HomeMy WebLinkAboutR-86-0214RESOLUTION NO. 8 6 - 2 1 '4 �
A RESOLUTION AUTHORIZING THE CITY MANAGER
TO AMEND, IN A FORM SATISFACTORY TO THE _
CITY ATTORNEY, THE MEMORANDUM OF
AGREEMENT DATED SEPTEMBER 13, 1982,
BETWEEN THE CITY OF MIAMI AND THE MARTIN
LUTHER KING ECONOMIC DEVELOPMENT
CORPORATION (MLKEDC) DEFERRING IT
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QUARTERLY INTEREST PAYMENTS OF THREE
THOUSAND DOLLARS ($3,000) AS REQUIRED BY
THE CITY'S LOAN AGREEMENT WITH MLKEDC
riv
UNTIL MORTGAGE NOTE MATURES; FURTHER
AUTHORIZING MLKEDC TO APPLY THE 1986
INTEREST PAYMENTS TO ITS INSURANCE
PREMIUM ON THE LINCOLN SQUARE OFFICE
COMPLEX. g
WHEREAS, MLKEDC has entered into a contract with the City of
Miami Department of Community Development and with the State of
Florida Department of Veteran and Community Affairs to coordinate
economic development activities within the Model City area; and
WHEREAS, the City mandated MLKEDC to undertake, as part of
its 1982 work program, an economic development project within the
Edison Center Business District that will enable MLKEDC to become
financially independent from the City; and
WHEREAS, MLKEDC has purchased the Lincoln Square Office
Complex in the Edison Center business district of the Model City
area, in an effort to become financially self-sufficient and,
thereby continue to provide economic development services; and
WHEREAS, MLKEDC is required by the aforementioned contract
to provide !a comprehensive policy of liability, theft and
property damage insurance; and
WHEREAS, MLKEDC's insurance premium on the Lincoln Square
Office Complex increased from $5,700 in 1985 to $24,329 in 1986;
and
WHEREAS, MLKEDC requested financial assistance from the City
and County to assist them with this unforsee
expenditure; and
NZETING OF
MAR 18 1966
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WHEREAS, the City has a financial interest in the project,
and wishes to see MLKEDC become self-sufficient through ownership
Of a viable commercial structure;
NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE CITY
OF MIAMI, FLORIDA;
Section 1. The City Commission hereby authorizes the City
Manager to amend, in a form satisfactory to the City Attorney, t
the Memorandum of Agreement dated September 13, 1982 h , between the 4 _-
City of Miami and the Martin Luther King Economic Development
Corporation (MLKEDC) whereby.
quarterly interest payments of Three
Thousand Dollarsy
($3,000) due on the Loan Agreement between
MLKEDC and the City will be applied to MLKEDC'S insurance premium
um
for the 1986 calendar period on the Lincoln Square Office_
Complex. -
Section 2. The herein authorization is subject to the
City's receipt of additional information in connection with the
increased cost of insurance.
PASSED AND ADOPTED this 1-ath day of MARCH
, 1986.
t
VIER L. SIIA Z. MAYOR
AT
MA?TYHJ����RAI
CITY CLERK
PREPARED AND APPROVED BY:
40 ROBERT F. CLA
CHIEF DEPUTY I ATTORNEY
APPROVED AS TO FORM AND CORRECTNESS:
LIICIA A. DOUGHERTY
CITY ATTORNEY
RFC/rr/128
96-214