HomeMy WebLinkAboutItem #15 - First Reading Ordinanceits
ORDINANCE NO.
AN ORDINANCE APPROPRIATING $360,000, FROM
THE SOUTHEAST OVERTOWN/PARK WEST
REDEVELOPMENT TRUST FUND FOR THE PURPOSE OF
MAKING AN INTEREST PAYMENT ON A HUD SECTION
108 LOAN FOR PHASE I LAND ACQUISITION AND
FOR MARKETING SUPPORT AND ASSOCIATED
REDEVELOPMENT PLANNING ACTIVITIES FOR PHASE
I HOUSING DEVELOPMENT; AUTHORIZING THE CITY
MANAGER TO SEEK APPROVAL FROM THE DADE
COUNTY COMMISSION FOR USE OF REDEVELOPMENT
TRUST FUND°REVENUES FOR THESE PURPOSES.
WHEREAS, by Resolution No. 85-742, the City Conunission
authorized the execution of a PromissoryCt for a Section 1P8
Loan in the amount of $5,958,400 for Pha� I land acquisition for
the Sc,.theast Overtown/Park West C u ity Redevelopment Project;
and
WHEREAS, an interest nt in an amount not to exceed
$260,000 is due on the aforementioned Section 108 Loan on August
1, 1987; and
WHEREAS, market g funds in an amount not to exceed $100, 000
are needed to sup rt ase I housing development as part of the
implementation ac`` ' sties for the Southeast Overtown/Park Wiest
Community Red loent Project; and
WHEREAS, Southeast Overtown/Park West Redevelopment
Trust Fund has been established to receive tax increment monies
generated by the Southeast Overtown/Park West Community
Redevelopment Project, from which funds may be appropriated to
cover certain project costs, including project financing costs
and other project implementation expenses; and
WHEREAS, the Southeast Over town/Park West Redevelopment
Trust Fund contains sufficient balances to allow draws to be made
from said Fund for these specific project activities; and