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11 T.
City of Miami
Legislation
Resolution: R-04-0797
City Hall
3500 Pan American
Drive
Miami, FL 33133
www.cl,miami,fl.us
File Number: 04-01349 Final Action Date:12/9/2004
A RESOLUTION OF THE MIAMI CITY COMMISSION, WITH ATTACHMENT(S),
AUTHORIZING THE TRANSFER OF COMMUNITY DEVELOPMENT BLOCK
GRANT PROGRAM FUNDS, IN THE TOTAL AMOUNT OF $3,000,000, FROM THE
AGENCIES AND IN THE AMOUNTS STATED ON THE LIST, ATTACHED AND
INCORPORATED; ALLOCATING SAID FUNDS TO PENINSULA EDISON PLAZA,
LLC., FOR THE REDEVELOPMENT OF EDISON MARKETPLACE LOCATED AT
645 NORTHWEST 62ND STREET, MIAMI, FLORIDA; AUTHORIZING THE CITY
MANAGER TO EXECUTE A LOAN AGREEMENT FOR SAID PURPOSE.
WHEREAS, pursuant to Resolution No. 82-1075, adopted November 10, 1982, the City
Commission allocated Community Development Block Grant ("CDBG") Program funds, in the amount
of $400,000, to the Belafonte Tacolcy Center, Inc. for the renovation of the 46,000 square foot
structure; and
WHEREAS, in an effort to revitalize Edison Plaza, Belafonte Tacolcy Center, Inc. and Tacolcy
Economic Development Corporation, Inc., its development affiliate, formed Edison Marketplace Group,
LLC ("Marketplace Group"), a joint ownership, to redevelop the Center and to implement an economic
development strategy in the Edison Center Business District; and
WHEREAS, the new entity combined their respective parcels of more than five acres expanding
the property to 81,400 square feet; and
WHEREAS, the new center will be developed and managed by Peninsula Edison Plaza, LLC.
("Peninsula"), a subsidiary corporation of Peninsula Developers, Inc. on a long-term ground lease of
$50,000 annually; and
WHEREAS, Marketplace Group and Peninsula acknowledges and agrees that the ground lease
will serve as a mortgage and security agreement for the property to be used as collateral; and
WHEREAS, the estimated cost of developing the new center is $12,300,000; and
WHEREAS, Peninsula is requesting an additional $3,000,000 from the City of Miami ("City") to
finance the redevelopment of Edison Marketplace; and
WHEREAS, predevelopment financing from other sources has been secured as follows:
Miami -Dade Empowerment Trust, Inc. $1,000,000
Miami -Dade Office of Community and Economic Development
Block Grant (OCED) $ 700,000
Miami -Dade County - The Task Force on Urban Economic
Revitalization $7,200,000
City of Miami (approved 11/10/82) $ 400,000
TOTAL $9.300,000
City of Miami Page I of 3 Printed On: 12/13/200'4
File Number: 04-01349 Enactment Number: R-04.0797
WHEREAS, Peninsula has secured approval of the Final Plat, the Class I! Permit and has
identified and secured letters -of -intent from an anchor tenant and other tenants for more than 75% of
the new center spaces; and
WHEREAS, Edison Plaza is to be demolished and construction of the new and larger center is
scheduled for January, 2005; and
WHEREAS, the redevelopment of the Edison Plaza will not only create job opportunities for low
and moderate income City residents but it will also stimulate economic growth for the Liberty City
community; and
WHEREAS, Peninsula has agreed to create a minimum of 98 full time jobs for City residents; and
WHEREAS, in order to facilitate and expedite the completion of this project, the City will
subordinate and defer loan payment until Edison Marketplace receives a Certificate of Occupancy; and
WHEREAS, the unpaid balance of the existing loan, which is $400,000, will be tacked on to the
requested loan of $3,000,000 totaling it to $3,400,000 with the clear understanding that loan
repayment will only be subordinate to the $7.2 million from Miami Dade County's Task Force on Urban
Economic Revitalization; and
WHEREAS, the $3,400,000 will be in the form of a loan to Peninsula at a rate of 3% payable in 20
years; and
WHEREAS, repayment shall be interest only on the outstanding principal balance for the first 36
months from the date that Edison Marketplace receives the Certificate of Occupancy; and
WHEREAS, beginning on the 37th month, the loan will be repaid in 204 equal and consecutive
monthly payments of principal and interest, based on a 20 year amortization;
NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE CITY OF MIAMI,
FLORI DA:
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 transfer of CDBG Program funds in the total amount of $3,000,000, from the
agencies and in the amounts stated on the list, attached and incorporated and the allocation of said
funds to Peninsula for the redevelopment of Edison Marketplace located at 645 Northwest 62 Street,
Miami, Florida, is authorized.
Section 3. The City Manager is authorized{1} to execute a loan agreement for said purpose.
Clly of Miami Page 2 of 3 Printed On: 12/13/2004
File Number: 04-01349 Enactment Number:• R-04-0797
Section 4. This Resolution shall become effective immediately upon its adoption and signature of
the Mayor.{2}
APPROVED AS TO FORM AND CORRECTNESS:
JORGE L. FERNANDEZ
CITY ATTORNEY
Footnotes:
141
{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 3 of 3 Printed On: 12/13/2004