HomeMy WebLinkAboutR-82-0511RESOLUTION NO. 8�"Sig
A RESOLUTION AUTHORIZING A GRANT OF
$38,000 TO THE SOUTHERN CHRISTIAN
LEADERSHIP CONFERENCE FOR THE PURPOSE
OF SATISFYING MORTGAGES ON THE PROPERTY
LOCATED AT 224 NW 12th STREET OWNED BY
THE 224 NW 12th STREET HOUSING CO-OP, INC.;
AND PROVIDING FOR THE EXPENDITURE OF 7th
AND 8th YEAR COMMUNITY DEVELOPMENT BLOCK
GRANT FUNDS FOR THE ABOVE PURPOSES.
WHEREAS, the Commission of the City of Miami deems an increase
in homeownership opportunities for lower income families to be in
the best interest of the Overtown Community's social and economic
stability, and
WHEREAS, the 224 NW 12th Street Housing Co-op, Inc. has demon-
strated its interest in creating such opportunities in the neighbor-
hood, and
WHEREAS, the Southern Christian Leadership Conference of Miami
has stated its willingness to assist the Cooperative in creating
such opportunities, and
WHEREAS, the success of the Cooperative in achieving such
objectives is contingent upon assistance in the form of a grant to
satisfy existing mortgages on the property owned by the Cooperative
in order to decrease the Cooperative's financial liabilities,
NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE CITY
OF MIAMI, FLORIDA:
Section 1. A grant in the amount of $38,000 shall be provided
to the Southern Christian Leadership Conference of Miami (SCLC), such
grant to be used by SCLC on behalf of the 224 NW 12th Street Housing
Co-op, Inc. to satisfy mortgages on property located at 224 NW 12th
Street, Miami, Florida, and owned by the 224 NW 12th Street Co-op,
Inc. Aforementioned expenditures are to be allocated from Seventh
and Eight year Community Development Grant funds.
CITY COMMISSION
MEETING OF.
J U N 17 1982
PASSED AND ADOPTED this 17th day of June , 1982.
AT
RAL G. ONGIE
u
City Clerk
PREPARED
AND APPROVED BY:
E. MAXWELL
AgAistant City Attorney
I(9Vt.�
�` r ,
GEORGE F. KNOX, J
� City Attorney
2
Maurice A. Ferre
MAURICE A. FERRE, MAYOR
82-S 11'--
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38 , a ,, ►1;V
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Howard Gary In �! ,r 2 ' June 1, 1982
City Manager
224 N.W. 12th Street
Housing Co-op, Inc.
SCLC Grant
Dena Spillman, Director City Commission Iteeting
Department of Community Development June 17, 1982
It is recommended that the City
Commission approve a resolution
providing a grant in the amount of
$38,000 to the Southern Christian
Leadership Conference, such Grant
to be used to assist the 224 N14 12th
Street Housing Co-op, Inc., in
satisfying all mortgages on the
residential structure located at
224 NW 12th Street owned by the
Cooperative.
The Miami Chapter of the Southern Christian Leadership Conference, headed by
Mr. Rav Fauntroy, has been actively working with tenants of a substandard
apartment building in the Overtown Neighborhood in an effort to assist them
in the acquisition and rehabilitation of the building as a Hniising Cooperative.
The 224 NU 12th Street Housing Co-op, Inc. was formed by the tenants in the
fall of 1981 and the Cooperative subsequently took title to the building.
On November 12, 1981, through Resolution 81-940, the City Commission authorized
the use of $110,000 in CD funds for the purpose of providing the Cooperative
a low -interest property rehabilitation loan.
However, the "subscription" rates necessary to allow the existing tenants to
participate in the Cooperative will not generate income sufficient to retire
existing mortgages on the building, fund operating costs and also fund
rehabilitation loan payments.
In order to assist the Cooperative in completing the necessary rehabilitation
work, it is recommended that the City of Miami assist in the refinancing of
the existing mortgages on_the property in order to enable the tenants to afford
their rehabilitation loan monthly payments. It is further recommended that
this assistance take the form of a grant in the amount of $38,000 to the SCLC
to enable the Cooperative tenants to obtain full title to the building.
/so
82-511-