Loading...
HomeMy WebLinkAboutR-88-0890J-de-933 9/26/ad RESOLUTION NO. 88--890 A RESOLUTION AUTHORIZING THE CITY MANAGER TO EXECUTE AN AGREEMENT BETWEEN THE CITY AND THE YMCA OF GREATER MIAMI, INC. FOR THE PROVISION OF UP TO ONE MILLION ONE HUNDRED FIFTY THOUSAND DOLLARS ($1,150,000) IN COMMUNITY DEVELOPMENT BLOCK GRANT FLOAT FUNDS, IN THE FORM OF A LOAN FOR A TWO (2) YEAR PERIOD AT ONE PERCENT (1Z), FOR THE REFINANCING OF THE EXISTING DEBT INCURRED WITH THE PURCHASE OF LAND FOR A NEW CARVER BRANCH YMCA, WITH A FLOAT LOAN FEE TO BE PAID BY SAID FRIM AS SET BY THE CITY MANAGER. _ WHEREAS, the Community Redevelopment Act of 1969, as amended, requires in Chapter 163.360 that a community redevelopment area shall not be planned or initiated unless the governing body has, by resolution, determined such area to be a slum area, or a blighted area, or a combination thereof, and designated such area as appropriated for a community redevelopment project; and WHEREAS, YMCA of Greater Miami, Inc. has requested that a Community Development Block Grant Float Loan in the amount of one million one hundred fifty thousand dollars ($1,150,000) be made available for the refinancing of the new Carver Branch YMCA site; and WHEREAS, the City staff has reviewed the YMCA of Greater Miami, Inc. proposal for need and eligibility with all applicable regulations and recommends that such a loan be ■adei ATTACHMENTS CONTAM'CouIM cm ceDil�tBSIO� Uzz=© or so :soumoM N. tt ..t e NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE CITY OF MIAMI, FLORIDAi Section 1. The City Manager is hereby authorised to execute on behalf of the City, in a fors acceptable to the City Attorney, an agreement between the City of Miami and the YMCA of Greater Miami, Inc. for the provision of up to a one million one hundred fifty thousand dollar ($1,150,000) loan from Community Development Block Grant Float funds for the refinancing of the debt incurred with the purchase of land for the new Carver Branch YMCA, subject to the approval of the City Attorney as to form and correctness, said loan to be for a two (2) year period at one percent (1%) with a fee to be charged the firm for said Float Loan at a cost factor to be applied which shall be as justified and approved by the City Manager. PASSED AND ADOPTED this 6th day of Octgb2r 11968. it XAVIER L. VREZ MAYOR/ ATTRS 't MATTI HIRAI CITY CLERK COMMUNITY DEV LOPMENT REVIEW AND APPROVAL: FRANK CASTANEDA, DIRECTOR DEPARTMENT OF COMMUNITY DEVELOPMENT 3 r as t' FINANCE DEPARTMENT REVIEN AND APPROVAL: A LOS GARCI IRECTOR DEPARTMENT OF #tWANCR MANAGEMENT i BUDGET REVIEW AND APPROVAL: /-0M - (Aoe MAWOYAR SURA IRECTOR DEPARTMENT OF CEMENT i BUDGET PREPARED AND APPROVED BY: ROBERT F. CLARK CHIEF DEPUTY CITY ATTORNEY APPROVED AS TO FORM AND CORRECTNESS: JORG L. RNAN EZ CITY ATTORNEY ti (tip S' Si &' i y 3 s S iv h s-#III fi_ 4 ,U AGREEMENT BETWEEN THE CITY OF MIAM1 ------- and ---- . YMCA OF GREAT�tF. MIAMI, INC_ Th 1.4 Agrermctit (,titvred i rito I his clay of 198119 I)y mid hetween they City of' Miami, a mrtnicipal corporat Ion cif I.hc, :1tat.e of Florida (hi-reinafter referred to as "CITY"), and YMCA of, (;r•eaLer Miami, Itic. (here inafter, referred to as "11uHHt)WI•,H" ) . TIIKIiFF0HE in con:sidural.ion of the mutual covenants and obIigat ions herein con Lai tied, and subject to the terms and conditions hereinafter stated, the parties hereto understand and agree as follows: DEFINITIONS For- Lhe purposes of Lhis Agreement, the following terms shall be defined as seL forth below: 1.1 11130HROWEH" shall mean YMCA of Greater Miami, Inc., a Florida corporation. 1.2 11CDF11 shall mean Community Development Float, which constitutes Lhe loan by the CITY to the BORROWER in accordance with this agreement and applicable laws. l.j "CiLy Activities" shall mean Lhose activities of the Project to be carried out by the cin as described in Exhibit 1. 1.11 "City Curnrrrission" shall mean the Mayor and City Commissioners who constitute the legislative body of the CITY and who is the author tLy approving or disapproving tire following actions or- conduct, by passage of an enabling resolution or mot ion: a. Any amendments, exL'ensions br modifications of this Agreement proposed by 1SUHHOWER. b. Any proposed assignmerrL, sale, transfer or subletting of this Agreement, or any inter•eat therein by the 110HHOWEH which aha I I be defined to i nc I udes, wi theruL limitation, Lhe bulk sale, merger or acyuiettivp .q1r, '�j qk qh HORIO)WI•.k 11Y 'Arnr,t I1 'r bus inos ^ Pnt i t y, r-sr t he saIP, nr I.hr nFnt i at. i nrn, t r,insrr, r, r: l n, hypot.h,-gat ion or any ot.hrr m.+nnrr, or ref ►1rtRlmWKR' I,r't.t er of CI•f-Ii i t . n►ry 1,r„III, :, d i 11,•1 -.1.-r in t hF, Pr )Jort, t,urig0, nr any mri-I i f i r, rt. i r, I (it IIm(In11inI,nl. t n Lhr 1,1,1,t-r of C.rndi t. r—pi i rod I,y I Ir i Art r•r'rnr,nl. must simi 1 arl y hr, coon i drred artrl ;ippr (ivo-1 "r• I i :;.rlrl,1,r)vIF, rl, as, apPI i cahl r, by the City r'„min i : - ^ i r n . I .'