HomeMy WebLinkAboutR-90-0419J-90-439
5/24/90
RESOLUTION NO. 90'"® 419
A RESOLUTION AUTHORIZING THE CITY
ATTORNEY TO INITIATE APPROPRIATE LEGAL
PROCEEDINGS AND CIVIL ACTION AGAINST MR.
EDWARD ALLEN, D/B/A JEWELRY BY KETA TO
RECOVER LOAN FUNDS IN THE AMOUNT OF
$5,738.31 PREVIOUSLY PAID TO SAID
INDIVIDUAL THROUGH THE MODEL CITY SMALL
BUSINESS DEVELOPMENT PILOT LOAN PROGRAM.
WHEREAS, the Miami City Commission is committed to the
economic development and the expansion of trade and commerce in
the City of Miami; and
WHEREAS, the City Commission adopted Resolution No. 87-923
authorizing the establishment of the Small Business Development
Pilot Program in Model City; and
WHEREAS, the aforementioned loan recipient has received
$7,343.99 from the Small Business Development Pilot Program; and
WHEREAS, a total of $1,605.68 has been paid to -date on said
loan; and
WHEREAS, Edward Allen, owner of Jewelry by Keta, has
defaulted on his Promissory Agreement with the City of Miami and
payment is more than 120 days past due;
NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE CITY
OF MIA.MI, 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 Attorney is hereby authorized to
initiate appropriate legal proceedings and civil action against
Edward Allen, d/b/a Jewelry by Keta, to recover loan funds in the
amount of $5,738.31 paid to said individual through the Model
City Small Business Development Pilot Loan Program.
CITY* COMMISSION
MEETING OF
Juti 7 19W
90- 419
L0
Section 3. This Resc�lur_i.on
immediately upon its adoption.
shall become
PASSED AND ADOPTED this 7th day of June
AT'PFCT ,
CITY CLERK
COMMUNITY DEVELOPMENT REVIEW AND APPROVAL:
FRANK GASTANEDA, DIRECTOR
DEPARTMENT OF COMMUNITY DEVELOPMENT
PREPARED AND APPROVED BY:
ALB RTINE B. SMITH
CHIEF ASSISTANT CITY ATTORNEY
APPROVED AS TO FORM AND CORRECTNESS:
JOR E ERNANDEZ
CIT ATTO NEY
M1523
?ffectiv-
op 1990.
"XAVIER L-.-SUAREZ
MAYOR
_ 2--
Im
CITY OF MIAMI, FLORIDA
INTER -OFFICE MEMORANDUM
To, Honorable Mayor and Members
of the City Commission
FROM Cesar H. Odio
City Manager
RECOMMENDATION
DATE MA` 2 91990 FILE
SUBJECT Authorization to Initiate
Default Proceedings
REFERENCES .Edward Allen d/ b/ a
Jewelry by Keta
ENCLOSURES
It is recommended that the City Commission authorize the City
Manager to advise the City Attorney to proceed in initiating
default proceedings as it relates to the Model City Small
Business Development Pilot Program against Edward Allen d/b/a
Jewelry by Keta to recover the City`s loan funds.
BACKGROUND
On March 23, 1988, Mr. Edward Allen, owner of Jewelry by Keta and
loan recipient of $10,000 via the Model City Small Business
Development Pilot Program entered into a Promissory Agreement
with the City of Miami. As of June 6, 1989 the aforementioned
loan recipient has defaulted on his agreement per the following
terms:
ITEM NO.
1
DEFAULT PROVISION
Should there be a default in the punctual and
full payment of interest or an installment of
principal due hereunder; or
12 Should the borrower fail to accept Technical
Assistance provided by the City or fail to
make financial. records available to City
staff for review upon notification; or
15 Should the borrower fail to faithfully and
fully comply with the program requirements
and/or obligations of the borrower/loan
recipient set forth in the Promissory Note
and Disbursement Agreement pertaining to the
program, which the borrower hereby represents
he has read, understood and agreed to; or
A total of $7,343.99 has been disbursed to the loan recipient
from an approved amount of. $10,000.
90_ 419
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