HomeMy WebLinkAboutM-89-0916To Honorable Mayor and Members
of The City Commission
l ey(.1,)
FROM Cesar H. Odio
City Manager
RECOMM NDAT ION :
BACKGROUND:
CITY OF MIAMI, FLORIDA
INTER - OFFICE MEMORANDUM
GATE O CT - 4 1989 FILE
Resolution Approving the
Utilization of $1,288,060
in Interest Earnings from
1976 General Obligation
REFERENCES Housi Bond Fund
Fern Isle Nursery
ENCLOSURES : City Commission Agenda
Item - October 12, 1989
SUBJECT :
It is respectfully recommended that the City Commission approve the
attached resolution authorizing the City Manager to utilize
$1,288,060 in interest earning from the 1976 General Obligation
Housing Bond Fund to reimburse the City's General fund account for
part of a parcel of property located at 2400 Northwest 14th Street,
also known as the Fern Isle Nursery Site, of which 257,612 square
feet of the total 342,552 square feet will be used to develop
affordable housing for low and moderate income families.
The Department of Development and Housing Conservation has analyzed
the need to utilize $1,288,060 in interest earning from the 1976
General Housing Bond Fund to reimburse the City's General Fund
account for the use of 257,612 square feet of the Fern Isle Nursery
site located at 2400 Northwest 14th Street, for the purpose of
developing housing affordable to low and moderate income families
and individuals.
The subject property, is now available to be developed for low and
moderate income housing.
Funds are now available to reimburse the City General Fund account
from the interest earning of the 1976 General Obligation Housing
Bond Funds specifically designated for the acquisition and
development of affordable housing.
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