• "' r t .Y I.r ;tn" :'.Ir.r I I mr trr t hrr';r tnnnj...... ,r�lv 111""(1 trot IMIJI(OWER by t Irr, r' ITY i n I I I 11, r 1, i r lr With t.hI, ProjI,r,t, and 1)ur'suant to the t r rm:; and nr�n(i i t i ran;: rtf t.Ii ., ARt-f- 'meat., as secured by the I rt'r'vr,r :tlt 1 /Ilrir rot lit i n.r 1 I•r l,tr t' ()f Crod i t.. 1 . r 'T i try t1;ln:1j-,r" ::Ir.r I I :nowt) 1.11r� Chi -f Exi,cut, ivr� off icer of the r' i 1.y of tj i ami wllrt wi I 1 thr, eor)st rum t.n i nr, 1.udo any duly :,rlthori zed oleo; i r'rtr't., r,uch a., an Assistant. City Manager .Ind/or tho City of tliami Community Development Director. 1.7 Northern Trus1. 11ank of Florida is the bank issuing irrevocable better of Crr'rlit for the sum of One Million One Hundred Fifty Thousand Dollars ($1,150,000.00), and located aL '100 Brickell Avenuo, Miami, Florida 33131. 1.H ''Contract Document.:;" shall. mean this Agreement between the :'ITY and BORROWER, it,:-, exhibits, as well as any applicable t'erir.raI , sLat.r, ;tnd Ir eaI repuIat. ions , laws and ordinances which pertain to this Project, as they may be amended from timri to time, and - rill. additionally be deemed to include >tny agreements enLr�r ed into between the BORROWER and the architect/enginer,r•, p,IF, neral contractor and/or Project Manager for tho dr�molition, restoration and rehabilitation ()f the Site. i 1.9 "HUD" shall mean the United States Department of Housing and Urban Development and any duly authorized, federal employee. 1.Io "Letter of Credit" - shall mean such 4.., Unconditional/Irrevocable Letter of Credit issued by a `fY f'inancial institution of excellent standing and repute, with .'• i S _Sti Aft oft f inane i a l i n:►t i I ut 1 on of exce 1 1 en 1, s1 tttd i fig and repute, wi th an of, fic.v wiI'll ir► the vturpor•aly 1irnfI:i of t.hee CITY, whfc►t Le I.tee1, cif Crud i t ;;I►.t 1 1 be. i ► 1•evb 1 � , unc orld i t, t ona 1 , :end :;ha I I he a e 1 c an I.c t.te�r of Cred 11. which w i 1 ] not. rF�gtl re a document of 1. i 1. 1 c, 1.(1 t,t I,r c sent.e d i it ()rdcr for Isaymernt I,c, he honored. 'I'll(, Letter of Credit, procured by the Itt)HNOWI?H may be drawn upon by the C I TY for any cause or no eatisc! • what:torvcr•, at. tt►c' d i serve, ion of the C I Ly Mana f;er•, upon t,r•ior f ort.y-ci ght. ( slfl) hours wri Lten not ice to the HOHROWER- I.II "Pr•ojeeeL" - shall Fill -'all tho refinancing of the aecluisitiort of the YMCA of Grv,it-r fli,md :site. "►,ro jet.t. :; i I.e" - :sh.t 1 I lean YMCA Carver 11ranch located on the Northside of 1101 N.W. '(Isl,. Str•eet, Miami, Flurida, and as mote sl,ec. i f'i cj 1 1 y desevi bed in Exhibit 2. 1 . 13 "Total Pt•ojeect t;ost." - -ilial I be One Mi I I ion one hundred Fifty Thousand Dol kir•s ($ 1 , 1'jo, UUU. oo) which wi 11 be used to refinance the debt of the first mortgagee held by Grahm C. Miller and Skyldke National Bank. Ii. SUPERVISION: 2.1 Excluding such authorizations which are reserved to the City Manager or City Commission, for the purpose of this Agreement, the City of Miami Department of Community Development (hereinafter the 11DEPAH'I'MI?NT") will act on behalf' of the CITY in the fiscal control, programmatic monitoring, and modification of this Agreement, except as utherwise provided by this Agreement. 11I. TIME OF PkHFORMANCEi__*rF11M 3.1 The effective date slrall be the date of execution of this Agreement by the parties. The term of this Agreement and of the Letter of Credit shall be two (2) years from such of feec IV. SCOPE OF SERVICES: 4 . 1 BORItOwF1< ;;I►,c I 1 r•c• f'i naIIcc the rlc,bt of t I w f i r•st mor•I.gag;t, foe- he strm of Mw M i I I ion brie Ilund red I- f f l y Thousand Do l 1 a rs (� 1 , 1',O, U(1(►. (1(1) a10 :sha I 1 prov i clv tht, I'n I I owi ng;: 1) liecluciIII' ilc•1 in;Icrcney by pt'c,vidinf, it posilive <rIturlwt iv,, f(r It i;;urc 1.imc". 1) Mevt.l 111) I.hc needs for aecepLancv, :►uccc ns ;rnd po.,; i 1 i vc r=►I c mode 1 s by m.ik i tip,, "Y" pr•olrralll:, alld fac: i l i I i es wet-ss i b l e to I,hcm. S) Isct'uc u:: i nib I l„. of yo,rl.11 by offeri of programs in job- development, umlrloymerrL and training and youth t c�acle t•:.h i p . rl) Uiscour•,cgli ng, nttident dropouLs through prugr•ams gu.ar•(:d to give and to reinforce nfor•ce a strong feeling of ae I f 4!:Avvui. 5) Nr'idg;ing; the strain bcl,ween cuILur•es and races thruugh cuILur•aI and racial appr•eciat,1on activities, group r•uer•eat i on awl :;port.:i leagues. b) !'reserving the fa(nily sLr•ucture by offering seminars/workshups and counseling on parenting, child development, nutrition, money management, substance abuse programs. f) Eliminating, the wailing lists for child care services through the provi5ion of a child eire center and after- school I,rogr•anr;; . fi) Improving; individuals' self-eateem through developing life skills by offering adult literacy and English language claw;en, and special education programs for the physical ly and munLally it indicapped. 9) Promoting; a positive impact on decreasing major health 1)rob1eaw and Ltie ir iIll plicaLiona by providing health education, nuLrition and exercise guidance. d IU) lncr•ea.