The URL can be used to link to this page

Home My WebLink AboutR-85-06224-0-W RESOLUTION N A RESOLUTION AUTHORIZING THE CITY MANAGER TO EXECUTE AN AMENDMENT AND APPROPRIATE LOAN DOCUMENTS, IN A FORM ACCEPTABLE TO THE CITY ATTORNEY, TO THE CONTRACT DATED JULY 8, 1981 BETWEEN THE CITY AND THE OVERTOWN ECONOMIC DEVELOPMENT CORPORATION (OEDC) WHEREBY AN AMOUNT NOT TO EXCEED $105.400 REPRESENTED BY A LOAN AGREEMENT, IN A FORM ACCEPTABLE TO THE CITY ATTORNEYO IS TO BE PAID TO OEDC IN ORDER TO SUPPORT THE OPERATION OF THE OVERTOWN SHOPPING CENTER; FURTHER AUTHORIZING THE CITY MANAGER TO ALLOCATE AN AMOUNT NOT TO EXCEED $1059400 FROM THE 1984-85 SPECIAL PROGRAMS AND ACCOUNTS, CONTINGENT FUND. WHEREAS, the City Commission is committed to the redevelopment of Overtown; and WHEREAS, on March 17, 1981 the City Commission adopted Resolution No. 81-150 authorizing the City Manager to execute an agreement with the Overtown Economic Development Corporation (OEDC) for the construction, leasing and management of the Overtown Shopping Center (OSC); and WHEREAS, the development of the OSC has been delayed; and WHEREAS, the City Commission is desirous of continuing its redevelopment effort in Overtown; NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE CITY OF MIAMI, FLORIDA: CITY COMMISSION MEETING OF ,1 U N QQ13 1985 9SOLU119N NO. Y5-62 Grr� EMARKS. r3 2 stotion 1. The City Manager is hereby authorized to eXecute an amendment and appropriate roan documents# in a form acceptable to the City Attorney# to the contract dated July 8# 1981 between the City and the Overtown Economic Development Corporation (OEDC) whereby an amount not to exceed $105o400 represented by a loan agreement) in a form acceptable to the City Attorney, is to be paid to OEDC in order to support the Overtown Shopping Center, said sum to be repaid from the proceeds of rental income over a ten-year period at an interest rate of 3%. Section 2. The City Manager is authorized to convey an amount not to exceed $105#400 from the 1984-85 Special Programs and Accounts, Contingent Fund. PASSED AND ADOPTED this 13th-_day of j ne , 1985. Maurice A. Ferre ATTEST: M A Y O R TtR_A_rLH G ON I , CITY CL PREPARED AND APPROVED BY: ROBERT . CL RK, DEPUTY CITY ATTORNEY APPROVED A RM AND CORRECTNESS: LUCIA A. DOUG RTY, CI Y ATTORNEY NMI _ Cir? OP MIAMI. PLOftlCA �� 1i�UR-OFFICE MEMORANDUM ! to. Honorable Mayor and DATE: JUt "LE: Members of the City Commission j SUBJECT: LOAN TO THE OVERTOWN ECO- NOMIC DEVELOPMENT COR- PORATION FOR THE OVERTOWN SHOPPING CENTER PROM.Atreftemetat Sergio Perei City Manager ENCLOSURES: i "It is recommended that the City Commission approved the attached resolution authorizing the City Manager to execute an amendment and appropriate loan documents. in a form acceptable to the City Attorney, to the contract dated July 8, 1981 between the City and the Overtown Economic Development Corporation (OEDC) whereby an amount not to exceed $105,400 represented by a loan agreement, in a form acceptable to the City Attorney. is conveyed to OEDC to support the operation of the Overtown Shopping Center; further authorizing the City Manager to allocate an amount not to exceed $105,400 from the 1984-85 Special Programs and Accounts, Contingent Fund." The Overtown Shopping Center (OSC) represents a major commitment by the City of Miami for the redevelopment of the commercial area of Overtown. On March 17, 1981, the City Commission adopted Resolution No. 81-158 authorizing the City Manager to execute an agreement with the Overtown Economic Development Corporation (OEDC) for the construction, leasing and management of the OSC. ail Honorable Mayor and Members of the City Commission page 'No. 2 This redevelopment effort has been supported by the following City departments: ' Planning - Conducted the initial feasibility analysis of the OSC. Public Works - Coordinated construction activities. Economic