HomeMy WebLinkAboutcover memoMAR-17-2004 10:24 CITY MANAGERS OFFICE
CITY OF MIAMI. FLORIDA
INTER -OFFICE MEMORANDUM
RE.6 !i
The Honorable Maya DATE ; MAR 1 7 200 , PILO ;
Mem; of'Ihe C' o issioa Transfer interest o Kapustin
arejEc't ; Corporation in Everglades Center
Apartments Pt ►ership and
release of its obligations under the
RGFER!NCas ; Horne program!Agreement
City Comrnissi n Agenda
ENCLOSURES; March 25, 2004
Joe • la
City alter
1
RECOMMENDATION;
It is respectfully recommended that the City Commission adopt the attached Resolution
authorizing the transfer of the interest of Kapustin Corporation in Everglades Center Apartments
Partnership to Everok Investments, LLC and the release of the obligations of IGapustin
Corporation under the Home Program Agreement. Such transfer of interest shalt be contingent
on the restructuring of the Promissory Note and Mortgage fora loan made with Community
Development dock Grant funds so that payments under the note will be retroactive to January 1,
2004, to make the City loan current, with a 15-year monthly amortization to begin January 2,
2004; and further authorizing the City Manager to execute all necessary doeurrnents, in a form
acceptable to the City Attorney, for said purpose.
BACKQROUND:
The Everglades Center Apartments partnership consiatS of Kapustin Corporation, a Florida
corporation under the direction of Rafael Kapustin and Downtown Realty InVeshrrents, a Florida
general partnership. The Everglades Center Apartments Partnership entered into a Home
Program Agreement with the City of Miami on May 30, 2000. Mr. Kapustin requests to transfer
Kapuser' Corporation's 25% interest in the Partnership to Everok investments, LLC, a Florida
limited liability company (owned and managed entirely by Netert Rok) and re lease its obligations
under the aforesaid Home Program Agreement. There will be no change in control or in the
rnana.gernent of the Everglades Center Apartments Partnership as a result of the transfer of
interest.
It is recommended that the City Commission adopt the &Medical R.tsOlut
transfer of interest of Kapustin Corporation to Everok Investments, LLC
obligation under the Home Program Agreement Such transfer of interest
the restructuring of the Promissory Note and Mortgage for a loan mad
Development Block Grant funds so that payments under the mote be retr
2004; and to make the City loan current, with a 15-year monthly amortization
2004; and further authorizing the City Manager to execute all necessary d
acceptable to the City Attorney, for said purpose.
The p. •osed Resolution does not have a budgetary impact on the Gener
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