-iing communiLy parLicipaLgun in "Y" acLiv/ties and programs by eliminating overcrowding in facilit1*4 and by having the resources to offer More. 0 1 1) 1":1 11111 nirl. i Il; t he Wd I t i n#; 1 1 st s for -iwi mmi tog lessons duet to over crowd i rig acid l aek of ade(pial a pot)] fact l it i es. ECONOMIC DEVELOPMENT IMPACT 1) 1 n1l1ruv i llp, ,+nil ex11,111d i tim emli l oym1'tr1 oppor t Ion It, i e:; .anal Increasing lee r:;oraitl ineome in order to :;I.r•engthen, diversify iand in, axtmize the evone,mic base of the sc,rvI Ailea . ?) Ilelpinl, residents acquire the ski 11s and resource:; to create their (iwn bu:,inesse3 and :;vrvices. i) I•:xpatiding YMCA cc►11;aboraLIon with :,mall and III id:;Izu buss nes:ie:;. rl) Deve 1 op nl; d c.trnpii I g;n to cncour•age socioeeonutni (, balance by at v a(A inlr more aFf luf!nt. fami l ies to reLurrt to the area wiLhotat dimini3hinl; c,ppurLunities for low and moderate i nuorne residents. '.)) Encour agi rig communi t y pride and awareness. 6) gncotirag;ing outxIJnutrr participit t.Iun of financial irrstit.ut.ions, chambers of commerce and businesses as volunteers in Lhe YMCA to heighten their awareness of Lhe challenges undertaken. 'f) To provide employment for 80 - 100 people from the Service area in opfr,aLing the Carver YMCA. 8) A sliding Seale fee will be developed to serve low/mod income residenL3. Assurance of Governmental Alpr•ovals; l'eretitp�LLicenses: N .1 110100WER war•riauLs LhitL it, has obtained, ur has reasonable a3surance that. it will (,)Lain, all federal, state anti local 90vernrne1)LitI appr•ov:al:, and reviews required by law to be obLit i ned by Lhe 1101(1t()WI!11 for the Pr o je(L . V. FUNDING: I).1 The. City Loan to IiOHHUWP.H shall be in it principal amount not to exceed One Million One Hundred Nifty Thousand Dollars ($1, 11)0,000.00) Lu a3ai:;t in the refinianeing of the Project, accurding to Lhe Lerms and conditions set forth in this eunl.ract, and iLs exhibits, as they may be amended in 5 - ac t alip Iteat) le fede>r•aI s1,aIe ar►cf local Iaws rr►1c's and ►•c.►ru t a1 i „tt ;, , I 1 ()I wl, t 01 ,,rf• dc"Il,•d ,:; I„- i ►,N i ►►e•„t p(,t .11 q',I by re VvI e•r,cc> lic•t c i it . A I I I c,.u► d i ,;Im :;i•ll 111 s rsha 1 1 be mado- by I lit, C I TY t o mi ' c(miil dos i I;n ►tc•cl toy BttllltttWER 1 n wf i 1. 1 nr; to the C I TY a1. Nor l.he•t n Trers1, Hank , Miami , bade Counl.y, N 1 1)1,i da . A 1 1 -mch 141,411 (1 i :;I,t,r ;;rote ni ;; to I.he Bank are for the trie :rod bone I jI tit Iliv BOMMWKIi, and an obl igaLion of the IMIAHOWt•:li, pursuant. I,c) 1,11e provIsiona of the Loan Agrccrmc•nt . The term of 1. he C i Ly Loan c3ha 1 1 be for two (2) years, froth I he dates of rxe!rul ion of t.h i s ii9l'U rntent • '> • i The i tit ert'st, ratt> :;ha 1 1 hr 1% pe l' annttr►t, simple interest. to be c.i t cu 1 ated moll h 1 y ml I he actual amou►tt, d i,talrsed ', . ►I HO HRI)WEH hereby alrrvv:3 to pay to CITY the principal of such loan, the raid ir,turest•, in addition to payments For local mir•tax, documentary aatI)n, inUingiblt, tuxes, recordittK fees, attd any other miscellaneous c o s L s Verierated l.n r•elill, iort to the Ci1,y Loam, including; Lht! purchase of various reelu i red i rum ranee 11e►1 i e i e:; . '�.5 t'r•inc:ipaI and irtte.re,:3L payments shall be deferred in year 1 and 2, and shall kw paid at the end of the second year of the (ALy Loatt. AL the tend of year 2, a balloon payment sufficient to pay ul'I• the enti.r•e oul—it.anding indebtedness of principal and aecr•ue,d interesL .Mall be made to the CITY at such date SLipulate:cl in accor•dttnce with this Agreement. ', . l► The c i 1. y Loan Mla I l br :3e r:ured by ten Ilnconditional/1r revocrtl►1� Letter of Cr•edtL in favor of the C I TY , wit i e.h :;h,e 1 1 lit, va I I e:cl upon fill hour.-3 wr i tte ti not I ecr . A copy oC' .,aid Letter of Credit is attached and incorporated here fig as Exhibit S. The entire balance- of the actual disbursed principal of the City Loan, and all accrued unpald interest thereon, shall become iutlnediaLeIy (file and pay at) Ie eittie r upon tine y• bankruptcy, reorganization, dissoluLion, or liquidation of Lhe BORROWER, or upon the sale, partial sale, refinancing, -6- ertchar►Ke, L#'an4f yr , sale under• f Iosltre, or c►Llte -r, dlspositioil of the> I'►•()je,A Site, irnirt•nvi•metits and/or e•apil.aI e(IuItime nt. 31Lua1,1 ed the,reror►, as i:; mare parLieulAt- Iy :teal forth iti A►•t.icle:. VI I I ani1 XI I i►erein• •fhe I cpApiwtttof t.ht, ►' i t y Ivan sha 1 I be uncotid i L i ona 1 I y and it•r-cvucably Kuavantevd by HOkHOWI?H l.he. entire per•lod of, i,he oan by v f rt.ue of t he Let tet of Cvcd i t . t' 1 i,y Imall d i , bit I :;e►netit, :i :;ha 1 I he made i it a i ump stirn payrnNnt. it Ioll1) w i th 1)I-o ,f• by 1.he Hc)HHOWEH th.►t. t, tit a payment sat i s;Uy all rnot•Lpages on Lhe property. NorLher•n Tr- us1, Batik of• FIOI•ida wi II be per•mi l.t.eef Lo have a i ien oil tht- prt►pe!rt.y as pat•L i a 1 gttarante e fc►t- the LetLer of Ct,edi t i ssued or► behaI IF of Lite Yi4CA of Gt•eal,i,v Mi anti , 1tw. . ',. lt) The C i t.y Iman may be pr•epai el at, any t imt, w iI.hout penal ty. ',.11 Alt paymetiLs clue t. lit- CITY undev Lhis Agreement or• its Hxhi bi Ls itr•e H.iyabI(? Lu: C I Ly of Miami , c/o Finance Ui r•ecLor•, 3')01) Pan Am►er•i car► itrive, Miami , Florida i S1 S3 (or to such oLher addr-ess its the CITY roay, in wriLIrig, ties igrtaLe). All paytne,rtLs wust be made oil week -days during regular business hour, and musL be within the times required by Lhe CITY. YI. REPORTING: 0. 