HomeMy WebLinkAboutR-85-0287J-85-239a
3/6/85
rr/057/D-T 85�28
RESOLUTION NO.
A RESOLUTION AUTHORIZING THE CITY MANAGER
-'
TO AMEND, IN A FORM ACCEPTABLE TO THE
CITY ATTORNEY, THE MEMORANDUM OF
AGREEMENT DATED JULY 20, 1983, BETWEEN
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BELAFONTE TACOLCY CENTER, INC. (BTC) AND
}'
THE CITY OF MIAMI SO THAT THE TERMS OF
THE PROMISSORY NOTE, DATED MAY 10, 1983
IN THE AMOUNT OF $400,000, BETWEEN BTC
AND THE CITY, WILL BE MODIFIED TO DEFER
THE DUE DATES FOR ALL PAYMENTS UNDER SAID
NOTE BY SEVENTEEN (17) MONTHS WITH ALL
OTHER TERMS OF THE AGREEMENT REMAINING
UNCHANGED.
WHEREAS, on July 22, 1982 the City Commission
adopted Resolution No. 82-636 which approved and confirmed
the City Manager's acceptance of an $800,000 joint grant
award to the Belafonte Tacolcy Center, Inc. (BTC) and the
City of Miami for the acquisition and development of the
Edison Plaza Shopping Center; and
_
WHEREAS, on November 10, 1982 the City Commission
adopted Resolution No. 82-1075 authorizing a loan agreement
between BTC and the City whereby an additional $400,000 in
long term, loan interest funds would be provided to BTC for
the acquisition and development of the Edison Plaza Shopping
Center; and
t
WHEREAS, on July 20, 1983 the City Manager executed a
?;
Memorandum of Agreement between BTC and the City which
outlined certain terms regarding the $800,000 grant and the
$400,000 loan; and
WHEREAS, Article II-B of the said Memorandum of
Agreement provides for a Promissory Note for the $400,000
loan; and
WHEREAS, the Promissory Note calls for the first
interest payment to be made on the last day of November, 1983
and the last principal and interest payment to be made on the
last day of August 2023; and
CITY COMMISSION
MEETi"C' ";:
MAR 421 *85 Q�J
RESOLD i ,,).
REMARKS
a< -
WHEREAS, BTC has requested that
the terms of repayment
of the $400,000 loan be modified such
that the first payment
will be due on the Last day of April,
1985; and
�M
WHEREAS, the City Commission is willing to provide for
_-
the modification as requested by BTC;
=s_
NOW, THEREFORE, BE IT RESOLVED BY
THE COMMISSION OF THE
R
CITY OF MIAMI, FLORIDA:
5=`
Section 1. The City Manager
is hereby authorized to
amend, in a form acceptable to the
City Attorney, the
i
Memorandum of Agreement dated July 20,
1983 between Belafonte
Tacolcy Center, Inc. (BTC) and the City of Miami whereby the
terms of the Promissory Note, dated May 10, 1983 in the
amount of $400,000, between BTC and the City, may be modified
such that the due dates for all payments may be deferred by
seventeen (17) months such that the due date of the first
interest payment may be changed from the last day of
November, 1983 to the last day of April, 1985 and the due
date of the last principal and interest payment may be
changed from the last day of August, 2023 to the last day of
January, 2025 with all other terms of the Agreement remaining
unchanged.
PASSED AND ADOPTED this 21 day of March , 1985.
ATTEST:
RALAM ONGIE, CITY C
PREPARE APPROVED BY:
ROBERT F. CLARK
CHIEF DEPUTY CITY ATTORNEY
APP
AND CORRECTNESS:
Maurice A. Ferre
M A Y O R
ss-287.