Dev. - Coordinated interdepartmental City activities and oversight of leasing activities. The lease -up of the OSC has not proceeded within the expected time - frame in spite of tenant prospects having been identified at one time for all available spaces. In order for the maintenance of the OSC to be performed properly for the period of May 1 - December 31, 1985 and in order for certain lessor obligations to be fulfilled, the following expenses must be paid:. Expense Due ($) Explanation 23,525.99 Due to The Furr Company, leasing agent, for unpaid rental fees. 740.57 Due to Florida Power and Light for unpaid utilities. 672.62 Due to the State of Florida as sales tax on rentals. 107000.00 Estimated cost for shopping center clean-up. 35,000.00 Estimated lessor obligation to Church's Chicken to deliver rental space. 20,000.00 Estimated lessor obligation to Miami Savings and Loan to deliver rental space. 8,000.00 Estimated cost to move outside sign and provide additional signs for new tenants. 85-622 ftftOPAbla Mayor and Members or the City Commission Pago No. 3 2 e A Explanation 7,43 .67 Projected operating deficit for the period of May 1, 1985 to December 31, 1985. 105►374.85 Thus based upon the above needs of the OSC and the commitment of the City to the redevelopment of the Overtown community, it is recommended that the City Commission approve an amount not to exceed $105,400 to be in the form of a loan to the Overtown Economic Development Corporation to be paid back from the proceeds of rental intone over a ten year period at a rate of 3% per year. Attachment f F } AMEADMENT NO, 4 An Amendment entered into thin day or 1 19 0 to a Memorandum of Agreement dated July 89 19810 between the 'City of Miami, hereinafter called the II(MY" and the Overtown Economic Development Corporation, hereinafter referred to as "OEDC". 11TTHESSETH WHEREAS, the City Commission redevelopment of Overtown; and is committed to the i WHEREAS, on March 17, 1981 the City Commission adopted Resolution No. 81-150 authorizing the City Manager to execute an agreement with the Overtown Economic Development Corporation (UEDC) for the construction, leasing and management of the Overtown Shopping Center (OSC); and WHEREAS, the development of the OSC has been delayed; and WHEREAS, Article II of this Memorandum of Agreement specifies the contributions and relationships between the City and OEDC; and WHEREAS, the City has identified an amount not to exceed $105,400 to convey to OEDC in order to support the operation of the Overtown Shopping Center; and WHEREAS, the City Commission is desirous of continuing its redevelopment efforts in Overtown. i .4 a+ do 1. A- tit -It It 6-` tbi l flemorand—Um Or 1A rotmont b4t` ven the 41TY and 0&DG, dated June St 19819 Is Thereby amended by adding the roll'oWing item: F. "The CITY shall execute, in a form acceptable to the City t Attorney# a loan agreement and appropriate Loan documents with 08DC whereby a sum not to exceed $105.400 is Conveyed to OEDC in order to support the operation of the Overtown Shopping Center." • The original Memorandum of Agreement dated July 8, 1981t and all amendment, shall remain in full force and effect without modification, except as herein provided. IN WITNESS WHEREOF; the parties hereto have caused this instrument to be executed by the respective parties thereunto duly authorized on this day of 1985. i_ CITY OF MIAMI. a municipal corporation of the State of Florida f' 't ATTEST: t- BY RAL H G. ONGIEq CITY CLERKS R IO PEREIRA s' CITY MANAGER CONTRACTOR: Overtown Economic Development Corporation BY Corporate Secretary President (CORPORATE SEAL) `t 4' 1 -- _._ _�.' _ ,.. y>.• ;;:z .. -a: . ,�:. ,. '..�. � & 'ems - ; �ir � '"! � ��,� Datod tkt s d a V of 198 an 111dividual by ndl;IdUallY WITNESS: APPROVED AS TO MUEANCE REQUIREMENTS; DIVISION OF RISK MANAGEMENT APPROVED AS TO FORM AND CORRECTNESS: LUCIA A. DU GHER Y, CITY ATTORNE 4