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a/la/aa RESOLUTION N0. 88"WW
A RESOLUTION AUTHORIZING THE CITY MANAGER TO
SUBMIT AN AMENDMENT TO THE APPROVED
FOURTEENTH (14TH) YEAR COMMUNITY DEVELOPMENT
BLOCK GRANT (CDBG) PROGRAM FINAL STATEMENT TO
THE U.S. DEPARTMENT OF HOUSING AND URBAN
DEVELOPMENT (HUD), DESIGNATING FUNDS IN THE
AMOUNT OF ONE. MILLION ONE HUNDRED FIFTY
THOUSAND DOLLARS ($1,150,000) FOR A COMMUNITY
DEVELOPMENT "FLOAT GRANT" LOAN, DURING THE
1988-1989 PROGRAM YEAR AND INCREASING
REVENUES IN THE AMOUNT OF ONE PERCENT 0% )
PER YEAR FOR TWO (2) YEARS ; ONE MILLION ONE
HUNDRED FIFTY THOUSAND DOLLARS ($1,150,000)
PLUS INTEREST; FURTHER AUTHORIZING THE CITY
MANAGER, UPON APPROVAL OF SAID AMENDMENT BY
HUD, TO BRING BACK TO THE CITY COMMISSION FOR
APPROVAL OF ALL CONTRACTS AND AGREEMENTS IN
ORDER TO PROVIDE A LOAN TO THE YMCA OF
GREATER MIAMI FOR THE REFINANCING OF DEBT
INCURRED IN THE ACQUISITION OF A SITE FOR THE
NEW YMCA CARVER BRANCH.
WHEREAS. the City Commission approved Resolution No. 88-364
April 28, 1988, the submittal of an Amendment to the approved
Community Development Block Grant Program Fund Final Statement in
the amount of twelve million three hundred forty-two dollars
($12,342,000); and
WHEREAS, the YMCA of Greater Miami has requested a Community
Development "Float Grant" Loan for the refinancing of debt
associated with the purchase of a site for the location of at new
YMCA which will serve the community; and
WHEREAS, this Community Development "Float Grant" activity
will result in an increase of program revenues in the amount of
one million one hundred fifty thousand dollars ($1,150,000) plus
interest one percent (1%) per year for a period of two (2)
years); and
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W92REAS, said designation of Community Development Block
Grant Float funds by the City Commission requires amendment to
the previously submitted Community Development Program's Final
Statement.
NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF TAR
CITY OF MIAMI, FLORIDA;
Section 1. The City Manager is hereby authorised to submit
an amendment to the approved Community Development Block Grant
Program Final Statement to the U.S. Department of Housing and
Urban Development designating funds in the amount of one million
one hundred fifty thousand dollars ($1,150,000) for the Community
Development Program during 1988-1989, increasing revenues in the
amount of one million one hundred fifty thousand dollars
($1,150,000) plus interest.
Section 2. The City Manager, upon approval of said
amendment. will bring back to the Commission for approval of all
contracts and agreements pertaining to the 1988-1989 YMCA of
Greater Miami Community Development Block "Float Grant" Loan for
the purpose of refinancing of existing debt incurred with the
acquisition of a site for the new YMCA Carver Branch.
PASSED AND ADOPTED this Sth day of September ,
1988.
CITY CLERK
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COMMUNITY DEVELOPMENT REVIEW AND APPROVAL:
RA [ CA TANEDA. DIRECTOR
DEPARTMENT OF COMMUNITY DEVELOPMENT
FINANCE REVIEW AND APPROVAL:
C.xa%ps GARCIA, DIRECTOR
DEPARTMENT OF FINANCE
MANAGEMENT i BUDGET REVIEW AND APPROVAL:
coef
MANOHAR S. SURANA, DIRECTOR
DEPARTMENT OF MANAGEMENT i BUDGET
PREPARED AND APPROVED BY:
/�" 7111-14��
ROBERT F. CLARK
CHIEF DEPUTY CITY ATTORNEY
APPROVED AS TO FORM AND CORRECTNESS:
40198 CITY Y
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51
CITY OF MIAMI, PLORIDA
INTER -OFFICE
MEMORANDUM
TO Honorable Mayor
and Members
OAM AUG 3 J 1968 MLE.
of the City Commission
suuccr Proposed Resolution for
Amendment to 14th Year
CDBG
Fund Statement - Public
Hearing
FROM Cesar H. Od i o
City Manager • '•
RECOMMENDATION -
It is respectfully recommended that the City Commission adopt the
attached Resolution authorizing the City Commission to submit an
Amendment to the Fourteenth (14th) Year Community Development
Program Final Statement to the U.S. Department of Housing and
Urban Development designating funds in the amount of one million
one hundred fifty thousand dollars ($1,150,000) as a Community
Development "Float Grant" Loan for the purpose of refinancing the
existing debt incurred by YMCA of Greater Miami in the
acquisition of the YMCA Carver Branch site located on the north
side of 401 N.W. 71st Street, Miami, Florida.
BACKGROUND:
The Department of Community Development has prepared the
appropriate legislation for this public hearing •to be held on
amending the previously approved Fourteenth (14th) Year Community
Development Program Final Statement.
The Amendment up for discussion involves the provision of one
million one hundred fifty thousand dollars ($1,150,000) of
Community Development "Float Grant" funds to the YMCA of Greater
Miami for assistance in the refinancing of outstanding debt
associated with the purchase of a site for a new YMCA Branch
which will serve the surrounding area. The loan will be for a
period of two (2) years at one percent (1%) and will be
guaranteed by an irrevocable letter of credit from Northern Trust
Bank of Florida.
The City HAnager, upon approval of said amendment, will brio]
back to the Commission for approval all contracts and
agreements pertaining to the 1988-1989 YMCA of Greater 1,i11�8
Community Development Block Grant "Float Grant" Loan t4�1• =`'B�dr � ``
purpose of refinancing of existing debt tacurred wits
acquisition of a site for the new YMCA Carver Branch. yr`
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Attachment: Proposed Resolution