HomeMy WebLinkAboutItem #87 - First Reading OrdinanceJ-86-1053 I
12/2/86
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ORDINANCE NO.
AN ORDINANCE APPROPRIATING
FEDERAL URBAN DEVELOPMENT
ACTION GRANT FUNDS (UDAG) FOR
USE AS A SUBORDINATE LOAN TO
CRUZ DEVELOPMENT COMPANY AS
PARTIAL FINANCING FOR THE
CONSTRUCTION OF A 415-UNIT
RENTAL HOUSING APARTMENT
COMPLEX ON PARCEL 24 OF THE
PHASE I REDEVELOPMENT AREA OF
THE SOUTHEAST OVERTOWN/PARK
WEST REDEVELOPMENT PROJECT.
WHEREAS, the City Commission authorized, by Resolution No.
85-752 on July. 18, 1985, the submission of an application for an
Urban e�enb.,Action Grant (UDAG) to the United States
y,
Department pusing and Urban Development (HUD) to provide
subordinate f' ancing for a rental housing project to be built by
Cruz Developme Cympany on Parcel 24 of the Phase I
Redevelopment Arm--iT--:iTte Southeast Overtown/Park West Community
Redevelopment Project; and
WHEREAS, a Preliminary UDAG Grant Award in the amount of
$5,643,000 for said appTca.tion was announced by HUD on July 3,
1986; and
WHEREAS, a Grant Agreem t has been prepared by HUD for
execution by the City as Recipie ;
NOW, THEREFORE, BE IT O'RDAINEDqk-.ZiE COMMISSION OF THE CITY
OF MIAMI, FLORIDA: NAGrano
Section 1. An Urban DevelopGrant in the amount
of $5,643,000, approved by thetes Department of
Housing and Urban Development asB-86-AA-12-0084, is
hereby appropriated for use asate loan to Cruz
Development Company for the construction of a 415-unit rental
apartment housing complex on Parcel 24 of the Phase I
Redevelopment Area of the Southeast Overtown/Park West
Redevelopment Project as provided for by the terms and conditions
of the Grant Agreement for said Grant.