HomeMy WebLinkAboutR-90-04613
J-90-487
E/7/'90
RESOLUTION NO. 9 0 - 461
A RESOLUTION APPROVING AN AMENDMENT TO THE
AGREEMENT BETWEEN THE CITY AND ZAMINCO
INTERNATIONAL, INC., REGARDING THE $5,400,000
COMMUNITY DEVELOPMENT "FLOAT LOAN" FOR THE
RESTORATION OF THE FREEDOM TOWER; THEREBY
EXTENDING THE TERMINATION DATE ONE YEAR FROM
JUNE 29, 1990 TO JUNE 28, 1991 AND ACCEPTING
AN IMMEDIATE PAYMENT TO THE CITY OF
$1,200,000 AS PRINCIPAL AND $100,000 AS
INTEREST; WITH QUARTERLY INTEREST PAYMENTS TO
BE MADE ON THE REMAINING BALANCE; FURTHER
INCREASING THE INTEREST RATE FROM ONE PERCENT
(1%) TO SEVEN PERCENT (7%) FOR THE PERIOD OF
THE EXTENSION ON THE BALANCE OF $4,200,000,
WHICH IS TO BE SECURED BY A LETTER OF CREDIT
FROM A LOCAL FINANCIAL INSTITUTION.
WHEREAS, the City Commission approved Resolution No. 87-1104
on December 10, 1987, authorizing the provision of $5,400,000 of
Community Development Block Grant Float funds to ZAMINCO
International, Inc., for restoration of the Freedom Tower
Building located at 602 Biscayne Boulevard; and
WHEREAS, the "Float Loan" from the City to ZAMINCO
International, Inc., expires June 29, 1990; and
WHEREAS, ZAMINCO International, Inc., requested an extension
of the due date of the loan because of financial difficulties;
and
WHEREAS, ZAMINCO International, Inc., is willing to provide
a partial payment and agrees to pay a higher interest rate on the
balance for the period requested; and
WHEREAS, the request for the extension will be reviewed by
the City to determine if it complies with Federal Regulations
governing the Community Development Block Grant Float Loan
Program;
NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE CITY
OF MIAMI, FLORIDA:
Section 1. The City Manager is hereby authorized to execute
an amendment to the agreement between the City and ZAMINCO
CITY COMMISSION
14EETING OF
J U N 7 1990
90 - 461
KESOLUTHM ft.
International, Inc., on the $5,400,000 Community Development
Float Loan, to extend the expiration date for a period of one
year from June 2.9, 1990 to June 28, 1991.
Section 2. The extension of the due date set forth in the
Agreement (the "Amending Agreement") shall require ZAMINCO
International, Inc. to pay the City, upon the execution of this
Amending Agreement, the sum of $1,200,000 as principal and
$1.00,000 as interest.
Section 3. ZAMINCO International, 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 $4,200,000.
Section 4. ZAMINCO International, Inc. shall agree to repay
interest on the remaining balance on a quarterly basis with the
first interest payment due three (3) months after the date of
execution of the Amending Agreement and with interest payments
being made every three (3) months thereafter until the loan is
satisfied on June 28, 1991.
Section 5. The herein authorized Amendment is approved
subject to the determination by the City that the request for
extension is in compliance with Federal Regulations governing the
Community Development Float Loan Program.
Section 6. This Resolution shall become effective
immediately upon its adoption.
PASSED AND ADOPTED this _ 7lh day of
City Clerk
BUDGET DEPARTMENT APPROVAL:
MANOHAR S. SU � , Director
Department of u get
XAVIER L.,SU*REZ,
990.
0
COMMUNITY DEVL,,OPMENT APPROVAL:
i
FRANK CASTANEDA, Director
Department of Community
Development
-2- 90- 461
0
FINANCE DEPARTMENT REVIEW AND
APPROVAL:
CARLOS E. GARCIA, Director
Department
PREPARED AND APPROVED BY:
ii�AE—L D�
Assistant Ci/ty Attorney
APPROVED AS TO FORM AND CORRECTNESS:
`F JOR E FEgNANDEZ
City Attorn y
ROD/pb/M1558
-3- go`"' 461
J-90-487
6/7/90
RESOLUTION NO. 00- 461
A RESOLUTION APPROVING AN AMENDMENT TO THE
AGREEMENT B EEN THE CITY AND ZAMINCO
INTERNATIONAL, INC., REGARDING THE $5,400,000
COV14UNITY DE OPMENT "FLOAT LOAN" FOR THE
- RESTORATION 0 THE FREEDOM TOWER; THEREBY
EXTENDING THE RMINATION DATE ONE YEAR FROM
JUNE 29 1990 T JUNE 28 1991 AND ACCEPTING {'
AN IMMEDIATE AYMENT TO THE CITY OF__ -
N $1,200,000 AS P INCIPAL AND r AS
INTEREST; WITH QU RTERLY INTEREST PAYMENTS TO
BE MADE ON THE EMAINING BALANCE; FURTHER
INCREASING THE INT REST RATE FROM ONE PERCENT r/
( 1 % ) TO SEVEN PERC NT ( 7 % ) FOR THE PERIOD OF
THE EXTENSION ON T E BALANCE OF $4;19fl;fi69r j
ti WHICH IS TO BE SECU ED BY A LETTER OF CREDIT
FROM A LOCAL FINANCI INSTITUTION.
WHEREAS, the City Commissio approved Resolution No. 87-1104
on December 10, 1987, authorizing the provision of $5,400,000 of
Community Development Block Gra t Float funds to ZA1114INCO
International, Inc., for restora ion of the Freedom Tower
Building located at 602 Biscayne Boul
WHEREAS, the "Float Loan" fr
International, Inc., expires June 29,
rd; and
the City to ZAMINCO
90; and
WHEREAS, ZAMINCO International, Inc\, requested an extension
of the due date of the loan because of\financial difficulties;
and
WHEREAS, ZAMINCO International, Inc., is willing to provide
a partial payment and agrees to pay a higher interest rate on the
balance for the period requested; and
WHEREAS, the request for the extension ill be reviewed by
the City to determine if it complies with F deral Regulations
governing the Community Development Block ant Float Loan
Program;
NOW, THEREFORE, BE IT RESOLVED BY THE COMMIS ON OF THE CITY
OF MIAMI, FLORIDA:
Section 1. The City Manager is hereby authorizVd to execute
an amendment to the agreement between the City \and ZAMINCO
COMMISSION
zrwG OF
J �N 7 IM
00- 461
kt"10* VA.