HomeMy WebLinkAboutR-90-0625r;
7/26/90 _
RESOLUT !ON No. "—
A RESOLUTION APPROVING A COMMUNITY DEVELOP14ENT
"FLOAT LOAN" IN THE AMOUNT OF $300oOOO TO
MAGIC -CITY ENTERPRISES FOR A PERIOD OF . TWO (2 )
YEARS AT AN INTEREST RATE OF THREE (3)
PERCENT, FOR THE PURPOSE OF COMPLETING
CONSTRUCTION OF THE M IAM I RIVER INN HISTORIC
BED AND BREAKFAST IN EAST LITTLE HAVANA; SAID
LOAN TO BE GUARANTEED BY AN ACCEPTABLE LETTER
OF CREDIT FROM A BANK APPROVED BY THE
DEPARTMENT OF FINANCE IN ACCORDANCE WITH —
FEDERAL GUIDELINES; FURTHER APPROVING THE
AMENDMENT OF THE SIXTEENTH (16TH) YEAR
COMMUNITY DEVELOPMENT BLOCK GRANT PROGRAM w,y=
FINAL STATEMENT TO REFLECT THE HEREIN
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PROVISION. E
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BE IT RESOLVED BY THE COMMISSION OF THE CITY OF M IAM I,
FLORIDA: •
SECTION 1. The City Commission hereby approves a Community
Development "Float Loan in the amount of $300,000 to Magic City f-
Enterprises for the purpose of completing construction of the
Miami River Inn Historic Bed and Breakfast in East Little Havana.
SECTION 2. Said loan will be for a period of two (2) years
at three (3) percent interest rate.;
SECTION 3. The herein allocation is hereby conditional upon.
receiving an acceptable letter of credit for the full amount and
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in favor of tNe City of Miami and approved by the Finance '
Department in accordance with federal guidelines.
SECTION 4. This Resolution further approves an amendment to
the Sixteenth (16th) Year Community Development Block Grant
Program Final Statement to reflect the herein provision,
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SECTION ThisRegolution ghall beCoMe WOWaik
Immediately U00n its ad6ptioho"
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July
PASSthED AND ADOPTED is 26thdao
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ATTEST:
14X I F Y H IRA I T7TY—CLERK
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CITY. OF MIAMI. FLGpfOA
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INTER-OFACE .'MENIiSRpN�fUM, ,
70 : Cesar H . olio
DATE : July 14, 1990 FILE :—
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City Manager
sualEct : Agenda Item for
Commission oonsideratt+ott
REFERENCES d%1490�JSg .
FROM : Xavier L. Suarez
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Mayor
ENCLOSURES:
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Please place on
the agenda of the July 26th Commission meeting
a personal appearance
by Ms. Sallye Jude regarding their $300,000
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Community Development
float loan for Miami River Inn.
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Thank you.
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XLS/jsb
AGENDA..barte
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c s Sallye Jude
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11 S.W. South River Drive
-
ami, Florida
33130
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