1 lioldwWHi slid 1 1 pr•ov i de the CITY wi Lh an annual report of all f I►rol;t•am:i at l,ltc t'enl,ev anel it yvat' 1 y copy of Lhe au:ioc i al. i on { dud iL. 0 H(1HHl)WEH strap dimply with all appIiea1)1e provisions or the C i L y of Miami Nir:iL Source Hiring Ordinance, Ordinance No. loon?, a copy of which is attached and incorporated as part, of this agreement as Exhibit it. The First :Source Or•dinane:e shall apply to all construction r•e:sultitig from this agreement. BORROWE'N shalt ut i 1 i zt.3 Lice C ITY's Neighborhoods Jobs Prugraw to recruit CITY residents who may qualify for these jubs. $r +32 a 3=� a Ji 6 J} f 0 IM1,1140WI-Ai :;ha l i a 1 tic, prov i de to t he (' I TY i send artntia l r•cport. detai I ir►H these joh:; created dur inf; 1 he per•Iod of 1 tit. all, ieeoff enl at the II(►HH()WV1H's compli,ew- with (r-it iriance No. I U(► i,. I'he rel�or t i IfP,, for•nf i s i fit, 1 etcicil he rc i n .I s F.xh i h i t 11 . h• i Thv 'ftidit is due' one hundred eigItI Y ( Ifit) ) clays a11.vI 1.110' I u:;e of earl► ("I I endaI- Year ( oI 1 i sva I year of fieci pi t•nt. ) dltr'i nf! the t.vvinf of I.he t' i ty Loa11 Ic . rl fit )if W)WV11 :;ha I 1 Ilrov i tit, I he C I TY w i tit add 1 1, i ona I pr•ogr•arn irifornfat.ion a:; i:; rea:;on,shly needed which the lil)HHOWEH will Coo i-if i;If , Iroin Lime to tune, 1,o the C1'I'Y, at L h e r•egtoest of the C i t,y MaIlal;er•, or• hi s arit,hor•i zed clew i gnee, and/oi- Life ('onuntin i l.y Deve I olcnrerit. I►E rector. A I 1 vepoi•1, i t•i,yti i red by 1 h i :i eont ract, ( or• :fti(h other t•cpor•ts A.'; .ire r-ea:;un,ibly Ieyue:;teci by Life CITY) will be ftir'nished by Life IMIIHI)WEIi I o t he (; I'I'Y, e-/o ('onununJ Ly )eve lopmertl. I)it•ector, IIll') Nor-thwc:it, I Ith Ur•eet, Miaini, Florida '31136, wi 1,10 if the L irne:; reyti i red by this contract and iLs exhi hiLs. Maintaining _Hecor•ds and flight to Inspect: f,.li HIMWVH :iha1 I : ( i) keel, itIId mainLain books, recurds and other ductimcnts re I,it. i ng d i r•ecL 1 y Lo Life r-ecel pL and el i:;bur :;c nfenl, c,l' ::tieh t' I'I'Y fund:;; .Inci ( i i ) iIny drily arithori zed repre :;entat. i ve o(' iltll), CornptroI I er General of the Uri iLed States, or Lhe CITY shall, at, all r•easotiablt? Limes, have acce:;:i to and l,he I•ight. Lo inspect, copy, audiL, and examiife all :;uch book:;, rtreordri ;end oi.her• document3 of :such BORROWER at such place within Facie County, Florida (incltiding a City cif' Miami office or- Life 130HHOWER's Dade Cutint.y 0ft'ice) re:; wi I be deg:iigiiat.etl by the CITY ur^ Lhe. Secretary tint it the conlplet ion of 411 c lose -out procedures respecting this Agr•eement, the final settlement and cunr.lIts ion of a I 1 issues arising out of Chia Agreeme tiL, including;, without limiLation, repayment of the loan. Access to__I'roJect: 0 ob B0HI40WEH agrees that any duly authorized representative of a� IIIIU or C J TY shall, at all reasonable Limes, have accelion to -8- 0 gel 1 ol. any po► 1 i r,n:; c,f' the frcr.ject i n wit i ch Ict►HROWE 1 i nvu 1 vvd lint i t It he cmnil 1 c-t 1 mt „f al l c l else-c,ui. procedu►,es respoot i nil t Ili :; Apt t,einevil . No Assignment or Sueces.4ion: h.7 I1101flHowkH agrees that Im tI•allsh"r. „, CITY funds by ill,, CITY to the ItO RHOWI-:H :;ha l I he c,r be deemed an assignment of City I,oan funds, but, Vath,'l it, is expres:;ly understood and agree'd that there fund:s lry a loan to be r•crl,a i d as provided for herein. Financial -Capacity: The; IS►III Hl1WFR sha I I pi-ov i de sat i s Cactory ev i Bence to the Irepal'Lment, uf' C(mimun i ty Development that the BORROWER has suf'f l c i t-rlt. funds tci comi,l ett, the IT jeot pri or 1, o the d isbur•:,ement of any I'unds. s vll. INDEMNIFICATION: Y. 1 IMHHOWI-Ai :;h,ll 1 in(lonlni l'y and save CITY, its of fic.lal.s an(I/or ertrployees, jc',intly and :jever•ally, harmless from and against any and all claittl:;, cic:mandca, quits, pr•oc.eedirigs, actions, debts, liabilities, losses, and causes of action which may arise out of BOUROWEH's aeLivities, :actions undertakings and/or- uses under this Agreement, including all other acts or omissions to act c,n the par•L of HORROWE R, or ally other agent or' representat i ve of the 1i014HOW 1".It, file luding any 's person acL i rtg Cot' c,t' uri its behalf', from and agai rival, any relevant liabilities, losses, damages, costs, expenses, orders, judgments, or, decrees which may be entered against Lhe CITY; and t'rc,n► itnd against all costs, attorneys' fees, expenses and Iiabilitie:a incurred by Lhe CITY in the defense ,.1 of any such claims or in the investigation thereof. This indemnity :shall be IimiLed , in terms of liability of the N014110WFR/ l ndeuut i Lor, to Lhe sum of One Million One Ilurrdred 1; Fi CL y Thousand Do 1 I ar-s ($ 1 , 15o, UA(1. oU) , with accrued interest, or the alnotanl. ouLstanding with accrued interest, whichever is less. This indemnity will apply to any and all u 3+ -9- W VA 0 (- Ii ut:;, �Ic-111.11141:;, :;It i l :;, I i,thi lit it,:; '111(1 11,tymc,nl.:;, whcl.her• ) 11 tort, u► i it curtl 1 'I(A , i n 1 aw or 11t e(I1111,y, anti Lhe HIM 111)WE11/ 1 ndcrnn i I.ur' wi 1 1 h(r rr:;Itun:; 1 1, 11- I ur, t.111, a c I :; and umtsni(ills ()f 1I1 Ict'►iOit's , 11rill.; (it' 11:;i►te;,:t 1-111.i1.it.:; d i r•ec•t I y or- i lid i ri-rI, I y vmpl eyed by Lhe hOliHOWEli, orh 1 s 4-oil Lr.lctur 9 ill I.I. 1 al. i ()It to Lh i s Pr•u je(A • The 110"HOWEII sha 1 1 i ndt�lnn i I'y anki lit, FF.nd I lit, U I'I'Y , i 1.:3 (, f I' i c• i .j 1 :; '111(1 cIll lt I clyces, and, '11. i1 :► vx1)c[I:;I I , ;t11lit -it r', defend Ind pa al 1 e h;+r qes of attorney.