HomeMy WebLinkAboutR-85-0677J-85-638 A 'ft,
RESOLUTION NO.�67 '
A RESOLUTION AUTHORIZING THE PROVISION OF
OPERATING CAPITAL LOAN IN THE PRINCIPAL
AMOUNT OF $300,000 TO GARCES COMMERCIAL
COLLEGE IN ACCORDANCE WITH CERTAIN TERMS AND
CONDITIONS, AS DESCRIBED BELOW; FURTHER
AUTHORIZING THE USE OF COMMUNITY DEVELOPMENT
BLOCK GRANT FUNDS FOR SUCH LOAN AND REQUIRING
THAT SUCH LOAN BE PROCESSED THROUGH MIAMI
CAPITAL DEVELOPMENT, INC.
WHEREAS, Garces Commercial College, a privately owned and
operated vocational and technical training institution
headquartered in the City of Miami faces the immediate threat of
financial insolvency; and
WHEREAS, Garces Commercial College provides a valuable
service to the Miami community through the training of Miami
residents for vocational and technical jobs which assist in
creating full employment in the local economy; and
WHEREAS, the Commission of the City of Miami has determined
that retention of Garces Commercial College is in the best
interests of the City by virtue of the employment training it
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provides in the community.
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NOW, THEREFORE, BE IT RESOLVED BY THE CITY OF MIAMI,
FLORIDA;
Section 1. The City Manager is hereby authorized to
provide an operating capital loan to Garces Commercial College as
'
follows:
1. Principal amount of loan: $300,000
2. Interest rate: 3%, 15 year amortization
3. Term of loan: 7 years
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Section 2. Community Development funds in the amount of
$300,000 are hereby authorized for use in providing such loan,
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further, it is required that said loan be processed through Miami
Capital Development Inc.
Section 3. Provision of the loan is subject to the
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following:
I. Garces Commercial College will provide loan collateral
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consisting of all accounts receivable and fixtures.
CITY COMMISSION
5i
ME'TIIiC OF
J U N 200 1985
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2. Garces commercial College agrees to provide 50 full
scholarships per year for Miami residents for each year
the loan is outstanding.
3. in the event the college relocates from its present
Miami facility, it must relocate elsewhere in Little
Havana. 1965.
PASSED AND ADOPTED this .2_Q± h day of 1»na
Maurice A. Ferre
Maurice A. Ferre
MAYOR
ATTEST:
O J
R 1ph G. Ongie
City Clerk
PREPARED AND APPROVED BY:
Robert F.Clark Attorney
Chief Deputy City
85--6/ I . .