrevocably guaranteed by BORROVRR the entire period of the loan by virtue of the Letter of Credit 5.9 City Loan disbursements shall be made in a lump sum payment along with proof by the BORROWER that this payment satieftes all mortgages on the property. Northern Trust Bank of Florida N.A. will be permitted to have a lien on thed p ropert�las partial guarantee for the L*ttor, of 'Credit issued on behalf of The Yount N*nls Christian lisocLation or Greater Maui (rlorLdo)o Inc.. 5.10 The City Loan may be prepaid at any time without peniltys 'Vt 5.11 All payments due the CITY under this Agr*ogent or: Its Exhibits are payable to: City or fteolf C/or: Viaaatce Director, 3500 Pan American Drives PLealt Florida-33133- to such other address as the CITT pays in.'- UrMad 'Ile designate) All payments must be made aA week. -days during regular business hours end oust be with&* the %$sea required-. by the CITY. UPORTI& 6.1 BORNOW91 shall,prowlis the aft with on wlot report of.$%& programs at the Contier copy OU; 4ho' association's audit,, '6.2 BORROWU shall comply with all Appliuble pmIsloov-0- •City of, Meet 11rat four** 44#19*6 mot, - o:. .:..�.s °i �•tf _ AsaJ4 tm ai r • ' Wit- k 10632� s aopf of ohieh is attached and iheorpbrated of n of. this agreerNent as Rahibit 46 b it.1 The First hour** Ordinance shall apply, Ito, all ` construction resultins front kilts aspol nt :<,... 6.2.2 BORROWER shall utillse the Ct' 90 Neighborhoods ; Jobe• Program to recruit CtTr rosidints who may �c qualify for these jobs. 6.2.3 BORROWER shall also provide to the CtTy 'a. ie l' r annual report detailing the jobs created duriho the period of the Agreement and the 600NOi191's complisgce with Ordinance No. 10032. i S' reporting form Is included heroin as 9shibit S• 6.3 The audit is due once hundred eighty (110) days after the close of each calendar year for fiscal year of bOPROV80 during the term of the City Loan. 6.4 BORROWER shall provide the CITY with additional pmOai informa on as is reasonably weeded which the SORROUN will furnish, from time to time, to the CITE(, at the request of the City Manager, or his authorised designite, and/or the J.. Community Development Direoter. All reports required by this sentraet tar such itiri r►" ri►4e�te . as are reasonably requested by the CITY? it be tucaistiieid ` h by the SORROw61 to the CITig a/o CgWnIty Develop Bent Director, 1145 Northwest 11th Rtreet q Miami, Elerids .13 Within the times required by this aontrrtet and tts eXhibits. Nainjaighng R eor0 d alai o f k;t r. 6.5 BORROWER •hail t i i Kees and a1►l►tain boo*a ` repordoand"', , �m other documents relating 4leoRt! t R o Abe rirooLyt card disbursement of smolt CITT #Mods= �tl1 coy"'` d1tY ► f, authorised ropresentativI of WO, CmptreI&or Oonera , et United Moto•# or the CIfj #hail, at oil 1 e e►h jft ; have access to and tM rlS►i to ta11re eft �!l►� alt�st; � �� ': .. examine all such bo0i4p, r+�aords area !►*heir ��rd nto of +R� �� �.. zx $01110V511 at such #lees° o 1 s gX ^]��y i ` .. C itl�t2ud ing s it of Miari +g!