CITY OF MIAMI, FLORIDA
72 INTER -OFFICE MEMORANDUM
w -
I '
TO: Randolph B. Rosencrant2 DATE: March 1, 1985 "FiIE;
City Manager
SUBJECT: AMENDMENT TO THE MEMO-
RANDUM OF AGREEMENT DATED
JULY 20, 1983 BETWEEN THE
FROM: ^ REFERENCEs: BELAFONTE TACOLCY CENTER,
Charlotte Gallogl ��b� INC. AND THE CITY OF MIAMI
Director ��-�
ENCLOSURES:
Department of Economic Develop en
"It is recommended that the City
Commission approve the attached
Resolution authorizing the City
Manager to amend, in a form
acceptable to the City Attorney, the
Memorandum of Agreement dated July
20, 1983 between the Belafonte
Tacolcy Center, Inc. (BTC) and the
City of Miami whereby the terms of
the Promissory Note, dated May 10,
1983 in the amount of $400,000,
between BTC and the City may be
modified such that the due dates for
all payments may be deferred by
seventeen (17) months such that the
first interest payment may be
changed from the last day of
November, 1983 to the last day of
Apri 1 , 1985 and the due date of the
last principal and interest payment
may be changed from the last day of
August, 2023 to the last day of
January, 2025 with all other terms
remaining unchanged.
On July 22, 1982, the City Commission authorized the City Manager by
Resolution Number 82-636 to submit a grant application to the United
States Department of Commerce/Economic Development Administration
(EDA) jointly with the Belafonte Tacolcy Center, Inc. (BTC) to
acquire and renovate the Pantry Pride building located at N.W. 62nd
Street and N.W•. 6th Avenue. The City Commission also expressed its
intent by way of Resolution Number 82-1075 to meet the cash match
requirement of EDA of $400,000 if the grant was approved and to
accordingly enter into an agreement with BTC.
55--287.
i-
Randolph B. Rosencrantz
Page 2
Upon OTC's purchase of the Pantry Pride property, which was to
become known as the Edison Plaza Shopping Center (EPSC), BTC
executed and delivered to the City a promissory note dated May 10,
1983 in the amount of $400,000 evidencing a mortgage on the
property. This $400,000 loan was initially represented by a
Memorandum of Agreement dated May 10, 1983 executed between BTC and
the City. This agreement- was -superseded by- a --Memorandum -of---
Agreement dated July 20, 1983, also executed by BTC and the City.
The terms of the promissory note required BTC to make payments as
follows:
1. The first installment was due and payable on the last day of
November, 1983 in a per diem amount of $33.33 which is
multiplied by the number of days included in the period
commencing on the day on which the maker of this Note (BTC)
begins construction on the project;
2. The second installment was due and payable on the. last day of
February, 1984 in the amount of $3,000 with interest due and
payable thereafter in equal quarterly installments of $3,000 on
the last day of May, August, November and February in each
succeeding year through May, 2003; and
3. Principal and interest payments would then commence on the last
day of August, 2003 with equal quarterly installments of
$6,721.50 due then and thereafter on the last day of November,
February, May and August of each succeeding year until the last
day of August, 2023.
The construction phase of the EPSC did not commence until December
24, 1983, therefore BTC was unable to satisfy its interest payment
requirement as outlined in the promissory note. BTC's failure to
make the required interest payments are a direct result of the delay
in commencing the construction phase of the project. However, the
promissory note clearly states that a default shall exist by reason
of non-payment of any required installment of principal and/or
interest if the non-payment continues until the due date of the next
installment payment.
85-28'7
r._j
Randolph B. Rosencrantz
Page 3
BTC and its agent, Tacolcy Economic Development Corporation, are
aware of the provisions outlined An its loan and promissory note
agreements and a modif:ication.to these. provisions.- has . been
requested.
It i-s ' therefore recommended. -that -the -City -Commission amend1 the• terms , !,--� =
of the Memorandum of -Agreement ••between, ---BTC and the City 'of -Miami,
whereby the terms of the promissory note dated May 10,- 1983 in the
amount of $400,000 between BTC and the City may be modified such
that the due dates for all payments- may be deferred by seventeen
(17) months whereby the due date of the first interest payment may
5e changed from the last day of November, 1983 to the last day of
April, 1985 and the due date of the last principal and interest
payment may be changed from the last day of August, 2023 to the last
day of January, 2025 with all other terms remaining unchanged.
CG/SP/MA/es
Attachments
85-287,
:A
AMENDMENT
An Amendment to a Memorandum of Agreement dated July 20,
1983, between the City of Miami and the Belafonte Tacolcy Center,
Inc.
