HomeMy WebLinkAboutR-89-1040A RESOLUTION AUTHORIZING THE CITY MANAGER
TO PREPARE AND SUBMIT AN APPLICATION TO THE
UNITED STATES DEPARTMENT OF HOUSING & URBAN
DEVELOPMENT (HUD) FOR A $8 MILLION LOAN
UNDER HUD SECTION 108 LOAN PROGRAM FOR THE
PURCHASE OF LAND FOR REDEVELOPMENT WITHIN
THE SOUTHEAST OVERTOWN/PARK WEST COMMUNITY
REDEVELOPMENT AREA.
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WHEREAS, the Migfii City Commission approved in principle x'
the Southeast Overtown/Park West Community Redevelopment Plan{
(Resolution No. 82-755) and
WHEREAS, the Federal government has established the HUD
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Section 108 Loan Program to provide financial assistance to
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governmental entities to assist in the acquisition of land for
redevelopment; and
WHEREAS, it is beneficial to the Southeast Overtown/Park
West Community Redevelopment Project to submit applications for
funding under HUD Section 108 Loan Program;
NOW, THEREFORE, BE IT RESOLVED .BY THE COMMISSION OF THE
CITY OF MIAMI, FLORIDA:
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Section 1. The City Manager is hereby authorized to
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prepare and submit an application to the U.S. Department of
Housing and Urban Development for a loan under the HUD Section
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108 Loan Program in an amount not to exceed $8 million for the
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purchase of land for redevelopment within the Southeast
Overtown/Park West Community Redevelopment Area.
Section 2. Repayment of the HUD Section 108 Load is
anticipated to be made from the receipt of Tax Increment Revenue
Bond monies. Future entitlement grants under the Community B100%
Grant will be pledged as security for the repayment of said Loan'
with repayment to be made in annual insta►llments@
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Section 3, This Resolution shall become effg
imme,dt►tely gin its adoption.
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PASSED AtQDOPTRD thin 30th day Of November •
COMMUNITY DEVELOFMLN
AL:
REVIEW AND.
1989.
FRANK CMTlwr'ur%► •+••••_---
DEPT. OF COMMUNITY DEVELOPMENT
PREPARED AND APPROVED BY:
LINDA KELLY KE SON
ASSISTANT CITY ATTORNEY
APPROVED AS TO FORM AND CORRECTNESS:
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0 GE L.
ANDEZ
CI ATTORN
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CITY OF MIAMI. FLORIDA
INTEROFFICE MEMORANDUM CAm3l
Honorable Mayor and Members DATE: 09 FILE:
TO ` of the City Commission
NOV
S.E. Overtown/Park West
SUEUECT :Hm Section 108
Loan Application
FROM : Cesar, H.::Odio REFERENCpar City Commission Meeting
City Manager of November 160' 1989
ENCLOSURES: '
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It is respectfully recommended that the City Commission adopt the
attached Resolution authorizing the�City Manager:to,.preparo. and
submit an application to the U.S. Department of.Housing and Urban
Y` TevsloplA►ent for a $8 million loan under HUD Section 108 Loan
Program,
Theme°'D+partment of ` beveoptoent is initiating -the redevelopm�entof
three blocks that begins the second phase of the Southeast 4
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Overtawn/Park West " redevel+opment =program. Due to the <<reltie
su of . the first phase_ of ,development, the department deems .
it r�eceEia"Dry to` move � forward on41
P'haa`e two= Hof our `develapaient
plan : _ '
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will clods but. not be limited to land
. O t .ns! veiR.snt ,: ,t,? deiatQ .itian, . t I
a usiton►, ieiocation,' project
o>}�. r ubc ►rvenrets {including the conetrua*ion
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pakin�q faciiee aid:,
he °�:0tfi street- x pedestrian'
p ry is ?cr . ap financia } �r' it is ,warranted, t..,.,
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red Resolution °
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