HomeMy WebLinkAboutR-85-0402J-85-357(b)
4/9/85
RESOLUTION NO. QJr�402
A RESOLUTION AUTHORIZING THE ISSUANCE OF UP
TO $60 MILLION IN SHORT-TERM REVENUE NOTES
FOR THE PURPOSE OF FUNDING A CONSTRUCTION
FINANCING PROGRAM FOR THE DEVELOPMENT OF
OWNER -OCCUPIED HOUSING IN PHASE I OF THE
SOUTHEAST OVERTOWN/PARK WEST REDEVELOPMENT
PROJECT AREA.
WHEREAS, the City Commission approved in principle the
Southeast Overtown/Park West Community Redevelopment Plan
(Resolution No. 82-755); and
WHEREAS, providing low-cost construction financing for
developers undertaking the development of owner -occupied units
will reduce development costs and make the units more affordable
to families of low and moderate incomes; and
WHEREAS, the issuance of up to $60,000,000 of short-term
revenue notes is needed for the funding of a construction financ-
ing program for owner -occupied housing in Phase I of the South-
east Overtown/Park West Project;
NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE CITY
OF MIAMI, FLORIDA:
Section 1. The City Commission hereby authorizes the
issuance of up to $60 million in short-term revenue notes for the
purpose of funding a low-cost financing program for the construc-
tion of owner -occupied housing units within Phase I of the South-
east Overtown/Park West Redevelopment Area.
PASSED AND ADOPTED this llth day of APRIL , 1985.
TT T:
I&LPH G. ONGIE
CITY CLERK
PREPARED AND APPROVED BY:
ROBERT N. SECHEN
ASSISTANT CITY ATTORNEY
MAURICE A. FERRE
MAURICE A. FERRE, MAYOR
RM AND CORRELMIE.SS:
LITCIA A: DOUC*ERTY
CITY ATTORNEY\\ CM COMMISSION
MEETING OF
APR 8498�rOi�
ION flu.
1
,*'"iiF`^+6'M"''�,ylFr,..
7
CITY OF MIAMI. FLORIbA
IMTER-OFFICE MEMORANDUM
To. Sergio Pereira oArt: April 9, 1985 MLe:
City Manager ,
ECT: Owner -Occupied Housing
Construction Financing --
Authorization to Issue Notes
FROM: Herbert J. Bailey REFEIlENc¢s: City Commission Agenda
Assistant City Manager April 11, 1985
S.E. Overtown/Park Wes Enc�oau�es: ( 1 )
Redevelopment Projec�„�
It is recommended that the City Commission
approve the attached resolution authorizer
# the issuance of up to 60 million n siiort-
term revenue notes for the purpose of funding
a construction Mancial program for the
development of owner -occupied housing in
The City Commission has been presented a resolution selecting
the firm of L.F. Rothschild, Unterberg. Towbin to act as
man-
��,,.,, a ing underwriters for a construction financing program for the
development of owner -occupied residential units in Phase I of
the Southeast Overtown/Park West Redevelopment Project. This
resolution authorizes the issuance of the notes for the program
1147.:;' that L.F. Rothschild has proposed, which is described in the
', memo recommending the L.F. Rothschild selection.
4 Y
0.
W.
This issuance does not involve any pledges or guarantees that
=" affect the general liability of the City.