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HomeMy WebLinkAboutR-90-0041y J-89-1164 1/10/90 RESOLUTION NO. 9 41. A RESOLUTION AMENDING SECTIONS 1 AND 2 OF RESOLUTION NO. 89-665, ADOPTED JULY 13, 1989, WHICH HAD APPROVED THE ALLOCATION OF $1,500,000 OF COMMUNITY DEVELOPMENT BLOCK GRANT FUNDS IN THE FORM OF A COMMUNITY DEVELOPMENT FLOAT LOAN, FOR EIGHTEEN (18) MONTHS TO LITTLE HAITI PLAZA CORPORATION, TO HEREBY PROVIDE FOR A TWENTY-FOUR (24) MONTH LOAN PERIOD AND FOR THE APPROVAL OF A SUBSTITUTE LOAN GRANTEE NAMELY, LITTLE HAITI PLAZA JOINT VENTURE GENERAL PARTNERSHIP; FURTHER APPROVING THE AMENDMENT OF THE FIFTEENTH (15TH) YEAR COMMUNITY DEVELOPMENT BLOCK GRANT PROGRAM FINAL STATEMENT TO REFLECT THE HEREIN PROVISIONS. WHEREAS, the City Commission adopted Resolution No. 89-665 on July 13, 1989, approving the allocation of $1,500,000 in the form of a Community Developme-,it Float Loan for the construction of the Little Haiti Plaza Shopping Center; and WHEREAS, the term for said Loan was originally established to be for an eighteen (18) month period; and WHEREAS, after further negotiations the principals have requested that the term of the Loan be increased to twenty-four (24) months thereby allowing sufficient time for completion of construction and beginning of operations; NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE CITY OF MIAMI, FLORIDA: Section 1. Sections 1 and 2 of Resolution No. 89-665, adopted July 13, 1989, are hereby amended in the following particulars:i/ Words and/or figures stricken through shall be deleted. Underscored words and/or figures shall be added. The remaining provisions are now in effect and remain unchanged. CITY COMMISSION MEETING OF JAN Il 1990 REMARKS: j "► g' "Section 1. The City Manager is hereby authorized to submit an amendment to the approved Community Development Block Grant Program Final Statement to the U.S. Department of Housing and Urban Development to reflect an allocation of funds in the amount of $1,500,000 for the Community Development ' Program during 1989-90, subject to the availability of funds, and which will technically reflect an increase in revenues by said amount plus interest at the rate of two percent (2%) for twenty-four (?A..)_ months. Section 2. The City Manager, upon approval of said amendment, shall bring before the Commission for its review and approval all agreements pertaining to the 1989-90 bittle Haiti Pia..a derperation Little Haiti Plaza Joint Venture General Pa X=ahin Community Development Block Grant "Float Loan" for the purpose of Developing the Little Haiti Plaza Shopping Center Project." Section 2. This Resolution immediately upon its adoption. PASSED AND ADOPTED this llth CITY CLERK shall become effective day of January 1990. XAVIER L. SU Z, MAYOR COMMUNITY_ E LOPMENT REVIEW AND APPROVAL: FRANK S ANEDA, DIRECTOR DEPARTMENT OF COMMUNITY DEVELOPMENT BUDGETARY REVIEW -AND APPROVAL: MANOHAR S. SURAN&INDI DEPARTMENT OF BVWET FINANCIAL REVIEW AND APPROVAL: CA OSC9. GARCIA, DIRECTOR DEPARTMENT OF FINANCE APPROVED AS TO FORM AND CORRECTNESS: JO E t. FER ANDEZ CITY ATT07E bss/M1320 -2- 90-0041 01r1©ii?40 1?.:25 i FPOM R I, FL YAPUSTIN I11C TO 572 P.02 - �C;�1PtTA�K 0anuary 10, 1990 Li;.tlo Haiti shopping plaz4 Rafael Kapuastin, President 25 96 g. 2nd Avanu® Miami, r1oridal< REs 11,560,000 Letter of Credit VIA rAX Dear Mr. Kanpusaatin, lane! IMG% WOW" IF21 lraokoll Arenu# Minn'!, Ftwida133131 ?r:ipphcxxr ('� � tB tt) n Submitted into the public record in connection -,vith item„. on Maltty Hirai City Clerk r am happy to offer this co"firmaa►tion that our Loan Committeehas approved issuance of a Letter of Credit in tho maximum face amount of $1 # 560 p 000, as surety to the City of Miami for funding of a $1, 500, 000 constructionloan for the Little Haiti Plaza. The approval is in lines with the terms and conditions outlined in the application rovided you dated i'anua�ry 9, 1990. Our commitment will a forthcoming after our receipt of than signed application and depooit of 115,600 to be applied toward the fees and closing coats. The approval is contingent on a Loam Committee review of the approval given by the city of Miami to confirm that there are no - material changes to the :structure ok the dead as outlined in your - proposal and subsequent conversations and meetings. Prior to closing, we will require aappraisal acceptable to thehank, supporting the value indicatrc ed on the application, and positive reports confirming that there are no apparent >r•_�..,,_.,� environmental concerns, and that the cost estimates and budgets are adequate and proper for completion of the