`!IO* or the SORNOVIIi # R► _ d County office? as Will be 4041.9hatied 8f ' the CMeep AN16' Starretary until the domplotisn or all 44MwOut ` PP*0640P : ' P66- e6t106- this Apoesento the fioal o►ttle her .604 Conclusion of all issues rriains out of this Alma~ Ati— ieldTudini without li i'tatioaq repayment of the loan+ y }' AcQesa to_ Prose;ei; e 1 6.6 BORROWER agrees that any duly- authorised representative of, BUD or CITY shallo at all reasonable tt*aaso have 600*9046 all or any portions of the Project in which BORROVSR- is Involved until the oompletion of all chose -out procedures-, respecting this Agreement. so Assi wnt or r s e!sol i 6.7 BORROWER agrees that no +transfer of CITY fundik by the CITY. - to the BORROWER shall be or be deemed an assignment -City, - Loan funds. but rather it is expressly understood and,-ahreedz that th*ffie funds are a loan to be repaid as provided for; s herein. Flnancisl Cavlcilt= 6.8 The BORROWER shall provide satisfactorir;�tyidenae to `than#' Department of Community Development Mot` Of MONAO1i'8IU, 48;0- x� sufficient funds to so pplote ttso lrojeet prior „te,::thp disbursesenC of any fteds. Y VJJS 7.1 8ORROMER shalt inde"ifr end sswq CI'Tt. -its •ffie'lat ands + M r4 employees, jointly. sed soverolip, h41401089 f9Mand:a tisat . any and sll clafts, demands, +suits.: PMMS04 app SotionD, ' debts, litbilitier, rhieh► 1 aria* out of 8O410V90 I • SdIti'70,10 # aelissts ,, and�ee�ts #r +s and/or uses under. this Agrossepts isDlw�iD etl�. dttd. ` or ouisoion• to act M the putt of NUOMP -set' - .94 a#*nt or reprolentaltee - of -ths _ person aet ing for w on 0 s 10 V PAIrw AM ":'APMwwwFT "' AY " relevant l abilitieso 1660e8, daeeagOs,. 0QStdi 0#0e11ea90 orders, judignenta, or decree# vhioh may be centered aNOthat rt� the CITTI and tram and against all oasts, attorneys# f"So expenses and liabilities inourrod by the CCTV in the eetaha�e of any such claims or in the investiSation thereof. this indemnity shall be limited, in terms ei liability of the w BORROWER/Indennitor, to the sun of One N11110" One Nundred �+ fifty Thousand Dollars ($101500004.00)0 with accrued intereat, or thq amount outstanding with accrued Later*et� 5 • whichever is less. This indemnity will apply to any and all claims, denanda, suits, liabilities ant payagnta, whether in tort or in contract, in law or in equity, pnd the BORROWER/Indemnitor will be responsible for the sots and omissions of all persons, firms or bu$iness entities directly or. indireotlX emplpyed by the SOANOWER, or ' hi• contractor, in relation to this Project. The RORROM shall ' e indemnify and defend the CITY. • its officials and ewpl69eeee; and, at its expense# appear, defend and pay all ohergeo_ of attorneys, all costs and li.abtlitiea, end all judgments' and other expenses arising from or incurred to connection with. such activityg and if any judgment or sword be rendered against the CITY to any such gotions tee NQpNONER shall# at Its own expense# satisfy and discharge that jud/weRt, final order or decree, ands at its own coat and dispense• prosecute` or defend any appeals ther`from• d"s hundred dollars- (t 100.00) of the. loan proceeds eonstitut" separate and distinct and independent consideration given by the CITT- to 'r== the SORAMN for tho Orienting of this latgsnity• T.2 Necasture of MESS CITY shall reserve the right to rMogpture pwndo when the BORROVSW shall tail t (1) t# •Wly w«h tho 4 terms o� blt Agrees�ent its exhibit## sod rele•gst l+m referred t�. �' thersta t or (11) to accept 00010010,69 ANP9004 for CITT at direction of fedsrsi, state and 19 pe1 4#0001 es# .aw F 4.. z� r Z F+ . Sk pyy rieF R z, xtt tz� lima- T � beotiot� _ is proyi4od for rilheut pre3udlab !to the . C!'�tad r z aild reosdie,�, Mhith it pxprbislrtdDther tt�hreaira snd - — �'etain�►. _ e� 7.3 9all yroretsicns1 The City managerCali call thi Letter it' Cr94Lt and rhtll h ' ;j notify abhRbMBR of this call by providI06 thine a NFitt � notice in a ccvrd with Section 7.9.1 trereiA and this '$hall be o 11 complying with this contract. 