HomeMy WebLinkAboutR-83-0975717
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J-83-871
9/26/83
RESOLUTION NO.
33-9751
A RESOLUTION AUTHORIZING THE CITY MANAGER TO
PREPARE AND SUBMIT AN APPLICATION' TO THE
UNITED STATES DEPARTMENT OF HOUSING & URNAN
DEVELOPMENT FOR A $7 MILLION LOAN UNDER HUD
SECTION 108 LOAN PROGRAM.
WHEREAS, the Miami City Commission approved in I:,rinciple the
Southeast Cvertown/Park West Communitv Redevelopment Plan
(Resolution No. 82-755); and
WHEREAS, the Miami Citv Commission approved in principle the
Phase I Overtown Transit Station Impact Area Redevelopment
proposal for the Southeast Overtown/Park West Community Redevel-
opment Area (Resolution No.
83-972 ); and
WHEREAS, the Federal government has established HUD Section
108 Loan Program to provide financial assistance to qovernmental
entities to assist in the acquisition of land for redevelopment;
and
WHEREAS, it may be beneficial to the Southeast Overtown/Park
West Community Redevelopment Project to submit applications for
funding under HUD Section 108 Loan Program.
NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE CITY
OF MIAMI, FLORIDA:
Section 1. The Commission authorizes the City Manager to
prepare and submit an application to the U.S. Department of
Housing and Urban Development for a loan under the HUD Section
108 Loan Program in an amount not to exceed $7 million for the
purchase of land for redevelopment within the Southeast Over-
town/Park A?est Community Development area.
Section 2. Repayment of the HUD Section 108 Loan will be
from the sale of Tax Increment Revenue Bonds.
Section 3. The HUD Section 108 loan will not he applied
for until such time as it can be demonstrated that the tax
increment associated with the development commitments within the
CITY COMMISSION
MEETING OF
OCT 25 1983
WLuUu,� .%,.
IRUMIRKS
5
r
Transit Station Impact area will he sufficient, under r.epavrrent
of the HUD Section 108 Doan and feasible throucah the sale of Tax
Increment Revenue 3onds.
PASSED AND ADOPTED this 25th clay of
ATTEST:
RPK,PH G. ONGIE
CITY CLERK
PREPARED AND APPROVED BY:
ROBERT N.�SECHEN
ASSISTANT CITY ATTORNEY
October , 1983.
Maurice A. Ferre
MAURICE A. FERPE
MAYOR
APPROVED AS TO FORM AND CORRECTNESS:
0.
SE R. GARCIA-PF:DROSA
CITY ATTORN F'Y
RNS/wpc/ab/007
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