HomeMy WebLinkAboutR-89-0904J-89-950
10/4/89
RESOLUTION NO. 89-904
A RESOLUTION AUTHORIZING THE CITY
ATTORNEY TO INITIATE APPROPRIATE LEGAL
PROCEEDINGS AND CIVIL ACTION AGAINST MR.
PRENTICE F. RASHEED, D/B/A RASHEED'S
CLOTHING AND JEWELRY TO RECOVER LOAN
FUNDS IN THE AMOUNT OF $20,000 TO SAID
INDIVIDUAL VIA 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
$20,000 from the Small Business Development Pilot Program; and
WHEREAS, Prentice F. Rasheed, owner of Rasheed's Clothing
and Jewelry, 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 MIAMI, 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
Prentice F. Rasheed, d/b/a Rasheed's Clothing and Jewelry to
recover loan funds in the amount of $20,000 to said individual
via the Model City Small Business Development Pilot Loan Program.
CITY COMMISSION
MEETING OF
OCT 12 1989
ESOWPON No.
Section 3. This Resolution
immediately upon its adoption.
shall become effective
PASSED AND ADOPTED this 12th day of October , 1989.
AMM"OM .
CITY CLERK
COMMUNITY DEVELOPMENT REVIEW AND APPROVAL:
FRANX cASTkNEDA, DIRECTOR
DEPARTMENT OF COMMUNITY DEVELOPMENT
APPROVED AS TO FORM AND CORRECTNESS:
JORFE U. FER
CITY ATTORNE
/gjd
of
XAVIER V*O SUAR
MAR
I.
A*
CITY OF MIAMI. FLORIDA
INTER -OFFICE MEMORANDUM
CA=32
TO: Honorable Mayor and Members
of the City Commission aaTE: 0CT 1983
Authorization to Tnirtate
SUBJECT: Default Proceeding-
FROM: Cesar H. Odlo REFERENCESPrentice F. Rasheed d/b/a
City Manager Rasheed's Jewelry & Clothin„
ENCLOSURES:
RECOMMENDATION
It is recommended that the City Commission authorize the ity
Manager to advise the City Attorney to proceed in initi-iting
default proceedings as it relates to the Model City Small
Business Development Pilot Program against Prentice F. Ra•;.ieed
d/b/a Rasheed Jewelry and Clothing to recover the City's loan
funds.
BACKGROUND
On March 4, 1988, Mr. Prentice F. Rasheed, owner of Rash,?ed's
Jewelry and Clothing and loan recipient of $20,000 via the 'Iodel
City Small Business Development Pilot Program entered i-ito a
Promissory Agreement with the City of Miami. As of Janu:ary h,
1989 the aforementioned loan recipient has defaulted oli the
agreement per the following terms:
ITEM NO.
DEFAULT PROVISION
1 Should there be a default in the punctual .and
full payment of interest or an installmelt of
principal due hereunder; or
12 Should the borrower fail to accept Tech;iical
Assistance provided by the City or fail to
make financial records available to City
staff for review upon notification; or
A total of $20,000 dollars has been disbursed to the loan
recipients from an approved amount of $20,000.
The recipient's first lean payment was due on October 1, 1988.
To -date, we have received approximately $941.99 in loan payments
from Rasheed's Jewelry :and Clothing. The loan recipient has only
made four (4) payments to -date.
f _
Based on the above information, we are therefore requesting t1t'aC
the City Commission authorize the City Manager to proceed with
legal action against Rasheed's Jewelry and Clothing to rcovr
the City's funds allocated to the aforementioned business.k
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