HomeMy WebLinkAboutR-89-0665A RESOLUTION AUTHORIZING THE CITY MANAGER 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 $1,500,000 FOR A COMMUNITY
DEVELOPMENT "FLOAT GRANT" LOAN DURING THE 1989-
90 PROGRAM 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 AUTHORIZING 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 HA IT I PLAZA"
CORPORATION FOR THE CONSTRUCTION OF THE "LITTLE
HAITI PLAZA SHOPPING CENTER."
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,,
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 submit
an amendment to the approved Community Development Block Grant
Amended
Rt By o — o041
CITY COMMISSION
MEETING OF
JUL 13 1989
?N No. 89--66
LREMAR
i
sue.
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, a-ubject 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 eighteen (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 become effective
Immediately upon its adoption pursuant to Law.
PASSED AND ADOPTED this 13th day,` July , 1989.
ATT T r/V/
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FINANCIAL REVIEW AND APPROVAL:
FINAN E DEPARTMENT
COMMUNITY DEVEL T REVIEW AND APPROVAL:
DIRECTOR
DEPARTMENT OF COMMUNITY DEVELOPMENT
BUDGETARY REVIEW AND APPROVAL:
LL PV-(
MANUMAR DEPA TMEN OF BUDGET
PREPARED AND APPROVED BY:
x�,;Z�;/ ,A"
ASSISTANT CITY ATTORNEY
LEGISLATION DIVISION CHIEF
APPROVED AS TO FORM AND CORRECTNESS:
13-
�K
CITY OF MIAMI, FLORIDA
INTER -OFFICE MEMORANDUM
T0: Honorable Mayor and Members
DATE : FILE
s of the City Commission JUL 3 1989
Amendment to the Fif-
SUBJECT _ teenth (15th) Year Com-
munity Development Block
l4v� Grant Final Statement -
FROM : L_ L L
Cesar H.Odio
City Manager
RECOMMENDATION:
REFERENCES:
Commission Agenda Item
ENCLOSURES J U 1 y 13, 1989
It is respectfully recommended that the City Commission adopt the
attached resolution, authorizing the City Manager to submit an
amendment to the Fifteenth (15th) Year Community Development
Block Grant Final Statement to the U.S. Department of Housing and
Urban Development, for the purpose of providing a Community
Development "Float Loan" in the amount of $1,500,000.
BACKGROUND:
The Department of Community Development has analyzed the need to
submit an amendment to the Fifteenth (15th) Year Community
Development Block Grant Final Statement for a Community
Development "Float Loan" in the amount of $1,500,000, to the
Little Haiti Plaza Corporation for construction of the "Little
Haiti Plaza Shopping Center to be located at 130 Northeast 79th
Street in the Little Haiti neighborhood of the Edison/Little
River Community Development target area.
The Community Development "Float
increase of program revenues in the
interest of two per cent (2%) for an
Loan" will result in the -
amount of $1,500,000, plus
18 month period.
This is a ,preliminary action creating the mechanism to undertake
this loan. Staff will be returning to the City Commission,
subject to having all financial commitments in place and the
availability of funds, to request authority to approve the loan
agreement.
Attachment:
Resolution