HomeMy WebLinkAboutR-84-0734J-84-568
6/13/84
RESOLUTION NO. 84—T(34
A RESOLUTION AUTHORIZING THE CITY MANAGER TO
EXECUTE AN AMENDMENT, IN A FORM ACCEPTABLE TO
THE CTTY A T T 0 P, N FY', TO T T1 E. $1,300,000
REVOLVING LOAN FUND AND $-120,000 ADtITTaTSTRA-
TIVE CONTRACT BETL YLN MTAMT CAPTTAI., DEVELOP-
MENT, INC. ANT) THE CITY OFF MIAMI IN ORDER TO
EXTEND THE CONTRACT PERFORMANCE PFERIOD FROM
JUNE 30, 1984 TO DECEMBER 31, 1984.
WHEREAS, on March 8, 1984, the City Commission passed
Resolution No. 84-291, approving a contract with MCDI for
$120,000 in administrative funds and $1,300,000 for the
establishment of a Revolving Loan Fund; and
WHEREAS, the contract was executed on April 25, 1984; and
WHEREAS, the contract preamble and Article 7.3 refer to a
contract completion date of June 30, 1984; and
WHEREAS, the Contractor has requested an extension until
December 31, 1984 to allow sufficient time to process loan
applications in order to disburse the $1,300,000 Revolving Loan
Fund; and
WHEREAS, it is the intent of the City that the Contractor's
Revolving Loan Fund activities should not be interrupted; and
WHEREAS, the City and the Contractor have not concluded
negotiations for a new contract;
NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE CITY
OF MIAMI, FLORIDA:
Section 1. The City Manager is hereby authorized to
execute an amendment, in a form acceptable to the City Attorney,
to MCDI's $120,000 administration and $1,300,000 Revolving Loan
Fund contract with the City to extend the contract performance
period from
June 30, 1.984 to
December
31,
1984.
PASSED
AND ADOh'PED this
28th day
of
June , 1984.
CjATEST: �,H G. ONGIE
y Clerk
Maurice A. Ferre
MAURICE A. FERRE, Mayor
CITY COMMISSION
MEE`I'IIVG OF
JUN 2S 1984
�-i .
r
ULM
M Howard V. Gary
City Manager
CITY OF MIAMI, FLORIDA
i
INTER -OFFICE MEMORANDUM
(Al
FROM: Charlotte Gallogly/---�
Director
Department of Economic evelopment
DATE: June 1, 1984 FILE:
SUBJECT: AME-11IO"r T TO THE
'7 "$ / 1'. Its t! a
CONTRACT NI T14 MI AMI
CAPITAL DEVELOPMENT,
INC. TO EXTEND THE
REFERENCF_�y.3NTRACT PERIOD
ENCLOSURES:
It is recommended that the City
Commission approve the attached
resolution authorizing the City Manager
to execute an amendment, in
substantially the form attached hereto,
to the $1,300,000 Revolving Loan Fund
and $120,000 Administrative Contract
between Miami Capital Development, Inc.
and the City of Miami in order to extend
j the contract performance period from
June 30, 1984 to December 31, 1984."
The present contract between the Cit'Miami and Miami Capital
Development, Inc. (MCDI) providing +�-.:0,000 in administrative
funds and $1.3 million to implement a Revolving Loan Fund is for
the performance period of July 1, 1983 to June 30, 1984. The
contract was authorized on March 8, 1984 by Resolution #84-291
and executed on April 25, 1984. MCDI has been advised that all
Revolving Loan Fund dollars should be disbursed within the
performance period of the present contract.
As per the attached letter, MCDI has requested an extension of
the present contract to allow for the proper processing of loan
applications in order to prudently disburse the $1.3 million
revolving loan fund. Total loans approved and under
consideration as of May 2, 1984 were reportedly $1,444,500.
This resolution authorizes the Ci ty Manager to execute an
amendment to 14COI's contract extending the performance period
from June 30, 1984 to December 31, 1984 as requested by MCDI so
that MCDI's lending activities will not be interrupted.