'yhis ` deemed a notice f c s call will be wade in the event that anyone of the following 3_ events Occurs_- 1) IUD determines that this project to an ineligible activity; or, 2) The CITY needs this coney to fund ongoing Co�unitj w. r_ Development activities or any other Comuaity< Development Float approved prior to the Young Men's Christian 1lesoolttion o! Greater his (Florida)., Ina. k F bkt which are Circa lart+es aarrsr for • �T •S Million roost a i5b0,OOb boat %0� Indian River Dollar £ {' InVestuent and $5•4 Million Float tic yarineo freedom Tower; or., 3) w default in the sgroensnti or, �1) That the Cit Caaaiasioh at its 0oli► �Itstrttioo For ewr to cause or no , osupe whatA�lo oAi��trlr opproprirta ,i — mail the loan dt or Arta! s '�wto M"Irie oR this project is 'WOV9984. . T .4 soRRoYSR agrees that it ball rot 0i4orlsiaoto. dr.t� ydeo, orso4• n�tiona& or sex Mtn 4� hen4taa�.. in. k $ color, aFs� $ connec tion with. its perfera"es under thin Aoe nt. x + a a 5 ..CMISall- fit Ilk .. �z sl�h .�� �►1i4a11ii �� '�� parties •hail sue.. x; Both ordinanoso, &ad tookeleat 100110 of td��0�►�� �tAt� a 1 . " 3 �> F- 4 E: s t — airy . x a' t4AIM,,ors 8011iiltN Yarreliti that . it has not 64PIOVO4. bM retailmd person erployed by the CITY to soli�tit o1'' sot to tiff K Agreement and that,it has not oft�`�rd to paY, p:idi : sib K,a . agreed to pay any person fr�plored the any iee, commission percentage, brokerage fee, or `lyt toe the 'aa { . of this Agreement. j 7.7 NbM� Dele,,!bii��= F i The obligations undertaken by the bohpOW$1 pursuant to this 7 Agreement shall not be delegated or assigned to any ether person or firm unless the City C�eisslon sha11 fiwsty t fi' consent in writingv by passage of an enabling resolut�on`to the performance or -assignment of such services or am►>at't- — thereof by another person or firm. It is understood that the CITY has relied on the 90RROW<R's fiptp0iai capabilities and credit rating (including sORROWBR's Letter<of Credit) v: Its unite development expertlee, snm •ay �Mithhold . eWoh consent. 7.8 Gorernins tas fenue� !{easonaMle Atitorpeur' �eoet N f This Agreement shall be Qonstruad end' enfoireed aeoordloi`; i0 ,Y r the laws of the State of Florida• Venue io` *my ai+►il' set arising out of this Agressent shbll PW in' oovrts #f , Ssd® ant rlgrid#, iih competent jurisdiotio* situsted`in r , the event the CITY is` pressed to inititO and,:, Qiwii action Y to enforce this ggras#ent, or aolleat ° #ay' �ooibs . due by rt rk virtue of this` . Agreegent for b�► virtue or tpylx� breach r ors<; ( s + default under this tgreteoent, iaaiudi#g e�we't east# #R►d ;Y`` reasonable attorneys rase, lnotfading a#$ 1MPS3,tgti 4ostfo �4 7.s Ge 1 Y All notteee 'or athef, nieat#.aue Mh el! s1 t i as z #air be XI Ves purommt to tale lNot owl l - in writ n; and SMalt tis 001"Pei bg pef � rte ryYY'^ serrio�r,f or by registered indicated IHtre in 4r of ti#t d S `sue i x - �^ r s1 from time to time. Such notion shalt be doomed — given on the day an which personally sorved r or, if by mail, on the firth day after being posted or =— the date of actual rocoipt, whichever to narlier3 _- CITY gr—AxAlt : citmanager er • hreA►ident i Chief 3500 ran American br& fxeoutive, door a CroswellMiami, r1ortda 33133 Young Men*$ Chr atian Asasoaiation of Greater Maws (Florids Inn. v 2400 Biscayne Boulevard. Nianto Florida 33137-t316 r: ITH COII!A ?Os city o are Jose A. Sawntoer, Jr., 1SQ. Director of fouler, White* Burnett, Community Development Nurloys Banick A 1145 N.W. 11th St. Strickjreot, P.A. Miami, Florida 33136 Courthouse Center ' 175 M•ii. First Avenue Miami, Florida 33121 7.9.2 Title and paragraph heading& are for convenient - reference and are not a part of this•Agreesent. . 