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HomeMy WebLinkAboutR-87-04821� RESOLUTION NO. 87-482 A RESOLUTION OF THE CITY OF MIAMI COMMISSION APPROVING TRANSFER OF THE BALANCE OF THE SWIRE BISCAYNE INC. GRANT FOR THE EAST LITTLE HAVANA SITE TO BARNETT BANK OF SOUTH FLORIDA, N.A. AS CONSTRUCTION LENDER FOR THE PROJECT AND DISBURSEMENT OF SAID FUNDS IN ACCORDANCE WITH THIS RESOLUTION. WHEREAS, on February 27, 1986 the City Commission did pass and adopt Resolution No. 86-169 which approved, among others, the East Little Havana Site for the Construction of low/ moderate affordable housing units; and WHEREAS, Resolution No. 86-169 required that the funds to be contributed by Claughton Island Developers for the development of such units be held in trust by an escrow agent subject to the approval by the City Commission of a construction disbursement schedule, and subject to 20% of such funds being withheld from disbursement by the escrow agent until the completion of said units, and subject further to the interest earned on such funds being paid to the City of Miami; and WHEREAS, on May 7, 1986, the City Commission did pass and adopt Resolution No. 86-341 approving the construction disbursement schedule submitted by the East Little Havana Community Development Corporation for the construction of said low/moderate affordable housing units at the East Little Havana Site subject to certain requirements as contained therein; and WHEREAS,- pursuant to the foregoing resolutions Swire Biscayne Inc. did pay the sum of One Million Six Hundred Thousand Dollars for the construction of said housing units at the East Little Havana site to an escrow agent; and P WHEREAS, Barne % Bank of South Florida, NA' ., together with the ford Foundation and Local Initiatives Support Corporation, has agreed to provide a construction loan in the total amount of $4,150,000 for the construction of said units; and WHEREAS, the said construction lenders require as a condition of providing said loan that the balance of the funds provided by Swire Biscayne, Inc., and now being held by the Dade Foundation as escrow agent, be transferred to Barnett Bank of South Florida, N.A. to be disbursed by said lender pursuant to the terms of its construction loan agreement with East Little Havana Housing Venture prior to the disbursement of any of the construction loan funds; NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE CITY OF MIAMI, FLORIDA: Section 1. The City Commission hereby authorizes the transfer to Barnett Bank of South Florida, N.A. of the balance of the funds provided by Swire Biscayne Inc. for the East Little Havana site, which funds are now held by the Dade Foundation. Upon transfer of said funds to Barnett Bank of South Florida, N.A., said funds shall be disbursed by Barnett Bank of South Florida, N.A. to East Little Havana Housing Venture, the developer of the East Little Havana site, for the construction of low/moderate-affordable housing units to be constructed at the aforesaid East Little Havana site. Section 2. After the transfer of said funds to Barnett Bank of South Florida, N.A., said Bank is authorized to disburse the balance of such Swire Biscayne Inc. funds for any purpose provided such disbursement is approved by the City Manager of the City of Miami or his designee. —4192 ; �,.7I in addition, it shall no longer be required that twenty percent (20%) of said Swire Biscayne Inc. funds be withheld from disbursement until completion of said housing units. After approval of the disbursement of Swire Biscayne, Inc. funds, the City Manager shall inform the City Commission promptly in writing of the purpose for which the disbursement was authorized and the amount so authorized. Section 3. To the extent of any conflict between this Resolution and Resolution Nos. 86-169 and 86-341, the provisions of this Resolution shall govern. PASSED AND ADOPTED this 28th day of May, 1987. ATTEST: i TT H RAI XAVIER L. SUAREZ, AYOR City Clerk PREPARED AND' APPROVED BY:9��a APPROVE TO FORM AND CORRECTNESS: LUCIA V. DOUGHE Y City Attorney 1976W482 4 .2 RESO�ION