CG/SP/es
' Attachment
( f4ir,
84'• 734
1-1
May 2, 1984
Miss Charlotte Gallogiy
Director, City of Miami
Department of Economic Development
174 East Flagler Street
Miami, FL 33131
Dear Miss Uallogly:
ATTACHMENT
Pertaining our last meeting in reference to the new Revolving
Loan Fund I must inform you that MCDI will require an extension
of six months until 12/31/84 to be able to process and disburse
said funds.
Actually we have 4 loans approved pending funding, for a total
amount of $526,500 and are processing 9 more for a total amount
of $918,000 (see attachment 1).
To be able to properly process these loans - which might not all
be approved - and close them, will require more than the time
limit specified in our contract. Please bear in mind that we
were not definitely sure of the availability of the funds until
the contract was executed a few days ago. It will be impossible
to perform properly unless an extension period for total dis-
bursement is arranged on behalf of MCDI by your office.
If further information is required please do not hesitate to
contact us.
Sincerely
` "--�
Al fredo 1zagui rr
Acting Deputy- Dector
AI:M
cc: Mr. Juan A del Cerro, President, MCDI
Mr, Sam Pierce, Assistant Director, DED
Miami Capital
Development Inc. 100 North Biscayne Boulevard, Suite 906JMiomi, Florida 331321 Tel (305) 358.1025
84-`7;3
14
LOANS APPROVED
1) Trujillo Produce, Inc.
2) All Miami Press Inc.
* 3) Porter Oil Company
4) Super -Save Supermarket
* Total loan is $33,000 , balance 4
LOANS TO BE CONSIDERED
1) Express Concrete Inc.
2) SAVBAR
3) International Data Corporation
4) American Office Products
5) Seafood Delight
6) Family Food
7) T & M Printing
8) Leasa Industries
9) Jay's Drugs
$ 50,000
Black
43,000
Anglo
100,000
Black
20,000
Black
175,000
Black
100,000
Black
30,000
Black
200,000
Chinese
200,000
Anglo
$ 918,000
$1,444,500
84-734
AMENDMENT
An Amendment to a contract agreement dated April. 2.5, 1.984, between
the City of Miami, hereinafter referred to,as the "CITY." and MIAMI
CAPITAL DEVELOPMENT, INC. (MCDI), hereinafter referred to as the
"CONTRACTOR."
WHEREAS, on March 8, 1984, the City Commission passed Resolution
No. 84-291, approving a contract with MCDI for $120,000 in admini-
strative funds and $1,300,000 for the establishment of a Revolving
Loan Fund; and
WHEREAS, the contract preamble and Article 7.3 refer to a
contract completion date of June 30, 1984; and
WHEREAS, the Contractor has requested an extension until
December 31, 1984 to allow sufficient time to process loan appli-
cations in order to disburse the $1,300,000 Revolving Loan Fund;
and
WHEREAS, it is the intent of the City that the Contractor's
Revolving Loan Fund activities should not be interrupted; and
WHEREAS, the City and the Contractor have not concluded nego-
tiations for a new contract.
THEREFORE, in mutual consideration of the covenants made
herein, and in the agreement of which this is an Amendment, the
parties hereto understand and agree as follows:
1) The contract preamble shall be amended to read Decem-
ber 31, 1984.
2) Article 7.3 shall be amended to read December 31, 1984.
84-734
0
60
to
It is understood that upon approval by the City of Miami Commis3ion
of a new contract between the City and Contractor and proper
execution of same, that the existing contract, along with all
amendments, will become null and void.
It is further understood that all the terms and conditions outlined
under the original agreement and all subsequent amendments thereto
will re -main ;.n fiill. force and effect without modification.
IN WITNESS WHEREOF, the parties hereto have caused this instrument
3
to be executed by the respective officials thereunto duly authorized.
i
i
WITNESS our hands and seal on this day of ,
1984.
City of Miami, a municipal
corporation of the State of
Florida:
ATTEST:
By
RALPH G. ONGIE, CITY CLERK HOWARD V. GARY, CITY MANAGER
ATTEST:
SECRETARY
APPROVED AS TO FORM AND CORRECTNESS:
JOSE GARCIA—PEDROSA, CITY ATTORNEY
MIAMI'CAPITA.L DEVELOPMENT, INC.['
v
PRESIDENT
(Corporate Seal)
84-734