7.9.3 No' waiver or breabh .of any provision of this Agreements shall constitute a waiver of any • subsequent breach of the some or any other provision hereof, and no waiver 0411 be effective e - unless made in writing, 7.9•4 Should any provisiene, paragraphs, sentencee, f' words or phrases contained to Me Agreement be determined by a court,of competent jurisdiction�to' be invalid, illegal Or otbel�wilat e�eneenfotroeebie w under the tows of the States of Florida or the City of Miami, such provisions, paradrophs, sentences, words or phrases shall be doomed Ieedified to the ' extent' necessary in order to sonform with such R i' laws, or ;( not modifiable to soisforr 'with 4u61h ' laws, then same shall be deemed severable, a its } y either event f the raawioins term and provisl+ene of this Agreement shall rem4tn unpodifted sad'�' a z full force and effect,, i; i e i 4} }x �t • , Fo- x x RORROVER and its e40oyeoa, and other agents, shall be doomed to be independentcontractors, and not agents be r� employees of CITY, and shell Not attain any, rigots or 4_ benefits under the Civil Servies or Pension Ordirtaaeos of CITY, or any rights generally afforded Classified or uncla6sifled employees; Further they shall not be mired entitled to the Florida Workers* Co"onsatLon or Une�ployment Benefits as an employee of.CITT• 7.11 Nothing contained in the Community Development !'lost, or in this Agreement,- nor any act of NOD, the CITT, the AORItowal, or any of the parties, shall be deemed or sonstrued by any of the parties, or by the third persons, to create, any r relationship of third -party benetieiatry, Principal and �4 agent, authorised representative, a limited or general+ ' partnership relationship, or joint oenturt, or -or-. any assoeia\t`pn or relationship involving NUO and/or CITT. h 7.12 Successor and Assiogs This Agreement shall be binding upon the parties herein, E 4. their heire, executors, logil Iepresentativorii, }. and assigns, provided, however, that any sV000vsor or asstln of the BORROVRR must ►e approved by the City Cowismlon'­ in, . the manner provided hr heroin* h! D6lAVE1 AND I,M0111t _ b >: $. 1 l jy ntl oto f� a� t A default shall conslgt of any of the rell"ISIl oventa, aot� hx or failures to act at tho 'sole and ssalMstva option of he ,r j R City Manager acting 4*bobolf of the C111l a. A .atdrtal 4rosch if any o9wonaat, provision, or warranty onteevd LAt4 b�1tNe .thDexit - r and 50110VIR roiottAT to the lr iesiss of b. The O0R40W5$'s Tailors to waotualim -asd taihr Cody. �r. 00 f. 6.2 Mike! L00106, Or: any Installment thereof$, to the no"' provided for hersial or Ussolutlow, Ineolvoneys baAkruptalo (voluntary ar,, involuntary) of the 60AMM21 or Failure to maintoin the required Insurance or boadift or The Bank's failure to fully honor the Letter of Credit upon call, or pres&ntstlo'n by the 0M for payment on such Letter of Credit or the revocation or stop payment or lapse of.suoh'tLetter of Credit or Insolvency of batik issuing such Letter of Credit; or The issuance of a writ of executions attachment# garnishmento or similar writ against, spy property and/or money at or to be. used for the Young Hen Christian association of Greater 014al (Illorlds) # too* project# or the entry of final judgment against BOR V'R (which In not appealed and strayed by 90RAMR) a CITY'S RWMD1U1 8.2.1 It the 50240VICA defaults on his obligations as • contained is this A#reementp tke CITY say @all or - demand payment of the full Jalepoe due under the 90BROV93's Letter of' CrodItt omd/or toptituto or make may other appropriate stotoss, ootL r actions spinet the MONSWO 00 1 t appropriate In Its discretiont TO* CITY $"Jl give the 4ORROVIN one(1) Pratt* 11ot Default Mt4t&JJg what$Uob doraWlt 4#.p :flr t*fauxt to got fully owroat" V sonsecutswo dove Tr" the date of the pots" such defoulto t0 '1 ouspeopt,on wr foredo 4ad by svors a#- am further vrilton ootlee# Ago amt, upon thro rpm d Myer! 'AS'S � # � Y Few k i ' -, i •��� $ 4 . 4, t4rai'att,1640 and/or Still the getter at Crddit is wit' provided top- in -such Instrum eat, which shall. bir "� autosatla termination and eanodllaties - of • Alit e ,1 +contraotf brfeotiee upon thtiee (3) dams. The CITY expressly reserves all of its robodles, so ;it deers it• 8.2.2 1f a derauIt� occurs, the C111 oar at any hiss, or j from time to time thereaft•re protect and enforee all rights available to It under this Agreement by suit in equity, notion at law$ or by any other , • appropriate proceeding or Motion, whether for specific performance of any co"nant or agreslient contained In this Agreement, andYor damp ' and/or broach$ and/or resolselon, including without limitation: calling the` Letter of` CredIt,� • acceleration of the then outstanding prinai�l cad interest which *hall beeoee iostviatell !'idly arts and payble, with interest, alto; Kith costi and reasonable attorneys fees incurred bythe CITY !n any civil �actiong and/or seek any other .reliaf, t. remedy,` or action and/or pr seed to take any action authorised or ` permitted under d►PPltoa!►le . iars, rules, or regulattoes. 8.2. 3 it! the evaink of a defhult and a sell so the s otter . of Credit is wade My the, City #!pn*iper -4M %be • does not -honor the aA1l wltAiw !$ �d, x ttatA =RMis `q BORROW81 shall be liable to ►kr rate on too monies disbursed Sad recait�ed :;rbr IJORROVuo f"e the dot• of fibs fs*,# rail rr: � honor said .call to the date of pt/nt• 6.2.4 Ugardlesa !f the existent t atiker of C!'et�lt the fi � d4PbOVIN lobe ll to 11*01* its' t"e ► ' principal gnd scci"! -Sot Rt :.': , Nlami in •dl�rae��aete+s bs rims �� - �!�'= �h�ea" �, { > � �"''T aRrlesln�t d� iAa ��ltd. k xl"4At "3'•5 ;,.. »:A..k'i y7s;+i fSW fit{ ik �� 4 1 R4 f 7 y y t4 is •' If a default eeaurs on the part of the MY* the 8OR11OIi�R Wyk may at any time, or troll time to time thereafter, oi4ttai and enforce -all righis available to it condor this Agrat""t t� t by suit in equity, action at law, or by any''other appropriate prooeodtnSp whether for specific performa"00 of — anyr covenant or agreement eantained In title tgreereot, ors other relief, or proceed to tyke any action' authorized or - permitted under applicable lev or regulations. Lta nation or City Ltabil ll for groJiot Actieitillpt r_ 8.5 BORROWER acknowledges that the CITY shell not be liable to the BORROWER, or to 4ny party, for completion or inspection` ofor the failure to complete or inspect, any setisit er ` which are a part of the Project (except the tCITY's fallurs u_ .to without just cause, such as igek or funding or reallocation of such funding at the request of MUD, not crake the'lo� to BORROVIR as specified Section 5.1 or this 4 Agreeaent, in which ewent CITY's sole lea►llity shall be to" make'such loan). ADDITIONAL 031itRA4 FROVISIM s 9.1 BORROWER accepts City ' Loan funds ie •pproprlsted In accordanoo with the terse of this Agre"wat 9.2 BORROWER •#roosr 9.2.1 To maintain a sep4rate, Independent' dtstlnot" cheoking• aesount, pd !0 8epaeit i t City art tb i Funds received to ouch account, sAd AO othwf' fY!,ld• =j } in said aceount. The SaBR Mill not 8110100 s co••lelgting of sash file" with 4 *ther teostll e r Y commercial twstrup"tir seed 4**s Ill 1619bil of City melt yaAds 1'"M "Id 41"008t1 . 