HomeMy WebLinkAboutItem #89 - First Reading OrdinanceJ-86-1069
12/2/86 it V
ORDINANCE NO.
AN ORDINANCE APPROPRIATING
FEDERAL URBAN DEVELOPMENT
ACTION GRANT FUNDS (UDAG) FOR
USE AS A SUBORDINATE LOAN TO
CAN-AMERICAN REALTY CORPORATION
AS PARTIAL FINANCING FOR THE
CONSTRUCTION OF A 350-UNIT
RENTAL HOUSING APARTMENT
COMPLEX ON PARCEL 37 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
Urbannm t Action Grant (UDAG) to the United States
Departmen f Housing and Urban Development (HUD) to provide
subordinate ancing for a rental housing project to be built by
Can-Amercian R Corporation on Parcel 37 of the Phase I
Redevelopment Area_,Stheast Overtown/Park West Community
ti
Redevelopment Project; and
WHEREAS, a Preliminary UDAG Grant Award in the amount of
$4,500,000 for said applica 10.0.. was nnounced by HUD on July 3,
1986; and
WHEREAS, a Grant Agrekfine4� has been prepared by HUD for
execution by the City as Reci v ent:�
NOW, THEREFORE, BE IT ORDAINED B THE COMMISSION OF THE CITY
OF MIAMI, FLORIDA:
i
Section 1. An Urban Development Act' n Grant in the amount
of $4,500,000, approved by the United S tes Department of
Housing and Urban Development as Grant No. B--AA-12-0083, is
hereby appropriated for use as a subord ate 1 o Can -American
Realty Corporation for the construction of a 35 -unit rental
apartment housing complex on Parcel 37 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.