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RESOLUTION 99_ (;.13
A RESOLUTION APPROVING THE ALLOCATION AND
COMMITMENT OF $200,000 FROM THE C ITY' S MIN I-
UDAG LOAN POOL FUND OF THE COMMUNITY
DEVELOPMENT BLOCK GRANT (CDBG) PROGRAM,
SUBJECT TO SECURING ALL OTHER NECESSARY
FINANCIAL COMMITMENTS TO THE "LITTLE HAITI
PLAZA CORPORATION," TO ASSIST IN THE
DEVELOPMENT OF THE "LITTLE HAITI PLAZA
SHOPPING CENTER, " FOR WHICH THE CITY WILL
PROVIDE A 30 YEAR LOAN WITH A CALL PROVISION
IN THE 15TH YEAR, AT THREE (3%) PERCENT
INTEREST WITH A THIRD POSITION ON THE
COLLATERAL MORTGAGE, THIS COMMITMENT TO BE
VALID FOR SIX (6) MONTHS FROM DATE OF
APPROVAL.
WHEREAS, "Little Haiti Shopping Plaza Corporation," intends
to finance construction of a "Little Haiti Shopping Center,"
comprising approximately 38,150 square feet of net leasable area
and with 130-parking spaces; and
WHEREAS, the proposed activity is expected to generate
approximately 48 construction jobs and 123 full time permanent new
jobs; and
WHEREAS, the total cost of the project is $2,500,000 of
which $300,000 is proposed to be funded from an Urban Development
Action Grant from the U.S. Department of Housing and Urban
Development; and
WHEREAS, an additional $200,000 is requested from the Mini
UDAG Program with Community Development Block Grant (CDBG) funds;
NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE CITY
OF M IAM I, FLORIDA:
Section 1. The City Manager is hereby authorized to
allocate $200,000 from the City's Mini-UDAG Loan Pool Fund of the
Community Development Block Grant (CDBG) Program for the "Little
Haiti Plaza Corporation," subject to securing all other necessary
financial commitments, to assist in the development of the "Little
Amended
CITY COMMISSION
MEETING OF
JUL 13 1989
DN No, Q9
Ej
Haiti Plaza Shopping Center," with an agreement to be negotiated
and entered into at a later date.
Section 2. The loan to be provided shall be for a period of
30 years with a call provision in the 15th year with an interest
rate of three (3%) percent and a third position on the collateral
mortgage.
Section 3. This Resolution shall become effective
immediately upon its adoption pursuant to law.
PASSED AND ADOPTED this 13th day of
CITY CLERK
BUDGET DEPARTMENT APPROVAL:
60�t L i66e'
DIRECTOR—
DEPART;ENf OF BUDGET
PREPARED AND APPROVED BY:
Lit Q2�%L
LEGISLATION DIVISION CHIEF
Jul
, 1989.
COMMUNITY DEVELOPMENT APPROVAL:
nEPARTt�EOF COMMUN NT ITY
DEVELOPMENT
FINANCE DEPARTMENT REVIEW AND
APPROVAL:
z.-
DEPA MENT OF FINANCE
APPROVED AS TO FORM AND CORRECTNESS:
5.M
0 V�
41
CITY OF MIAMI, FLORIDA
INTER -OFFICE MEMORANDUM
1lonorable Mayor and Members
TO of the City Commission
Aoe--,,�
Cesar H. Odio
FROM City Manager
RECOMMENDATION:
DATE Resol ution Ypprovi p&
the Allocation of
SUBJECT $200,000 from the Mini-
UDAG Loan Pool for the
Little Haiti Plaza
Shopping Center
REFERENCES.
City Commission Meeting
ENCLOSURESi July 13, 1989
It is respectfully recommended that the City Commission approve
the attached resolution authorizing the allocation of $200,000
from the City's Mini-UDAG Loan Pool for the "Little Haiti Plaza
Shopping Center Project," to be developed by the "Little Haiti
Plaza Corporation," a private for -profit Florida Corporation.
The Principals of the corporation are Mr. Rafael Kabustin and Mr.
Ringo Cayard, a private investor and marketing consulting
respectively.
BACKGROUND:
The Department of Community Development has analyzed the need to
allocate $200,000 from the City's Mini-UDAG Loan Pool fund of the
Community Development Block Grant (CDBG) Program, for the "Little
Haiti Plaza Shopping Center Project," for a 30 year loan with
call provisions in the 15th year at three percent (3%) interest
and a third position on the mortgage as collateral. This
commitment will be valid for six (6) months from date of
approval.
This project will be developed by the "Little Haiti Plaza
Corporation." which will also apply for an Urban Development
Action Grant (UDAG), through the City of Miami, in the amount of
$300,000 to assist in the financing of the project which will
cost a total of $2.4 million to develop.
The project will be located at 130 N.E. 79th Street in the
Edison/Little River Neighborhood Community Development target
area. The shopping center will be comprised of 46,572 square
feet of new construction and 38,150 of rentable space with
sufficient parking for 130 cars.
Attachment:
Resolution