HomeMy WebLinkAboutcover memoCITY OF MIAMI, FLORIDA
INTER -OFFICE MEMORANDUM
H
o
TO :
FROM :
The Honorable M or and
Mem Yrs of Th CiittyCommis
syt
Joe rri la
City a ager
DATE:
SUBJECT:
FILE :
Transfer HOME funds of $1.5
million to the Little Havana Home
Ownership Trust
REFERENCES : City Commission Agenda
ENCLOSURES: April 22, 2004
RECOMMENDATION:
It is respectfully recommended that the City Commission adopt the attached Resolution de -
obligating HOME Investment Partnership (HOME) funds in the amount of $1,500,000, from
Coral East Development, Corp. and RJM LeJune Properties Investments, Inc. and reallocating
said funds to the Little Havana Home Ownership Trust.
BACKGROUND:
On October 24, 2003, the City Housing and Commercial Loan Committee approved the
allocation of HOME Investment Partnership funds in the amount of $750,000 to Coral East
Development Corp. and $750,000 to RJM LeJune Properties Investments, Inc. On March 19,
2004, the City Housing and Commercial Loan Committee deobligated these funds as the
developers could not fulfill the program requirements.
Program/Activity
Coral East Development, Corp.
RJM LeJune Properties Investments, Inc.
Little Havana Horne Ownership Trust
Deobligate
Funds of:
$750,000
$750,000
Reallocate
Funds to:
$1,500,000
It is recommended that the City Commission adopt the attached Resolution de -obligating HOME
Investment Partnership (HOME) funds in the amount of $1,500,000, from Coral East
Development, Corp. and RJM LeJune Properties Investments, Inc. and reallocating said funds to
the Little Havana Home Ownership Trust.
The proposed Resolution reallocates HOME Program funds and does not have a budgetary
impact on the General Fund.
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