HomeMy WebLinkAboutM-88-1105P
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CITY OF MIAMI, FLORIDA
INTER -OFFICE MEMORANDUM
Honorable Mayor and Members
To of the City Commission
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FROM Cesar H. Od i oV�
City Manager
RECOMMENDATION:
is
DATE 0 r S " 1 1988 FILE
Resolution authorizing the City
SUBJECT Manager to amend the Allapattah
Medical Pharmacy Building, Inc.
(AMPB) contract
REFERENCES
ENCLOSURES:
It is respectfully recommended that the City Commission approve
the attached resolution authorizing the City Manager to execute
and Amendment to the Loan Agreement dated November 24, 1986,
between the City of Miami and the Allapattah Medical Pharmacy
Building, Inc. (AMPB) for_ the._p_urpose of deferring the remaining
interest payment due on the aforementioned Loan Agreement during
the construction period in the amount of six thousand seven
hundred forty-five dollars and seventy-six cents
($6,745.76) from October 1, 1987 to March 1, 1988 until March 1,
1989.
BACKGROUND:
The Department of Community Development has analyzed the need to
defer the interest payment in the amount six thousand seven
hundred forty-five dollars and seventy-six cents
($6,745.76) due from the Allapattah Medical Pharmacy Building,
Inc. from October 1, 1987 until March 1, 1989.
Via Resolution No. 86-794, the City Commission authorized the
City Manager to execute a Loan Agreement with the Allapattah
Medical Pharmacy Building, Inc. in the amount of three hundred
thousand dollars ($300,000) at six percent (6%) per annum .to
assist in the financing of the Medical Complex.
The aforementioned Loan Agreement called for quarterly interest
payments in their required amount during the construction period
and principal and interest payments to commence upon receipt of
Certificate of Occupancy, but in no event later than March 1,
1988.
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88-1105
P
4k
Honorable Mayor and Members
of the City Commission
Page 2
Due to unexpected delays in the completion of the project, the
principals requested that interest payments in the amount of six
thousand seven hundred forty-five dollars and seventy-
six cents ($6,745.76) originally due between October 1, 1987 to
March 1, 1988 be deferred until March 1, 1989. All other terms
and conditions of the Agreement to remain the same. Since March
1, 1988 Allapattah Medical Pharmacy Building, Inc. has been
making required principal and interest payments.
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8e-1105
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or
ALLAPATTAH MEDICAL PHARMACY BUILDING, INC.
DATE OF LOAN:
LOAN AMOUNT:
TERMS:
CONSTRUCTION PERIOD:
PERMANENT FINANCING:
PAYMENTS MADE TO -DATE:
AMOUNT DEFERRED:
November 24, 1986
$300,000
Twenty (20) years at six percent
(6%)
Quarterly interest payments only
Quarterly principal and interest
payments, in the amount of
$6,464.50 commencing first day of
the month following completion of
construction and receipt of
Certificate of Occupancy but in no
event later than March 1, 1988.
Certificate of Occupancv issued
Aurrust 29. 1988.
Construction Period: $4.028.33
Permanent Loan: $19,393.53
Construction Period: $6,745.76
TOTAL TO BE RECEIVED BY CITY (Principal and Interest):
At maturity of loan (20 years)
Principal: $300,000
Interest:
Construction 10,774
Permanent 217,158
$527,932
SS-ll0s
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