HomeMy WebLinkAboutR-04-0185City of Miami
Legislation
Resolution: R-04-0185
City Hall
3500 Pan American
Drive
Miami, FL 33133
www.miamigov.com
File Number: 04-00293 Final Action Date: 3/25/2004
A RESOLUTION OF THE MIAMI CITY COMMISSION AUTHORIZING THE
TRANSFER OF INTEREST OF KAPUSTIN CORPORATION IN THE
EVERGLADES CENTER APARTMENTS PARTNERSHIP TO EVEROK
INVESTMENT, LLC AND THE RELEASE OF THE OBLIGATIONS OF KAPUSTIN
CORPORATION UNDER THE HOME PROGRAM AGREEMENT, RESULTING IN
NO CHANGE IN CONTROL OR IN THE MANAGEMENT OF THE EVERGLADES
CENTER APARTMENTS PARTNERSHIP, CONTINGENT UPON THE
RESTRUCTURING OF THE PROMISSORY NOTE ("NOTE") AND MORTGAGE
REQUIRING THAT PAYMENTS FOR A LOAN MADE WITH COMMUNITY
DEVELOPMENT BLOCK GRANT FUNDS UNDER THE NOTE TO BE
RETROACTIVE TO JANUARY 1, 2004; TO MAKE THE CITY LOAN CURRENT,
WITH A FIFTEEN YEAR AMORTIZATION TO BEGIN JANUARY 1, 2004; AND
FURTHER AUTHORIZING THE CITY MANAGER TO EXECUTE ALL
NECESSARY DOCUMENTS, IN A FORM ACCEPTABLE TO THE CITY
ATTORNEY, FOR SAID PURPOSE.
BE IT RESOLVED BY THE COMMISSION OF THE CITY OF MIAMI, FLORIDA:
Section 1. The transfer of interest of Kapustin Corporation in the Everglades Center
Apartments Partnership to Everok Investments, LLC and the release of the obligations of Kapustin
Corporation under the Home Program Agreement dated May 30, 2000, resulting in no change in
control or in the management of the Everglades Center Apartments Partnership is authorized.
Section 2. Such transfer of interest shall be contingent upon the restructuring of the
Promissory Note ("Note") and Mortgage for a loan made with Community Development Block
Grant funds under the Note to be retroactive to January 1, 2004, to make the City loan current,
with a 15-year monthly amortization to begin January 1, 2004.
Section 3. The City Manager is authorized {1} to execute all necessary documents, in a
form acceptable to the City Attorney, for said purpose.
Section 4. This Resolution shall become effective immediately upon its adoption and
signature of the Mayor {2}.
Footnotes:
City of Miami
Page 1 of 2 File Id: 04-00293 (Version: 21 Printed On: 9/6/2016
File Number: 04-00293 Enactment Number: R-04-0185
{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 ten (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: 04-00293 (Version: 2) Printed On: 9/6/2016