HomeMy WebLinkAboutR-88-1179J-50�1�
12/15/05
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RESOLUTION NO.,. -
A RESOLUTION AUTHORIZING THE CITY MANAGER TO
-
ALLOCATE $200#000 FROM THE CITY'S SINGLE
PAMILY REHABILITATION PROGRAM TO MIAMI
CAPITAL DEVELOPMENT, INC- (MCDI) I FOR THE
PURPOSE OF PROVIDING LOAN FUNDS TO SMALL
AND/OR DISADVANTAGED CONTRACTORS INVOLVED IN
THE DEVELOPMENT OF HOUSING IN OVERTOWN/PARK
- ,4 •
-
WEST, AT AN INTEREST RATE NOT TO EXCEED SIX
_:_
PERCENT (6�); FURTHER AUTHORIZING THE CITY
MANAGER TO EXECUTE AN AGREEMENT BETWEEN THE
CITY AND MCDI FOR SAID PURPOSE, IN A FORM
�.
ACCEPTABLE TO THE CITY ATTORNEY, MCDI TO
RETAIN INTEREST FROM SAID LOAN FUND FOR ITS
ADMINISTRATIVE COSTS WITH THE PRINCIPAL BEING
RETURNED TO THE CITY SINGLE FAMILY
REHABILITATION PROGRAM FUND; FURTHER.
CONDITIONING ALL OF THE ABOVE UPON RECEIPT OF
FEDERAL APPROVAL FOR THE OF SAID`.
ALLOCATION FOR THE HEREIN STAT EDSPURP SE,E
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WHEREAS, the City,of Miami is dedicated to the expansion of
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trade and commerce; and
WHEREAS, $200,000 can be allocated from the Single Family
,
Rehabilitation Program to fund Miami Capital Development, Inc..!s
revolving loan' fund program for housing, contractors ;involved. in
�:
development in Overtown/Park West, and
housing s' x
WHEREAS, said revolving loan ~fund shall' be: fully:>
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collaterized and administered at an interest rate not to exceed
six percent (6%)1; and
WHEREAS, the. City`-Managero-shall execute an agreement between
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the City and Miami Capital Development, Inc for the purpose of ;
`said
rir
the letter's administeringloan program; and
WHEREAS, interest collected~.. from sa3,d loans shall be
-°
retained by MCDI for its administrative cost�r,and th�':principal<
to,,.the City 's Single Family'Rehabilitation Program Fund;:
returned
d} y4 s )y. -
all
CITY COMMISSION
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MEETING OF,
y
Amended
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jw4fldodgy RJJ�
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RESOLUTION No,-
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W
I UP 01
. . . . . . . . . . . .
. . . . . . . . . . . . . . . . .
iy
THE
BE IT TMOt' D: Y, Op
Section The City manager is authoriPOd to
It
n t"r act between the City and Miami Capital D6velopmeftt# Ifte
form acceptableto the City, AttOrftOYt for the pu
m lementing�AreVOlving�-,16an fu d:fOr. mail and/or disadvantaged
n
eov ertownj ark West D evelopment Area,
iousing�contid6tors'..
C ty-S- Sin•gle;
T e!:Amouh o 10i 0" from
h- b allocate ad rom the
s ere y,
F&M, J., y" R-6habil'itation ''Program
...........
to exceed n.intere��--,.rate,no
a f btementibhed program at a t t
-.'six
d iiaterized. by, the loan'--recipi6rit
ed purposE
�:.:December'
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T;Y AT T!
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�i�ti�fl3�i�f�1�'P� ��i1C�
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:sc ... .� m. as s � � tc C b �? �. Ylc ii ii iI 'f ��
�tt��i'.'.�`p
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r n my
and, es c-o "d offederal",''
Spec 0 f i r-'a 11 J'' C 'N T
y
�-, comply witht ot,
.Z:--
''H6',64irLk,"anin 'd�:Comunity,� eve ,', ."i
ji
'112
e c h,: Executive' Order -
: nJ09 '41t ecut ve46 and
o
.1974.,,-:4n
r
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with ' '. Section t.- 3:,,-'- of the �Housing and Uban-
Development "', A i70303) and with the
c tv� ..'Of 9 6 8:�` S e'd t i o n:.
,June2 1987 U.S. Department,: OT "Housing` and Urban-
--:Develooment. memorandum.from :Jack*.:RoSt ovis General Deputy
777- 7,
Assistant Secretary 'for Community. 'Planning and% Development
:o n, Development "Acti h C' mmunity
JT Economics- Devel Activities i n:� 4t7 e o
.:Development Block Grant,--.- n
E tltiemi ent,:.Program.--j
SUCCESSORS:,ANDASSIGI
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