WHEREAS, on July 22, 1982 the City Commission adopted
Resolution Number 82-636 which authorized the City Manager to
submit an $800,000 joint grant application between Be-lafonte
Tacolcy Center, Inc. (BTC) and the, City of M-iami to the United
States Department of Commerce/Ec-onomic Development Administration
(EDA) for the acquisition and development of the Edison Plaza
Shopping Center; and
WHEREAS, on November 10, 1982 the City Commission adopted
Resolution Number 82-1075 which approved and confirmed the City
Manager's acceptance of an $800,000 joint grant award to BTC and
the City of Miami for the acquisition and development of the
Edison Plaza Shopping Center and expressed the intent of the City
Commission to meet the cash match requirements of EDA by way of a
$400,000 loan and accordingly authorized the City Manager to enter
into an agreement with BTC; and
WHEREAS, on May 10,-1983 the City Manager executed a
Memorandum of Agreement between BTC and the City which was
subsequently superseded by a Memorandum of Agreement dated July
200 1983; and
WHEREAS, Article II-B of the Memorandum of Agreement dated
July 20, 1983 provides for a Promissory Note for the $400,000
loan; and
WHEREAS, the Promissory Note calls for the first interest
payment to be made on the last day of November, 1983 and the last
principal and interest payment to be made on the last day of May,
2003; and
E
WHEREAS, 0*4'C and its agent-, Tacol c? Economi cc Devel-opmeht
Corporation, desire that the terms of repayment of the $400,000
loan be modified such that the first payment will be due on the
last day of April, 1985; and
WHEREAS, the City Commission is willing to provide for the
modification to the terms of repayment of the $400,000 loan.
THEREFORE , in mutual consideration of the covenants made
herein, and in the agreement of which this is an Amedment, the
(parties hereto- understand and agree as follows:
I. Article II is hereby amended to add the following:
"E. This Memorandum of Agreement dated. July 20, 1983
is hereby amended such that the due dates for all
payments required by a Promissory Note dated May
10, 1983 may be deferred by seventeen (17) months
such that the due date of the first interest
payment may be changed from the last day of
November, 1983 to the last day of April, 1985 and
the due date of the last principal and interest
payment may be changed from the last day of
August, 2023 to the last day of -January, 2025 with
all other terms' remaining unchanged. This
amendment shall be represented by a new Promissory
Note which references this Memorandum of
Agreement."
WITNESS our hands and seals on this
of , 1985.
ATTEST:
day
CITY OF MIAMI, a municipal
Corporation of the State —of
Florida
8y
XALPR•
CITY MANAGER
CONTRACTOR: Belafonte
Tacolcy Center, Inc.
orpora a Secretary By President
(CORPORATE SEAL)
WHEREAS, O%C and i is agent-, Tacol C!4 Economic Devetopmeht
Corporation, desire that the terms of repayment of the $400,000
loan be modified such that the first payment will be due on the
last day of April, 1985; and
WHEREAS, the City Commission is willing to provide for the —
modification to the terms of repayment of the $400,000 loan.
THEREFORE , in mutual consideration of the covenants made
herein, and in the agreement of which this is an Amedment, the
parties hereto- understand and agree as follows:
1. Article II is hereby amended to add the following:
"E. This Memorandum of Agreement dated. July 20, 1983
is hereby amended such that the due dates for all
payments required by a Promissory Note dated May
10, 1983 may be deferred by seventeen (17) months
such that the due date of the first interest
payment may be changed from the last day of
November, 1983 to the last day of April, 1985 and
the due date of the last principal and interest
payment may be changed from the last day of
August, 2023 to the last day of.January, 2025 with
all other terms" remaining unchanged. This
amendment shall be represented by a new Promissory
Note which references this Memorandum of
Agreement."
WITNESS our hands and seals on this day
of , 1985.
ATTEST:
RALPH U. UNGIL, CITY CLERK
Corporate Secretary
CITY OF MIAMI, a municipal
Corporation of the. State -of
Florida
By
CITY MANAGER
CONTRACTOR: Belafonte
Tacolcy Center, Inc.
By
President
(CORPORATE SEAL)
85-287:
GUARANTEE
I, , in consideration of the City
of Miami * s execution o he foregoing Agreement, the
undersigned, guarantee the performance of the terms and
conditions in said Agreement required to be performed by the
Grantee including but not limited to the provisions relating
to default, assurances, and certifications.
Dated this day of 1985.
an
individual
By
IndIVIdual ly
APPROVED AS TO FORM AND CORRECTNESS:
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85--2137,