9.1.2 to pl'o lams oil doe Mnk�ir IRR �� � U�► ` f� stateisento# dopeetttll 11"_ lotAk F � '"»Sc .419ha a.n•-Yt. .-vtl">. :��Y*eh.ar'p- Wf•.h4n'M1m:'� .„ • L i rj I F� _ disbursements and Ghana* order tar"� arahi et•turel� cbnitruatiOho enyihe� In# and consultant contract payments reasonably required upon request by the CUT# a 9.2.3 To consent to such audits as spay be required by the CITY or HO'D. . 9.3 BORROWER assures the CITY that the Project Will be co"Itted =1 by BORRO— VER in a first class and timely fashion and in accordance with this contract, its •shL%1ts, technical 2 codest.and all applicable federal, state and local laws. 9.4 The CITY and BORROWER warrant that the parties have obtainedp or have reasonable assurance that they will obtains all federalg state and local goTe'rpeantal approvals and reviews required by law to be obtained by the CITT and BORROWER for this Project. , INTRUST OTSIRTAIN F318 01P[JSE!J&S 10.1 No member of or Delegate to the Congress of the fatted States, and no Reoidisnt Cosmiasionero shell be admithed,,to any share or part of this Agreement or to. •ny benefit to t arise from same. 'iQ�tAl. RMlLOTNtf'i' OI�R!'ORLf[t , 11.1 BORROWER agrees to abide 11y «1e $4441 QpfeK01014 Ciawa for Contracts subject to eReoutR" Oryer M, its "rib" i } In exhibit 6, which to attachod sad S409rpors%* NO a,1o• ;{} Ills F: TINNINATION Of A6RBWRTt. 12.1 Unless- otherwise or oerliar teMJnatea by 4Al1 C"TT pursuant . to the terms and 6944 1909 of this 49 1pto or by a�wiIt consent of the hOpR $ and %he C11T. %big ""wont 40411 terminate upon the oM10108 of aIti slNe l ►r+�+��e�es <�; respeatinf this dpreaaont *Rd the fRAsl 9001ee04% end conclusion betwoon W MRd � sr t :-'3. f " k } A; .. F arising but sit tte loan udifrr other*$$* Provided 'is +tha . r close-out Agreement betweeh MOROOVIN *nd the M16 3� MGl. S . t - _.._.... .mot _ 13.1 EORROVER agrees to *bids by the provisions described in t Exhibit To which is attached and deemed inoorporated herein, i ke by reference. .. J;7 •,. ItMEN�s •14.1 No Amendments shall be oadv tb this Agreement unless in . writing and signed by authorised offioers of the 902ROW6R and the City Manager. ENTIRE AGREENRNTs 15.1 This Agreement and Its Rxhibits (whether attached or deemed as being incorporated by reference) contain the entire Agreemelvk, between the parties and shall not be modified in any manner except by an (appropriate inotruneht in writing. This Agreements upon becoming etfeotive, shall supersede And; annul any and all agreements heretofore esds, issued or contemplated for this Project between the. C'ITT and the BORROWRR which shall hereafter be void apd of no erfeol• INSURAMel CERTI I as 16.1 A Comprehensive General Llabillty poligy in the amount of - _ one , Million Dollars (i 1 e 000t000.00) aril Include.. th0 following coverages$ a. Contractual coverage• t`k b• The CITT shall be named ao o0dltional &MrO* o!. Broad lore property endorsement. d., Product* and �Mwlstqd 49rabiows• - s. Independent aontrnct4rs. „. r. For#* In jml'r p. Proof of Worker+R Compenostlen #**U be prevld" 10r statutory limits (Chapter 410, f llh St tff)+ t L i f 16.1.1 Oo s isr�ee -.kith_ .Iaa1i,�t�,g�ta,�,r�Its i The 80KNilVINt through its Own farlt or rr§6li94hOe, shall not violate or per wit any 06oupant of the - MA Site$ ar'sny part thereof, is vielato any of �= the conditions or provisions of any such policy, t° and BOAROVILN shall so perfere aqd satipfy_ the '. y requirements of the eoerpar+ifs Writing Such policies so that at all ti000 OosVARies of mood standing shall be willing to write ptidlor continue - such Insurance. 