-i, a l l cu:;l.:; ind 11;0) i 1 i 1, i e m, and ga l I judlyineiiLs acid other expeti:;(,s ari:iing I'r•um or incerrr•ed in cotmection wtLit :3ucIt Itc1, i v i t.y, ;11141 i I a I I y judIf, meltl. ()r• i1war•d 1)e I-vtI(Ic.rt e(I a9di list the ►: I TY i it any such act, ion, Lhc BORROWER shal 1 , at its own expense, :iat-ist•y and disc:h.irKc that judl{mer1L, final ordt.r or dt.cree, 1111i, .it iL:; own cost, '11141 exliellse, prosecute (it' defend lily 11)11 11 s t.her121'runt. Olie hundred dul lar s ($1UU.(lU) of tilt, I().trt proveeds con:;titul.es se parat. e and di nit I ne:t and i 1ill Frp rIId it 1, cur(:i i dera1, i ur( gi v e n by Lhe C [TY Lo Lhe WHO Fur• th(! l►,rant.. i it 01' th i s i ndAnni ty . l • Neeapturr!__ot' !•_urt(I3: CITY sha11 reserve Lhe rJ.ght Lo recapture funds when the 14014HOWER sltal t Fa i l : ( i ) to comply with the Ler•ms of this Agreement , i Ls exh i hi ts, artd r•el ev.anL laws rerfur red Lo therein, or- ( i i ) to .tcrepL (!ondiLions impu:3ed by CITY at tilt! direct. ioll of, Fed er,II, sLitte and lucai agencies. This :31!cLion i:3 provided fur• without prejudice to the C1'1'Y's (,Cher r'ighl's '111d rcuttrclie,:,, whic:h it, expressly rest!rve:3 :and reLdins• 1 • S Call Pr•ovisiorts: ThV City MdWtger• can call the Letter of Credit and shall notify lOINOWER of this call by providing them a written notice in accurd with Section 7.9.1 herein and this shall be deetned a notice of call complying with this contract. This cal evt I ) 11111► (10'e•r-111i rfr I.hal tht s project Is an 1tivI i Ki ble at•l.ivit.y; or', '9 The CITY needs this money to fund ongoing Community I)►, ve_ l opinurit a►`1 i v i 1, 1 es or• any o1.11er- Comrnun i t y Deve 1 optnent. Float, a1)pvove►1 prior to 1, It(- YMCA of (;realer• Miami, lne. Float wit ich are C i rva Barnes Sawyer f ov $7 .5 Mi I 1 i c,n Uol l al' vIoal, a $1)00,000 1 1oat to Indian Rivet Inv es1,mertt and t5.4 Mi it ion Float, to 7,atnitico Freedom Tower ; or {) A default in the agtreemerit; or, 4) That the Cit-y Commi:i:itott at its role discretion fur any c:tu:ie! ot' no cau:ie wh,il,soever consider:; appropriate Lo ea11 Lite loan at or after a public hearing A which this project in disc:u:saed. 1.11 NondiscriminaLion: It()IcliOWI-;R agi—vc:i Lhat, it shall not discriminate as to race, sex, color, age, oreed, or national origin in connection with its perf'orui,anc►r tinder this Agreement. (•5 Couplianee With _Me:deralL SLate and _Local _Laws: ItoLh part. i ea :;ha 1. 1 coIII pl. y w i Lit all appl icahle laws, urdinanr_es, and Leohnical codes of federal, state and local governments. 7.6 Award of _Agreemtq : BORRUWE'li warrants Lhat it has not employed or retained any person employed by the CITY to solicit or secure Lhis Agreement, and that, it liar not offered to pay, paid, or, agreed to pay any person employed by the c urY any fee, cummi 5sion percenLage, brokerage fee, or. gift the award of this Agreetne:nt . '(.'( Non_UelegabiliLy: The obligations undet•Laken by Lhe BORRUWE'R pursuant to this Agreement shall riot be delegated or assigned to any other person or f'i rttt unless Lhe City Commission shal l first con:lent in writing, by passage of an enabling resolution, to Lhe perl'or•mance or a:isignmertL of such services or any part Litereof by another person or firm. It is understood that t ltcr C I'1'Y h,t:c Vt� I I I'd (►rt t.hc li(►NHOWFI(' r3 f i 11.111(` i A I Cal►all i I i t i t :a :arid cr eel i L I.at. i r►1". f i [w I lid i fig, It(II(W)WK1(' .; ket I ef. ut i t) , i1.s unique. dvVv11)plitt�I►1 t`xl,t'rli,w 'illd illy withhul(l :such t•un:;1,10 . f . 11 Governing__I_.awi_Ye!nue; _Ifeasonable_ Attorrte ►y...t' Fees: AKrrerncnt ,Ji;L11 1w cowi1,r�ut•(1 a10 rttlurced itcvor(li111' to the law:i ul the "0;1tc ()f FIuri:iI. V(.t►ut, i(I it (:ivi I aci,iott arising out (;f this AE;r•r�eint�nt sh,tl 1 1)e in counts cif' contlWtenl. jur'i Sit i c1, i un :�i l.ual.t �1 i n I>:a(1( rut►nty, FIor'ida, 1 n l.hc event the c I TY i:; :ivd Lu i It:St. i 1.itU� ittty c iv i 1 act iort tot cnroi,ct this Af;r•ccin(-nt, or- collect any rnontc:i due by v i ►'Lue of t I I i ,: Ai{rcemernt, i Ile I lid j rill, courL costs itnd t,ea:ioriahl e attorney I s Vves, i tic 1 u(1 i ni; illy appellate coats, (►r• by virtue of .any hi.c.ich oI• (It?fattlt under' thi:3 Agr,veme:nt,. 