HomeMy WebLinkAboutR-90-0671e '
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RESOLUTION NO4,
A RESOLUTION AtPMORIEINO THE CITY
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ATTORNEY TO INITIATE APPROPRIATE LEGAL
PROCEEDINGS AND CIVIL ACTION
AGAT.NST ROY L: AND TROY SEARS, /8 A
TO RECOVER 1'UH S
DAVIS RESTAURANT, LOAN
IN THE AMOUNT Or $18, 867. 38 RECEIVED BY
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SAID INDIVIDUALS THROUGH THE MODEL CITY
SMALL BUSINESS DEVELOPMENT PILOT LOAN
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PROGRAM.
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WHEREAS, the Miami City Commission is committed to the
econoold development and the expansion of trade and commerce in
the City of Miami; and
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WHEREAS, the City Commission adopted Resolution No. 87-923
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authorizing the establishment of the Small Business Development
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Pilot Program in Model City; and
WHEREAS, the aforementioned loan recipients have received
$20690 from the Small Business Development Pilot Program; and
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WHEREAS, the loan recipients have made payments totalling
$1 822.62 to -date; and
WHEREAS, Roy L. and Troy Sears, owners of Davis Restaurant,
have defaulted on their Promissory Note with the City of Miami
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and payment is more than 120 days past due;
NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE CITY
OF MIAMI, FLORIDA:
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Section 1. The recitals and findings contained in the
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Preamble to this Resolution are hereby adopted by reference
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thereto and incorporated herein as if fully set forth in this
Section.
Section 2. The City Attorney is hereby authorized to
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initiate appropriate legal proceedings and civil action against'
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Roy L. and Troy Sears d/b/a Davis Restaurant to recover ]loan
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funds in the amount of $10,867.38 received by said individuala
through the Model g City Small Business Development Pilot Iso,an
Program.
K
'Y
tion L
This Resolution
shall bwom
Lmodin�elp upon
its adoption.
PASSED AND OPTED this 7th day
of �„Re terms
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CITY' -CLERK
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COMMUNITY DEVELOPMENT REVIEW AND APPROVALt
CITY OF MIAMI,, FLORIDA
- INTER -OFFICE MEMORANDUM ` `
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t(ouotabie Mayor and Members GATE: ��
TO :i
oI� 'the City Commission
Authortzation to lnitiat'e
SUBJECT : Default proceedings
FROM Cedar A. Od10 REFERENCES:Roy L. & Troy ears
City Manager d/b/a Davis Restaurant"
ENCLOSURES:
RECOMMENDATION
It is recommended that the City Commission authorize the Ci"t'y
Attorney to proceed in inittating def-Rult proceedings a$ "a
relates to the Model City Small Rusiness Development Pi tot
Program against Roy L. and Troy Sears d/b/a Davis Restaurant Co
recover the City's loan funds. #'{
BACKGROUND
The Department of Community Development (DCD) has analyzed70
propriate Legal proceedings and civil. a
4eed to initiate
apon.
ars d/b/a Davis Restaurant. On Martha;
against Roy L. and Troy Se
d Troy Sears, owners of Davis Restaurant
11, 1988, Roy L. anand f
loan recipients of $40,000 via the Model City Small Rusinesg.
ered into a Promisso'ry.Agr-eement,
Development Pilot Program entk;
As of August, 1989 the, of orement ioned a
with the City of Miami.
loam recipients have defaulted on their agreement per the:
following terms: JM'
DEFAULT PR0VISI0N
ITE.....�O'
1 Should there be a default in the punctual anti �d5
full payment of interest or an insta111nent Of
principal due hereunder; or s
15 Should the borrower fail to faithfully aT<li
fully comply with the Program requi.re�nst�
and/or obligations of the cnn4iti4g' -
forth in the Promissory Note and D10bo,'�+�mB��
Agreement pertaining to this pros;ran, wbe`j
the burrower hereby represents he has tead4
understood and agreed to: or
� ,���,• jam.
of g�0,690.AA has been disbursed to the lnsta "reci���� �
A total tax
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from an approved loan amountof $#O,AOA.
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