HomeMy WebLinkAboutR-88-1187r
RESOLUTION NO
A RESOLUTION AUTHORIZING THE CITY
MANAGER TO INSTRUCT THE CITY ATTORNEY TO
:'tNtTIATE
APPROPRIATE LEGAL PROCEEDINGS"
AND CIVIL ACTION AGAINST MR. VERNON
QUINN AND MS. VERONICA GREEN TO RECOVER yr
LOAN FUNDS IN THE AMOUNT OF $40s000 TO 6
Nam;
SAID INDIVIDUALS VIA THE MODEL CITY
SMALL BUSINESS DEVELOPMENT PILOT
LOAN PROGRAM; FURTHER AUTHORIZING THE -:
CITY MANAGER TO RESCIND THE REMAINING
r
BALANCE OF $10,000 ALLOCATED TO THE
AFOREMENTIONED BUSINESS.
t
v; t
h
WHEREAS, the City of Miami Commission. iscommitted,to 1
economic
development and the `expansion of -Trade and Commerce'
('may f
�ff i+7`PtY
;;.
{ fi
1.4
the City
of Miami; and
WHEREAS, the City Commission passed Resolution No. '87 !
ROSERT F:. ,CLARR
CALF DEPUTY:CITY;`°ARNEY.
e .total allocation was,,# t�Tamount ,ofSQrOQ(
siness Development Pi.ot.,Program in�Mode� City,
f 7 f� ;1:•- t s T` •
45
CITY OF MIAMI. FLORIDA
INTER -OFFICE MEMORANDUM
}
To: Honorable Mayor and Members DATE; OCR+ , FILE:
of the City Commission GGtt�� 198U
suaIECT; Authorization to Initiate
R
Default Proceedings
i
t FROM: Cesar H. OdiO REFERENCES V e r no n Quinn b Veronica Green
City Manager d/b/a 7 Stan Fashions
I ENCLOSURES:
s
a RECOMMENDATION
It is recommended that the City Commission authorize the City
I Manager to advise the >City Attorney to proceed. in initiating
default proceedings as it relates to. the Model City Sma11
-Business Development Pilot Program,.against 7~Star Fashions to.
' recover the City's loan funds and rescinding .,the.. remaining,-.,.4E `
{ balance of $10,000.-
i1 �
" BACKGROUND �F
x, On December 8, 1988, Mr. Vernon' Qu nu 'and Me Veronica Green, = F ",-
owners of 7 Star Fashions and loan ``recipients` of $50,000 via the : rr
Model City Small Business Development Pilot. Program entered into }
a Promissory Agreement with the City of Miami.As. of No
1988 the aforementioned loan recipients have defaulted ontheir
agreement per the following terms:,„
' ITEM NO. DEFAULT PROVISION
1 Should there be a default in the punctual a h d
�
full payment of interest or an installment of
principal due hereunder; orx
;A 7 Shall the makers) close down,' abandon and/ -or
relocate; his business outside of
corporate limits of the Model City target *
r area as defined by the City of; Miami; or
F
12 ` Should the borrower fail to ac.ce t Technical
P
,} Assistance' provided. by the City or'. fail to
r make financial records available to City .,
_ staff for review
f + upon notificationotr"
�
'total of$40,000 dollars has been disbursed to tkie loan
�` �Ce'ipi.nts frora.'_an approved amount of $50,000,'
y Therefore► 15h. L � 41
s< Ciky . ati'll ;has $10,000 in its possession that was allocated fQt, Syr
�� t :the aforementioned business. ;}
-
,�t
Ment
r. Price Hasheed 20000.;00 582.62 D-30
"Bsshe`ed•s' Jtwiii` Clothing
=t t, a g C _. Sa s not " ramrtdon ink i� a�
Mr. Edaard'_�11'en .
10,000.00 44588
amount.
Jewelry'" by Re t
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loan sst
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fir. Serch Mrs: Pauline Crapp _ 13 000.00 208.32 C
Sarch ,TV & Radi'o .Repair
Masses: Roy Troy.Sears` 40000.00 436.25 'D-60
Dastis Restaurant
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539.07 C..- b,
s.3Ss. Gioria �. Mr..Ralph Packingham 10,00000
�ldine's Hairstyles
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Mr.: iaviagaton
7
Mr . ,Eniese ;Yap 5;00000 1,147.52 C
3.ea a :3ndustrie : Company,
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