PROPOSED BY EAST LITTLE HAVANA HOUSING VENTURE FOR CONSIDERATION BY THE CITY OF MIAMI COMMISSION RESOLUTION NO. A RESOLUTION OF THE CITY OF MIAMI COMMISSION APPROVING TRANSFER OF THE BALANCE OF THE SWIRE BISCAYNE INC. GRANT FOR THE EAST LITTLE HAVANA SITE TO BARNETT BANK OF SOUTH FLORIDA, N.A. AS CONSTRUCTION LENDER FOR THE PROJECT AND DISBURSEMENT OF SAID FUNDS IN ACCORDANCE WITH THIS RESOLUTION WHEREAS, on February 27, 1986 the City Commission did pass and adopt Resolution No. 86-169 which approved, among others, the East Little Havana Site for the Construction of low/ moderate affordable housing units; and WHEREAS, Resolution No. 86-169 required that the funds to be contributed by Claughton Island Developers for the development of such units be held in trust by an escrow agent subject to the approval by the City Commission of a construction disbursement schedule, and subject to 20% of such funds being withheld from disbursement by the escrow agent until the completion of said units, and subject further to the interest earned on such funds being paid to the City of Miami; and WHEREAS, on May 7, 1986, the City Commission did pass and adopt Resolution No. 86-341 approving the construction disbursement schedule submitted by the East Little Havana Community Development Corporation for the construction of said low/moderate affordable housing units at the East Little Havana Site subject to certain requirements as contained therein; and WHEREAS, pursuant to the foregoing resolutions Swire Biscayne Inc. did pay the sum of One Million Six Hundred Thousand Dollars for the construction of said housing units at the East Little Havana site to an escrow agent; and WHEREAS, Barnett Bank of South Florida, N.A., together with the Ford Foundation and Local Initiatives Support Corporation, has agreed to provide a construction loan in the total amount of $4,150,000 for the construction of said units; and WHEREAS, the said construction lenders require as a condition of providing said loan that the balance of the funds provided by Swire Biscayne, Inc., and now being held by the Dade Foundation as escrow agent, be transferred to Barnett Bank of South Florida, N.A. to be disbursed by said lender pursuant to the terms of its construction loan agreement with East Little Havana Housing Venture prior to the disbursement of any of the construction loan funds. NOW, THEREFORE, be it resolved by the City Commission of the City of Miami, Florida: Section 1. The City Commission hereby authorizes the transfer to Barnett Bank of South Florida, N.A. of the balance of the funds provided by Swire Biscayne Inc., for the East Little Havana site, which funds are now held by the Dade Foundation. Upon transfer of said funds to Barnett Bank of 87-4n. qr� /' v r f South Florida# N.. , said funds shall be disbursed by Barnett Bank of South Florida, N.A. to East Little Havana Housing Venture, the developer of the East Little Havana site, for the construction of low/moderate-affordable housing units to be constructed at the aforesaid East Little Havana site. Section 2. After the transfer of said funds to Barnett Bank of South Florida, N.A., said Bank is authorized to disburse the balance of such Swire Biscayne Inc. funds for any purpose provided such disbursement is approved by the City Manager of the City of Miami or his designee. In addition it shall no longer be required that twenty percent (20%) of said Swire Biscayne Inc. funds be withheld from disbursement until completion of said housing units. After approval of the disbursement of Swire Biscayne, Inc. funds, the City Manager shall inform promptly the City Commission in writing of the purpose for which the disbursement was authorized and the amount so authorized. Section 3. To the extent of any conflict between this resolution and Resolution Nos. 86-169 and 86-341 the provisions of this Resolution shall govern. PASSED AND ADOPTED. This day of May, 1987. Xavier L. Suarez Mayor ATTEST: Matty Hirai City Clerk PREPARED AND APPROVED BY: APPROVED AS TO FORM AND CORRECTNESS: Lucia Dougherty City Attorney DRAFT 5/27/87 2818j s7-4s;