HomeMy WebLinkAboutR-85-0755d
05 651
RESOLUTION NOS'�'ii
A RESOLUTION AUTHORIZING; THE CITY MANAGER TO
USE THE $101bOOo`OOO COMMUNITY DEVELOPMENT
FLOAt FUNDS FROM THE CIIY'S 11TH YEAR
COMMUNITY bEVELOPME'Nt BLOCK ORANt APPLICATION
FOR 'PHASE I DCVELOPMENT WITHIN THE SOUTHEAST
OVERTOWN/PARK WEST REDEVELOPMENT PROJECT AREA
AS INTERIM FINANCING AND AS A POSSIALE
�.:.
SUBSTITUTE FOR SECTION 108 LOAN.
�f. ,e
,.."
WHEREAS, the Commission authorized the City Manager to amend
the City of Miami's 11th Year Community Development Block Grant
"
Application to include a t10,000,000 Community hevelopment Float
,.
Fund (Resolution No. 85=.753 ._) ; and
y
WHEREAS, the Commission established guidelines to be used by
the City Manager in the allocation of the $10,000,000 Community
Development Float Funds and authorized their use in Resolution
:.
No. 85-754 ; and
WHEREAS, said Community Development Float Funds are needed
finance communif development projects within the
o e p y
Southeast Overtown/Park West Area; and
WHEREAS, the Southeast Overtown/Park West Redevelopment
aY
Project is eligible for use of the $10,0000000 Community
Development Float Fund according to the guidelines established in
Resolution No. 85-754 ); and
WHEREAS. these funds overate at an interest rate lower than
V;. that required by the City's Section 108 Loan for the Southeast
Overtown/Park West Redevelopment Project
NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE CITY
OF MIAMI, FLORIDA;
l
Section 1. The Commission authorizes the City Manager to
use the $10,000#000 Community Development Float Funds from the
City of Miami's 11t'h Year Community Development Black Grant
Application for Phase I Develo;mont within the Southeast
tivarto +n/Park West Project Area ae intori,m financing and as a
;ppasible aubatituto for the city of Miami's Section 11IR Leon for
.. 4evelapmont of the Southeast Ovortown/fork 'Meat Ro4evoJQpme01+
CITY COMMSSION
NrVTINC Of
JUL to 1905
CMV Of MiM, PL� i A
INTtRiOPPICE MEMONaNCUM
fib. bAfi€
The Honorable Mayor and duly 1, 1985
Members of the City Cofnmiseioti su �i�ct
Commission Authori2ation to
€ use
outheadt 6vertown jfriri
Sergio Pereita Park Nest Project
City Manager E►�c�iisu��s { l�
It is recommended that the City
Commission approve the attached
resolution authorizing the City Manager
to use the $1U, d60, 000 Community
bey,elo went Float Funds from_the Cat s
-1 . p. - _ ._ y _.-_
11th Year COMMUti ty Development Block
Grant.,:_ appl16 can for Phase I
developmment whin the Southeast
Overtown/Park West Redevelopment
Project Area as interim financing and
as a possible substitute for Section
° 108 loan.
The City Commission approved the Southeast Overtown/Park
West Project (the "Project") as a whole and its first phase in
principle (Resolution Nos. 82-755 and 83-972). Recently, the
Commission completed selection of developers for Phase I of the
Project, Also, the City Manager has already negotiated purchase -
agreements with landowners situated on Blocks 24 and 37'within
Phase I and has been authorized to close on these parcels. It is
anticipated that many of these closings will occur by the end of
Judy. 'Thus, development of Phase I of the Project is expected to
proceed during this fiscal year.
Funding of this development activity is crucial to the
successful implementation of this project. In awarding a $7
million Section 108 Loan and a $14,040#000 Community Development
Block Grant (CDBG) which includes a $10,000,000 Float Fund, _HUD
has made available funds that can begin to ensure such success.
The attached resolution authorizes the City Manager to use
the $10,000*000 Community Development Float Fund, from the City's
llth Year CDBG, within the Southeast Overtown/Park West
Redevelopment Project Area for interim financing.The Project
:.; itself fulfills the general guidelines and standards to be used
for such funds, as established by HUD. In addition. the Project
will benefit from the use of these funds because of the extremely
low interest' rates they command' which can result in lower -priced
housing being created.
85-7+ 5
T ,r
s
a
July 18
m
Maybe and City �o�►�t ssi��3
+fie attaer
tad sc ltitic ti ais 4 at�thc �i s tti
for
to
t dna 10 LoAn
u the undo as a possible subatitutd
This was done bedaus�
a a ►ant
already Provided to the Project-
be at ari into1a to that is
of t 1t Section 108 loan would
eatablithed for the
n
slightly higher than that
yr,
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4 1
t
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