HomeMy WebLinkAboutSubmittal-Correspondence-MayorTOMAS P. REGALADO
MAYOR
Date:
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RE:
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June 22, 2010
Honorable Members of the City Commission
Mayor Tomas Regalado
Refinance of HUD Section 108 Loan
3500 PAN AMERICAN DRIVE
MIAMI, FLORIDA 33133
(305) 250-5300
FAX (305) 854-4001
As part of an effort to create savings, the City has an opportunity to refinance a
HUD Section 108 loan. This loan was a result of an agreement that was entered
into on May 17, 2000; and it has a current interest rate that fluctuates between
8.91% and 9.03%. HUD has notified the administration that refinancing at this
time will result in a projected interest rate of 0.72% and 2.42% which will save
the City of Miami approximately $406,000. Therefore, in order to meet the strict
timetable set by U.S. HUD, I will present the attached pocket item at the June
24, 2010 commission meeting. Your cooperation regarding this matter is greatly
appreciated.
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