project, as proposed. Ohould you have any questions, please feel free to call on me. esince-, Yr pl ntsident so-.0041 CITY OF MIAMI. FLORIDA INTER -OFFICE MEMORANDUM 28 Honorable Mayor and Members DEC 2 0 19eq T° of the City of Mtamt °ATE Resolution Amending "E Resolution 89-665 SUEUECT Increasing the time for a Community for Cesar Odto Development Float Loan FROM City Manager REFERENCESthe Little Haiti. Plaza Project ENCLOSURESCity Commission Meeting of December 7, 1989 RECOMMENDATION: It is respectfully recommended that the City Commission approve the attached resolution amending Resolution No. 89-665, adopted on July 13, 1989, which provides for a Community Development Float Loan in the amount of $1.5 million dollars for 18 months to assist 1.n development of the Ltttle Haiti Plaza Shopping Center, to increase the period of the loan from eighteen (18) months to twenty four (24) months. <i BACKGROUND: The Department of Community Development has analyzed the need to amend Resolution No. 89-665 authorizing a community Development Float Loan in the amount of $1.5 million dollars for an eighteen j (18) month period, in order to extend the period of the loan from eighteen (18) months to twenty four (24) months to allow 1 sufficient time for the completion of construction and begin operations of the Little Haiti Plaza Shopping Center before repayment of debt is required. , A 1 - i 3-89-679 t 6/23/89 RESOLUT ION NO. A RESOLUT InN AUTHORIZING THE CITY MA14AGER TO SUBMIT AN AMENDMENT TO THE APPROVED FIFTEENTH (15TH) YEAR COMMUNITY DEVELOPMENT BLOCK GRANT (CDBG) PROGRAM FINAL STATEMENT TO THE U.S. DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT (HUD) TO REFLECT AN ALLOCATION OF FUNDS IN THE AMOUNT OF S10500,000 FOR A COH?-(UNITY DEVELOPMENT "FLOAT GRANT" LOAN DURING THE 1989- 90 PROGRAII YEAR SUBJECT TO THE AVAILABILITY OF FUNDS, AND TO REFLECT A TECHNICAL INCREASE IN REVENUES BY SAID AMOUNT PLUS INTEREST ON SAID AMOUNT AT Two PERCENT '( 2><) PER YEAR FOR EIGHTEEN MONTHS; FURTHER AUTHOR 1Z ING THE CITY _ MANAGER, UPON APPROVAL OF SAID AMENDMENT BY HUD, TO BRING BEFORE THE COMMISSION FOR ITS REVIEW AND APPROVAL ALL AGREEMENTS REQUIRED TO - PROVIDE A LOAN TO THE "LITTLE HAITI PLAZA" CORPORATION FOR THE CONSTRUCTION OF THE "LITTLE HAITI PLAZA SHOPPING CENTER." . 4 WHEREAS, the City Commission approved Resolution No. 89-388 on April 27, 1989, authorizing the submittal of the approved Community Development Block Grant Program Final Statement in the amount of $11,742.000; and ' WHEREAS, the little Haiti Plaza Corporation has requested a Community Development "Float Loan" for the construction of the Little Haiti Plaza Shopping Center; and WHEREAS, this Community Development Float Loan activity will technically result in an increase of program revenues in said amount plus interest of two percent (2%) per year for -a Period of eighteen months; and WHEREAS, said designation of Community Development Block Grant Float funds by the City Commission requires an amendment to the previously submitted Community Development Program's Final Statement$ iinw. THEREFORE, BE IT RESOLVED BY THE CO1111 ISS I011 OF THE CITY -= OF M IAM I, FLORIDA: Section I. The City tianager is hereby authorized to submit an amendment to the approved Community Development Block Gr 90-0041 CITY C01111flWi. N 14E ;T:::v OF i 2 =9 4 Program f'fna1 Statement to the U.S. Department of Housing and Urban Development to reflect -an allocation of funds'in the amount of $1.5O0,O0O for the Community Development Program during 1989- 90s subject to the availability of funds, and which will technically reflect an increase in revenues by said amount plus Interest at the rate of two percent (2%) for eighteens (18) months. Section 2. The City Manager, upon approval of said amendment, shall bring before the Commission for its review and approval all agreements pertaining to the 1989-90 Little Haiti Plaza Corporation Community Development Block Grant "Float Loan" for the purpose of Developing The Little Haiti Plaza Shopping Center' Project. Section 3. This Resolution shall bec5me effective Immediately upon its adoption pursuant to Law. PASSED Ann ADOPTED this 13th days Julyj ' 0 1989. ATTI T v2- C 0 90- 0041L Y t FIIJAPICIAL REVIEW AND APPROVAL: az5A. 6AK A, UIRLLTUR :y F I11AN E DEPARTMENT COMFIUII ItY bEYEL �! T REVIEW AND APPROVAL: G DEPARTMENT OF COMMUNITY D£YELOPMEUT r BUDGETARY REVIEW AND APPROVAL: , DEPARTMENT OF BUDGET PREPARED AND APPROVED BY: i ASSISTANT CITY ATTORNEY LEGISLATION DIVISION CHIEF APPROVED AS TO FOR11 AND CORRECTNESS: :j RD ET-. I T A 7 U KNE-T— %)UtqbL LZ t", s 0 -3- 4 i J0-1)041L