'f.9 General Condition: (.y.1 All noLic(:s (it- t)thet' conun"Illeettiorts which s1»11 Or - ,nay be l;ivert pttr-stutnt to t.hi:i Agreement shall be i n wr- i 1, i it it sand :;ha l l be Ile 1 i ver-ed by personal tiery ice, or, by ►•egistered ►anti 1 , at the address i rt(i i catelf het•(, i it or as Lhe name may be changed f'r.onl L i ate to Lime. Such not. i cre sha 1 l be deemed 1;iven oit Ltit- stay MI which peI-:iona y served; o►-, i t' by mil i 1 , )It t, he f i fth (lay a f'ter be i rig posted or, the date of ,ictlia 1 r•ece i pl, , wh i chevet• is cat -I let': CITY OF MIAMI_ BORROWER City Maiiagev PresHeiit 31)00 Uaii Amet'lean Ur. YMCA of Greater Miami, Inc. Miami, Florida 33133 ?4U0 Biscayne Boulevard Miami, Florida i3137-4516 WITH A COPY TO: Clty of^Mfaa—mJ Dir•e:c:Luv of Comwill0 ty Development l Wj Nortltweat 1 1th Street Miami, Florida '.S_0.0 TItle itnd p,tviAgral►h livaiitigh are fot• cortventent reference anti at•(s nut a part of Lhia Agvesene3nt. Y IPA / • 4 • 3 No w.e i vi,t I) 1, I,reaI,II of Illy III,nv i :3 ion of t hi:, Ahreeme-I11, sha I I ronst it ul ,, If wa i vet of any sub;:e,ynvr,l, b► e"wh of LIf(, ;;,fine 01' any vlt►e•t . I,t ov i :; i ��i� (i� re u(, and no wa i ve.► sha 1 1 be of I e-vt i vs. fill I e•:>s lwid,. i if w►• i t, t n1; . (• y. 11 :>hou I d any IWov i s i c>ns, pavagraphs, senteences, words IW I'hta;;,;> ,-ontalned i►, this Agreeinoitt he detevinj need by a ct_,urt of competent juri sd i ct turf to be? i nv.l I i 41 , i I I ,-1"I I o►• Ill. h,,r w i Se ulwil fore e.,b I r under the Iaws of the State of h'lof, ida or, 1, lie CiLy Of, Miami , Sueh I,rov i lions, I,aralrraphs, sente tw-ers, words or, phrases shall be deemed modified Lo the extent necessat•y in oI'd er• Lo conform w1I,h such laws, or i I' not mod i f f a le to con I'or•rn wi l,h :3uc11 laws, LIWII s:tmer :,hall be duenied severable, and in either, event, Life rernaining toms and provisions of this Alrr•eement shall remain unmodified and in Full 1'01-cer and effect. 7.10 ilndependenL Contractor: BORHOWEH arid i t:i e-nip I oyees, and (there agents, shal I be deemed to be i.ndepe tidernt, contractors, and not agents or employees of CITY, and shall riot aLtai.n any rights or benefits under- Lhe Civil :;er•vice or, Pension Ordinances of CITY, or any vight:i generally at'I'ovde:d classified or unclassified employees; further they shall not be deemed entitled Lo Llic FIof. i(id Wuvkers' Compensation M, Mwinployment henef'its as an employee of C1'1'Y. 7. 11 Nothing contaiiied in the Community Deve.lopmerrit FloaL, or in this Agreement., nor any act, of HUD, l.he CITY, the IIOHHOWER, or any of Life pavt i e .3, shall be deuniud or con:3Lr'ued by ally of the parties, or by the third parsons, to create any relationship of third -party beneficiary, principal and ager►t, authorized representative, a ltill iLed or general. pdrtnerahip reIaLioil sh11), or joint venture, or of any association or relationship involving HUD and/or CITY. i, t � t he, 1. 1.' Successors And Assiivrs: TIT i :, Afriruterntltrl :;h,i l I h�> hi ntl i rif; Irpor► the I� at I, i es hc�rc� i n, 1, he i r itvi r•5, v xt,c•UtoI-s, 1 egal r•epresent.at i ves, SUCcessors, ar►41 aya t Nil:;, pr•ov I it(-d, howcvcl,, thi,l. lily :+uccesarrr• or .as:i i frill of the 11014H )WFIt InwO. Iw Ipprovvtl by t 1w C i 1 y Cmritni s:; i oll III I.he rnanr►er prov i ded for• here 1 n . DIlt•'AULT AND HEMED1 KS: li. 1 A default shall corlsIst of any of I.he following events, aeLa or fa I lures Lo iwA .aL Lire solt- anal excl usive opt. toll of Lhe Ci ty Manaf;er .,crt, t raft on behal f of the C ITY: (a) A material 1)reacIt of• any covenant, agreetnent, provI:;ion, or war•rar►ty ent.esred into between Lhe CITY and B0ItItOWER I•eIdt,ing Lo Lire Project; or ( b) The BORHOWll:H I:; Fa lure to punci.ual .1 y and ful ly pay any or al l pr•i tie pal mud/or accrued inl.erest, on the City of Miami Lo,arl, or ;,Fly installment Lhureof, in the: manner provided fur herein; of, ( c) D1 s:;ol tit ion, 1 rrrsol vency, bankruptcy, (vol unLary or involunLar•y) of Lhe BORHUWER; of, ( d ) Failure to mal.ntai.n the required insurance of, bonding; or (e) The Batik Is I'di lure to fully honor, the Letter of Credit upon call (it, pvetwnLaLion by Lhe CITY for payment oil such LeLLer of Credit or Life r•evocaLion or, stop paymetiL or' lxl,;;e of :su<;h LvLLer of Credit or ir►sulvency of bank i:asutrig atw-h LeLLet• of Credit; or, ( f') The 1;1NtuaIiee of a wr•iL of vxecutlon, attachment, gdrerl-;hurt:nL, „r sifit Ilar w r I L aI,aInsL any pvope:rLy and/or money aL or to be used for the YMCA of Greater Miami, 1r►c. pr•ujecL, or Lhe entry of a final judgment against lit)ItNl1WER (which is not appealed and stayed by l3UItkOWER) ; or J � t hl 11 �, yj�{ii h n•+8 v4O.tY31u If, l.he HI►tilti►W1,11i del III Its ur► hi 9 obl Igat ions a:i wilt, Ined in Agret�n► iil , 1.11t• t' I'fY m.,y e,, 1 I o►• dt,rn jn(I l)ayrnf,,nt. of I. he full balance due under the> Ill) It It OW1-1It1s better of, Credit, and/or in:31 iI'll it• ctr makI, any utt►r�r ,Ifp,-opr•iat.r c:lr11ms, no1.icc or• •,ct ion,; ;IIra in:;1 the Bit Itit()Wh;lt, as iL (ic,eIns ,11)1) -41 iaLe in il:;' �Ii:icIe1 tor►. The- CITY :311aII givN 1.ht- Ilt)ItHOWFIt one (1) wr•i I 1 I, if Not i ce of I>t•f,jttl I. suit i nf% w lat, :such dt'factll i:i. II ,i,ti(I Ile VHult, Im nut. I'll 1 I corret,Led within L h i rt.y ( {I) ) cunst•eut. i vo day:3 f r•()m tit(, dale of the not i c:e of aur.h defatrll,, I. he CITY m,ty cont.irjc►e stct:h auspenstot) of funds find, by del ivory o1, ont ( 1) fur•1 hor• writ,Lc+n Ito LIt,v9 I,I?r-tit inaI,e Lhi:; At,, t mc•nL upon Lhrec, ( 0 days from such wr•iUen notice of LerrninaLioil , anti/or cijl 1 the LeLLer of t:redit as pruvitl(:cl for in such insLrumenL, which shill be