HomeMy WebLinkAboutR-84-02720
J-84-181
2/23/84
RESOLUTION NO. �
RESOLUTION APPROVING THE DEFERMENT OF
SCHEDULED REPAYMENTS OF THE, CITY OF MIA '?I' S
CAPITAL, CONTRIFUTION TO THE GIBSON PLAZA
SECTION 8 ELDERLY HOUSING PROJECT UNTIL JULY,
1985.
WHEREAS, by Resolution 80-344, the City Commission
authorized use of. General Obliqation housing Bond proceeds for a
capital contribution to assist in the development of various
Section 8 Rental Subsidy Housing Projects including Dade 8-3, a
65 unit elderly project located in Coconut Grove; and
WHEREAS, a Project Contract was duly executed between the
Citv of Miami and Metropolitan Dade County which specified the
repayment schedule for the $366,907 in capital contribution
funds; and
WHEREAS, the City of Miami has been requested by Dade
County's Department of Housing and Urban Development to defer the
scheduled repayment of principal and interest due to begin in
January, 1984 until July, 1985 in order that certain physical
improvements can be made to the building which will rectify
present conditions that are detrimental to the tenants' health
and welfare;
NOW, THEREFORE, BE IT RESOLVED eY THE COMMISSION OF THE CITY
OF MIAMI, FLORIDA:
Section 1. Approval of the requested deferment for the
scheduled repayments by Metropolitan Dade County of the City of
Miami's capital contribution to the Gibson Plaza Section 8
Elderly Housing Project until a date no later than July, 1985 is
hereby granted.
Section 2. Interest will continue to accrue on the
deferred amount in accordance with the provisions of the executed
Project Contract.
CITY COMMISSION
MEETING OF
MAR 88 1984 `�
SOLUTIO„ i.u. 84-2,/ 2
MARKS.
to
0
PASSED AND ADOP,rF.D this 8th day of March _► 1984.
ATTEST:
�--7
RAL.PTf G. ONGIF
City Clerk
PPEPARED AND APPROVED BY:
G. MIRIAM NAER
Assistant City Attorney
Maurice A. Ferro.
MAURICE A. FEPPF, Mayor
APPROVED AS TO FORM AND CORRFc,rrIES5:
..X
AJO-6-E'OGARCIA-PFDROSA
City Attorney
c,mm/wpc/pU/2 24
-2-
84-272
40 CITY OF MIAM1, FLORIDA
INTER -OFFICE MEMORANDUM
ro Howard V. Gary DATE February 22, 1984 FILE
City Manager
SUBJECT Deferment of Capital
Contribution - Gibson Plaza
Housing Project ( Dade 8-3 )
FROM Dena Spillman, Director REFERENCES: City Commission Agenda Item
Department of Community Development March 8, 1984
ENCLOSURES.
It is recommended that the
City Commission approve a request
submitted by Dade County Department
of Housing and Urban Development to
defer scheduled repayments of the
City's capital contribution for the
Gibson Plaza (Dade 8-3) Section 8
rental subsidy elderly housing
project.
By Resolution No. 80-344, the City Commission authorized the sale
of General Obligation Housing Bonds in order to provide necessary
additional financial assistance in the form of capital
contributions for the development of a number of Section 8 rental
subsidy housing projects, including Gibson Plaza, a 65 unit elderly
project located at Douglas Road and Day Avenue.
In accordance with the executed Project Contract, repayment of the
principal amount of $366,907 in capital contribution funds was to
begin in January, 1984. The amount of $40,626.88 in principal and
interest was scheduled to be repaid in 1984.
Dade County Department of Housing and Urban Development has
advised us that unforeseen and extraordinary physical problems
have occured at Gibson Plaza which require immediate attention.
Specifically, these items include patching, waterproofing and
repainting of the exterior in order to correct thru-wall leaks and
the installation of horizontally louvered grills over the exterior
A/C units to prevent rain from entering.
According to Dade County HUD, there are not sufficient monies
available in Gibson Plaza's operating fund to cover the cost of
these items. Therefore, it is requested that the Project Contract
repayment schedule be amended so that the first payment of interest
/ and principal be made in July, 1985. Interest will continue to
accrue during the period of time that the payments are deferred.
84 --272
In order to assist in the preservation of the structure and to
assist in the protection and safety of the project's elderly
residents, it is recommended that this item be approved.
/wh
84-2'72