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City of Miami
Legislation
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Resolution
File Number: 10-00831
City Hall
3500 Pan American
Drive
Miami, FL 33133
www.miamigov.com
Final Action Date:
A RESOLUTION OF THE MIAMI CITY COMMISSION, WITH ATTACHMENT(S),
AUTHORIZING THE CITY MANAGER TO SIGN DOCUMENTS IN CONNECTION
WITH THE REFINANCE OF THE SECTION 108 LOAN FROM THE UNITED
STATES DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT LOAN
B -90 -MC -12-0013, RELATING TO SOUTHEAST OVERTOWN PARK WEST;
FURTHER AUTHORIZING THE CITY MANAGER TO EXECUTE THE NECESSARY
DOCUMENTS, IN SUBSTANTIALLY THE ATTACHED FORM(S), FOR SAID
PURPOSE.
WHEREAS, on May 17, 2000, the City of Miami ("City") Department of Community Development
entered into a Section 108 Loan Agreement with the United States Department of Housing and Urban
Development ("U.S. HUD"); and
WHEREAS, on May 19, 2010, U.S. HUD informed the City that it is in the process of refinancing
the Section 108 Loan, that will result in projected interest rates from 0.72% to 2.42% and
approximately $400,000 in savings for the City in interest payments from August 1, 2010 to August 1,
2014; and
WHEREAS, the annual interest payment for said loan would have been 8.91 % for the year ending
August 1, 2011; 8.93% for the year ending August 1, 2012; 8.98% for the year ending August 1, 2013;
and 9.03% for the year ending August 2014 in the absence of refinancing; and
WHEREAS, on June 16, 2010, the City received notification from U.S. HUD that the refinancing
documents would need to be executed and returned to U.S. HUD by July 2, 2010; and
WHEREAS, the Administration recommends authorizing the City Manager to sign an
agreement(s), in substantially the attached form(s), in connection with the refinance of the Section 108
Loan;
NOW, THEREFORE, BE IT RESOLVED BY THE COMNIISSION.OF THE CITY OF MIAMI,
FLORIDA:
Section 1. The recitals and findings contained in the Preamble to this Resolution are adopted by
reference and incorporated as if fully set forth in this Section.
Section 2. The City Manager is authorized {1} to sign documents in connection with the refinance
of the Section 108 Loan from U.S. HUD Loan B -90 -MC -12-0013, relating to Southeast Overtown Park
West.
Section 3. The City Manager is authorized {1} to execute the necessary documents, in substantially
the attached form(s), for said purpose.
City of Miami Page 1 of 2 File Id: 10-00831 (Version: 1) Printed On: 6/23/2010
File Number: 10-00831
Section 4. This Resolution shall become effective immediately upon its adoption and signature of
the Mayor. {2}
APPROVED AS TO FORM AND CORRECTNESS:
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Footnotes:
{1} The herein authorization is further subject to compliance with all requirements that may be imposed
by the City Attorney, including but not limited to those prescribed by applicable City Charter and Code
provisions.
{2} If the Mayor does not sign this Resolution, it shall become effective at the end of (10) calendar
days from the date it was passed and adopted. If the Mayor vetoes this Resolution, it shall become
effective immediately upon override of the veto by the City Commission.
City of Miami Page 2 of 2 File Id: 10-00831 (Version: 1) Prit:ted On: 6/23/2010