an aul.omatic LerminaLion and cancellaLiun of this contract, effective upon three (,i) clays. The CITY expressly reserves all of its' remedies, as iL deems IL. 8.3 i) If a de f'aul 1, occurs, the C i'l•Y may at any time, or f'r•om time Lo l,imt.r Lhc>r ea1'Ler, pr•uLect and enforce all r.ighLs available to it under Lhis Agreement by suit, in equity, action at law, or by any other appropriate proceeding ot• action, whether for specific performance of any covenant or agreement contained in this Agreement., and/or damages, and/ur breach, and/ur '1 re:;cis5iun, inelndinlr, wiLhouL l iuti Lat.ion: calling Lhe =t1 LeLLeI, of, Ct•e•di L, ac:ceteratioil cif the then ► out.:iLarid i f I g 1)1 i 111, i 1)a l and i nt.eresl, wh t ch sha 1 I becoure ifill" udiitLcrly f'uI I dot! and paya1)It:, with IiiLer•e:it., along with costs and r•eationabIe attorneys tees incurred by Lhc, CITY ill any civil action, and/or seek any other r•e 1 i ef', remedy, of- acL i ou and/or proceed to take any acLiun authorized or permILted under, applicable lawn, rules, or regulations. li) !n Lhc: event of a default and a call on the Letter Of Credit 1s made by Life CiLy Manager and the bank doers > y r k tF; IV- AN not, holier. I he "ill i within lift Imill's, I Iran the HORHOWE:H :Thal l he l i Able Lu pay i lit erf"sl ;41 prime r-ate fill tilt, mOni c"s d i and reI-v i vI by IMHHOWFH From t hey date ul I hf, I)arrk'a fai Hire lv honor said gall LO the (I'iI v of payrnt'nl . Regal ci 1 •:;:; of t hc ox i stem. I,et l er of lied I t. I.he It OltHi►WI',H :;li,r 1 1 hc I i girl e fur• 1-1•I1,1yrnent. of pr f rif• i p.r 1 and <ic o1-111,41 1n1.vI,est Lu 1, lit, City f,f Miami in �irrc,rcl.rnc:c to l he t.er ins c►f' 1.11 i:; 14)a11 agI,vemf-nL and its; exIIi1)il.s. fi.)1 If a default, ov(-1lr•:; on the part Of' Uhl' CITY, the 130HHOWE:H pray a .lily I. i me , ur from L i me Lo L i me t.IieI-va fter , 1)roL(!cL and en force it I I ri ght.:3 a v a I 1 a1)1 a Lo f 1. under thi s Agreement. by suit in vflrrIty, act. ion at law, ur by any Other epprupr•iaLv prml-ei'd I lily, , whel.hcr• fur :;1) c� i f'i c per f'ovilrance of any covenant ur al;rc'emelit con Lai ned in Lhis Agreement, or other re ieUp or proceed Lo Lake any action authorized or permitLed under applicable law or regulations. LinitaLion of _CiLy !. abi liLy _fo!I�ro ecL ActivlLies: 8.5 BURROWER acknowledges Lhat the C1TY shall not be liable to Lire 130100WEH, or to any party, for completion or inspection of', or the failure to complete, or Inspect, any activities which are a part of the Project (except the CITY's failure to without ,just cause, such as lack of funding or real location of such fuming at, the r•e(Irrest, Of' IIUU, not make the loan to BOHROWEII as sped fled Sect ton 5. 1 of 1,his Agreement, in which event CITYIs sole liability shall he to make :such loan). ADDITIONAL GENERAL PROVISION: 9.1 BOHHOWEH accepLa City Loan Funds so appropriated in accur•danue with Lilt- Lehinj of th'ls Agr~e:c:mf!rit. y.? 11URIlOWI•:I1 agrees: 'J. `4u y.1.1 To malnLain it separate, independent, distinct a checking aceounL, and to deposit all City Loan i. T h'und:; I'VCC i vend 111 31101 ,Ic C(Mill , lild fit) u1.tle I I Ilnd:; in said account. The 11011HuWER will not allow vo-ming]irlp of such Iutl(I:3 witll ,Iny otlivr• moni►."1 ut• ctomme r� i a l i nr;t t 111flent :;, aIld in. Ikf, a I 1 d f Rlrltt :;e•me n1. of l' i 1. y 1.1)aI1 funds I rc►m sa 1 d account ; c). 2. �' To1►r uer ud� a I 1 doc urnent.ti, i tic lid E nK, wi Lllout. Iimitat, ion, c•anc;eI Ied check.;, money orders, bank :itaLe'tne'tILN, de posIts, wltlldl-aWet1S, draws, d i and change order- forms, avell i tecLul•a I , construct. ion, ent;irleerl tog and cc,ll:;ul t.•IIIt. c-otlt.rac;t payill c-nl.:; t•easunably requi t•ed upcm veclucrst, by the C IT•.Y. 9. 2. S To c otl:;c;llL to Stich audits as may be required by the CITY c,r HUD. y. ; HORHOWEH assur•e:i the CITY LhaL the l'r•ojecL will be completed by HORROWER in it I it•st class and t.J.ink! ly fashion and in accordance with Lhii contract., its exhibits, technical codes, and all applicable federal., sLate and local laws. 9.4 The CITY and H()RRt1WER warrant that the parties have obtained, or- have r•eits unaLoIe assurance that they will obtain, all federal, stdLe and local governmental approvals and reviews r•equir•ed by law to be obtained by the CITY and HURRUWE•:It fur Lhi s Nt uject. X. 1NTERmT OF CERTAIN FEDERAL OFFICIALS: 10.1 No member- of of- Delegate to Lhe Congress of the United i :1taLes, and no ke5idctnL Commissioner-, shall be admitted to any share of, part of this Agreement or, to any benefit to s arise from same. XI f KQUAL EMPLOYMENT OPPORTUNITY: 11.1 i BORROWER agrees to abide by the Equal Opportunity Clause for Contracts subjeeL Lo executive Order No. 11246, as described !n Exhibit G, which is attached and incorporated herein. �?4 `r xx f. ttttt■I TERMINATION OF AGPIREMENT: 1,'. 1 till e.ss ol.ifcr•wi ,w or. e..er l ien• tern►i nat ('(I by the C I't'Y Im 1-sliant. 