16.1.2 Deposit of Certifteatem! ' Copies of Certificates of inevrsnoe evidencing the coverage required to be malatatned by WIROV91t hereundr shall be aeliwered to CITT'e Insurance .`. T' Manager. • In connection with all insurance policies required to be maintained In socordamoo withthe provision$ of this irtiele r OORROVICR 'belle at least thirty (30) days prior to the expirstlo# of any Such policyo deliver to the CtTr Insurance ilanager copies of renewal polleies eeieleaeiow the existence thereof, to tho p4rtigs hereinabmre F • provided. N L.OW PAWS P918NM E NMI ggq4 17.1 BORROV91 agreesthat it will •t A11 tteos me" CITY from*nd � haroleis and indemnify it agalAst all e19100 for 14,00r Or materials in connection with Loprow"Wats, r+opoLroo, or 4, operations on the 91%s, Arid the, costs of detseding against such clams includie j ressonablo •ttere"s, rise. g{ IM MITMsab MHiNBOl, the parties Wrote Mete ttg<Isl+t LMis 4 Instrument to be executed by the 1"PectIve officiate thereonte.. ! duly spthot'ise4# the day and year flyAt " Witte r 7 Ae- x r•`*' G ATTEST e i. U • Corporate Seo rr i APPROYO A$ TO FUNDING SOIMC:. AND AYAIGARILtTTS IV Einsnce ir�aAoF .� APPROYSO AS To 1.030M ICS R Sfi11IRSMRNTi t too r Y:F d p CITY OF MIAMI, FLOAIDA INTER -OFFICE MEMORANDUM TO : FROM : DATE Flit ; 2 B Honorable Mayor and Members AUG 1990 of t City Commission. suaiaT: Resolution Approving -an Amendment to the City's CD Float Loan to the YMCA of Greater Miami for Cesar H. 4di o REFERENCES :;1,150,400/Carver Branch City Manager 04=sMsCity Commission Meeting Soptambpr--_7_ 19Qn_--- --� RECONNEN©AT ION: It is respectfully recommended that the City Commission approve the attached Resolution which authorizes the City Manager to accept payment of $100,000 in principal and $17,958.90 in interest from the YMCA of Greater Miami and approve an extension of its Community Development Float Loan agreement, for the Carver Branch YMCA land acquisition refinancing, which expires March 14, 1991 and pay the- City 7% interest on the balance of the loan amount of $1,050,000. The current Letter of Credit expires on October 5, "1990, which is the reason why this request,' is .being considered now. BACKGROUND: The Department of Community Development has analyzed the need to, extend the expiration date of the Community Development ?Float Loan agreement with the YMCA of Greater Miami for a period of one' year to expire an March 14, 1992' and to accept payment of - $100,000 in principal and $17,958.94 in interest and increase the. interest on the balance of $1,050,000 from 1% to-.7%. in addition'. the YMCA of Greater Miami will -have-:to amend pits letter of credit, which expires October 5, 1990, to conform with, .; the new balance and amended expirations date, of the <Agreemtnta- The. YMCA of Greater 'Miami received a CD Float Loan to assist". in'; : the refinancing of the Land Acquisition for the recently; constructed Carver Branch YMCA. They have requested an extension' of time on repayment of the loan and have "agreed to increase "tho k� interest amount due the City on the balance of the loan a�f er, a payment of $100*000 in principal and $17'958.90 of interests. 5 -'..&tom. wx