HomeMy WebLinkAboutR-89-0523J-89-531
5/30/89
RESOI.IITION NO. 89"—"r]P`a�..
A RESOLUTION AUTHORIZING THE CITY ATIORNEY TO INITIATE
APPROPRIATE LEGAL PROCEEDINGS AND CIVIL ACTION AGAINST
ALFRED & MARY LLOYD, D/B/A ALF'RED LLOYD & SOTS, TO
RDOC M IX)AN FUNDS IN THE AMOUNT OF $22, 675.54 F"
SAID INDIVIDLY S IN CONJUNCTION WITH THE MODEL CITY
SMALL BUSINESS DEVIIAPMMU PILOT IXQAN PROGRAM, UPON
INSTRUCTION FROM THE CITY MANAGER.
WHEREAS, the City of Miami Commission is ccanmitted to the economic
developmnt and the expansion of trade and commerce in the City of Miami; and
WHEREAS, the City Camdssion adopted Resolution No. 87-923 authorizing
the establishment of the Small Business Development Pilot Program in Model
City; and
WfERi3AS, Alfred and Mary Lloyd, owners of Alfred Lloyd & Sons, have
defaulted on their Promissory Agreement with the City of Miami; and
WHEREAS, the aforementioned loan recipients have received $22,675.54
frcm the Small Business Development Pilot Program; and
WHEREAS, the loan recipients are over 180 days past due on their loan
with the City of Miami;
NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE CITY OF MUM,
FUORIDA:
Section 1. The City attorney is hereby authorized to initiate
appropriate legal proceedings and civil action against Alfred and Mary Lloyd,
d/b/a Alfred Lloyd & Sons, to recover loan funds in the amount of $22, 675.54
from said individuals in conjunction with the Model City Small Business
Development Pilot Loan Program, upon instruction from the City Manager.
Section 2. This Resolution shall become effective immediately
upon its adoption pursuant to law.
CITY COMMISSION
MEETING OF
JUN 7 1989
ON No. 89-523
_.",
PASSED AND ADOPTED this 7th day of
XAVT.ER i. SU
r mg; 0 R
ATTE
MA TY HIRAI
CITY CLERK
COMMUNITY DEVELO3 MBNT ,REVIEW AND APPROVAL:
FRANK-CASTANEDA, DIRECTOR
DEPARTMENT OF COMMUNITY DEVELOPMENT
PREPARED AND APPROVED BY:
ROBERT F. CLARK
CHIEF DEPUTY CITY ATTORNEY
APPROVED AS TO FORM AND CORRECTNESS:
DO GE &,: FE�NANDEZ
CI Y ATTORNEY
bss/Ml075
/gjd
1989.
M,
CITY OF MIAMI, FLORIDA
INTER -OFFICE MEMORANDUM
TO. Honorable Mayor and Members
of the City Commission
FROM: Cesar H. Odio
City Manager
RECOMMENDATION
l I ,
OATS: MAY 3 V 19Vq FILE:
Authorization to Initiate
SUBJECT: Default Proceedings
REFERENCEs:Alf red & Mary Lloyd d/b/a
Alfred Lloyd & Sons
ENCLOSURES:
it is recommended that the City Commission authorize the City
Manager to advise the City Attorney to proceed in initiating
default proceedings as it relates to the Model City Small
Business Development Pilot Program against Alfred & Mary Lloyd
d/b/a Alfred Lloyd & Sons to recover the City's loan funds.
kj BACKGROUND
On May 11, 1988, Mr. & Mrs. Alfred & Mary Lloyd owner of Alfred
Lloyd & Sons and loan recipients of $22,675.54 via the Model City
} Small Business Development Pilot Program entered into a
`j Promissory Agreement with the City of Miami. As of December 1,
1989 the aforementioned loan recipients has defaulted on their
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 installment of
principal due hereunder; or
3
Bankruptcy proceedings be instituted by or
against any maker of this note.
7
Shall the maker(s) close down, abandon and/or
relocate his business outside the corporate
limits of the Model City target area.
j 12
Should the borrower fail to accept Technical
Assistance provided by the City or fail to
}
make financial records available to City
staff for review upon notification; or
,i
A total
of $22,675.54 has been disbursed to the loan recipients
from an
approved amount of $22,675.54. These funds were used to
purchase
liability contractual and bonding insurance.
��'7V "'�
Honorable Mayor and Members
of the City Commission
Page 2
The recipient's first loan payment was due on January 1, 1989.
To -date, we have not received any loan payments from Alfred Lloyd
& Sons. In addition, the loan recipients have filed for
bankruptcy under Chapter 7, both personally and corporately.
Based on the above information, we are therefore requesting that
the City Commission authorize the City Manager to proceed with
legal action against Alf. red Lloyd & Sons to recover the City-s
funds allocated to the aforementioned business.
/gjd