1 e, l.be. Lvr rn:; arld e e,nd i 1. ie,n:; of this Apr•e,e-rnent., ot• by mutn.s 1 ­on:wnL e,f the W1104nWFIt .end 1.11e, CITY, 110.,; Agr•ee�rntmt, shall terrmiriat,e cil,on the' 00111l,lf-t.ion of 11 1 cIelse-nut. Irr or,edut es r e:cl,e c't. 1 rrr" 1 It i :: Ag re vnwrrt. .ertd Lhe 1' i r►a l :;vt.l. l c.n►e.r►t. ,Itid c onr l crrs i on bet werun 11ORItOWFit and the t' I TY of a 11 issues .ir• i s i fig ouL o f 1. hey I oan, 1.1111 errs ol.ht!t•w i :;e I,ruv i deal 111 Lhe e I u.;e-oul. Agrr•e(-ment, twt,ween 1101111OW101 and Lhe C) TY . � Xlll. t1'l iER t: FDKNAI. ItEQU I RNMF.NTS: 1 i. 1 HORROWER agree,:; to abide.: by Lhe: Nr•ovislons described 1n 7, which is at i.ached and deemed incorporated herein, by referenue. XIV. AMENDMENTS: Ill .I No AmendmenLs 31wII be made to Llri Agreement unless in wr•itirig and signed by atit.horized officers of the; 110ItROWER and Lhe City Marragrer. XV. ENTIRE AGREEMENT: 15. i This Agreement and i Ls Exhi Lit Ls ( whether attached or deemed as being incorporated by reference) contain Lhe ell LJ.re Agreement, between Lifer Ir.►rLie3 and shall not. be modified in ally triatmer except by an appropriate imstr•uinerit in writing. 'Phis Agreemewrtt, ul,on becuming eff'e:cLive, ;shall supersede and a annul any and all agi,eemeiiLs her•eLofor•e made, issued or conLeiuplat,ed f•ur Lhi:s I'r'uject betweresn the CITY and the l OHROWER which stia l l hereafter be voles and of rro ef'feet. XV1. INSURANCE CKNTIFICATKS: y 16.1 A Comprehensive General Liablllty policy in the amoulit of One: M i l l ion Do l la►•s ($1 , 000, 000.00) Ulm l include Leer G Following coverages: r _18- 7 4 A ConLra(A.ua) covel - age. t, . The In)IIHO WFli sh.t 1 I be named 'Is .►dd i I i c,na 1 i nsured . C Broad Form lit•cil,er•t y endorseinent . d . Prod uc.ts itn(i cc)ml,l 0 cad c,Iic•r"+I i onc;. e. lrtdel,etldent. c,ontr•actors. f. Personal injury lial) iIity. g. Proof of Worlcc�r-,s I'oml►ensation II be provided per statutc,ry limit„i (Chitpter• 11ItO, Florida Uatutes)• 16. 1 . 1 Compliance With insurance Requirement: The 110HHOWEH, througll its own fault or negligence, shall not violate ur' hermit any occupant of the YMCA of Greater Mi.tmi, Iric. Site, or• any hart thereof, to violate any of the conditions ur pr•uvisions of any such policy, and I1MOMWEH shall so perform and satisfy the requir•ernent;i of the cotnl,arties writing such policies su that jit all t.in►ea c()ttllianies of good standing shall be w i 1 1 i nb to write alid/or• coat roue silel► i iisur•ance . 16. 1.2 D!q)osiL of _Certificates: Copies of Certificates of insurance evidencing the coverage required to be rnaintaitied by BURROWER � hereunder shill be delivered to CITY's Insurance i Manal►cr . In conneeLion with all insurance policies required to be maintained in accordance with Lite provisions of Lhis Article, IIOHI(UWh,H slial1, at least thirty ( 30) days ;{ prior to the exl,ir•atiOtt of any such policy, deliver to the CITY Irtsurance Manager copied of renewal policies ev idenc ing the ex i titellc a Lhereof', to Lite part ie:s hereinabove provided. l XY 11 . No I.iLFNS- PAYMENT AND PF.RFORMANCB BONDS: ;I ly.1 IIOHNOWEN agrees that it willat all times save CITY free and harmless and i rtdemn i f'y it against all claims f'or labor or maLer•ials in connection with improvements, repairs, or operations on Lhe Site, and the costs of defending against such claims including reiasurrable attorneys' fees. A4, -1y IN WITNI�.tiS W1IEHEOF, the parties hereto have caused this iristr•ument to be executcd by the rvspec:tive officials ther•eunto duly authorized, the day and year first above written. CITY of MIAM1, a municipal corpur at iori of the Slate of ATTEST: FIorii1a Ily _ CF.;AIt If. ODIO City Clerk City Manager ATTEST: BORROWER: YMCA of Grcater Miami, Inc. --- - -- ---- By CcirporaLe Secrel.ai•y F. Fvonne Ragl irn, President A C.M.U. (.Seal) WITNE.SSE'S: BURROWER) �- APPHOVED AS TO FUNDING SOURCE: AND AVAILABILITY: Finance Director APPHOVEU AS 1•0 INSURANCE 14EQUIREME:NTS: Insurance Manager APPROVED AS TO FORM AND CORRECTNESS: JORGE L. FERNANDE2 City Attorney a40— CITY OF MIAMI. FLORIDA INTER -OFFICE MEMORANDUM Honorable Mayor and Members C:L 7 1988 To of the City Commission DAYS vz VO FILE Proposed Resolution su���cr Pertaining to the TMCA of Greater Miami, Inc. Cesar H. Odio FROM City Manager i, REFERENCES: •. i ENCLOSURES: RECOMMENDATION It is respectfully recommended that the City Commission adopt the attached resolution providing $1,150,000 in Community Development Block Grant Float Funds, for the refinancing of the existing debt incurred by the YMCA of Greater Miami in the acquisition of the YMCA Carver Branch site. BACKGROUND The Department of Community Development has analyzed the need to enter into an agreement with the YMCA of Greater Miami, Inc. for the purpose of refinancing the debt incurred with the purchase of land for the new Carver Branch YMCA located in Model City. The new facility will benefit residents of the community and serve to improve the neighborhood and the City's revitalization efforts. The City will provide one million one hundred fifty thousand dollars ($1,150,000) in a form of a loan from the Community Development Block Grant Float Loan Fund for a two (2) year period at ,.-ie percent (1%) interest. The City will hold an irrevocable and unconditional letter of credit for the same. This loan is made utilizing federal funds and, as such, is subject to all federal regulations. " E A.; tq� k