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City of Miami
Legislation
Resolution
City Hall
3500 Pan American
Drive
Miami, FL 33133
www.ci.miami.fl.us
File Number: 05-00342 Final Action Date:
A RESOLUTION OF THE MIAMI CITY COMMISSION AMENDING RESOLUTION
NO. 04-0797, ADOPTED DECEMBER 9, 2004, BY CHANGING CERTAIN TERMS
OF THE LOAN AGREEMENT, AS STATED HEREIN, BETWEEN THE CITY OF
MIAMI AND PENINSULA EDISON PLAZA LLC, FOR THE REDEVELOPMENT OF
EDISON MARKETPLACE LOCATED AT 645 NORTHWEST 62ND STREET, MIAMI,
FLORIDA.
WHEREAS, Resolution No. 04-0797, adopted December 9, 2004, authorized the execution of a
Loan Agreement ("Agreement") in the total amount of $3,400,000 to Peninsula Edison Plaza
LLC ("Peninsula") for the redevelopment of Edison Marketplace located at 645 Northwest 62nd Street,
Miami, Florida; and
WHEREAS, certain terms of the Agreement changed; and
WHEREAS, the new terms are as follows: the amount of $3,400,000, will be in the form of a loan to
Peninsula at a rate of 0%, with a 20-year balloon, a 3- year hold and a 60-year amortization with
payments to begin on the 4th year from date of execution of the Agreement;
NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE CITY OF MIAMI,
FLORIDA:
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. Resolution No. 04-0797, adopted December 9, 2004, is amended by changing the
following terms of the Agreement between the City of Miami and Peninsula for the redevelopment of
Edison Marketplace located at 645 Northwest 62nd Street, Miami, Florida: the amount of $3,400,000,
will be in the form of a loan to Peninsula at a rate of 0%, with a 20-year balloon, a 3- year hold and a
60-year amortization with payments to begin on the 4th year from date of execution of the Agreement.
Section 3. This Resolution shall become effective immediately upon its adoption and signature of
the Mayor.{1}
APPROVE ' AS TO FORM AND COR • CTNESS
NANDEZ k'vm
CIT EY
City of Miami
Page 1 of 2 Printed On: 4/12/2005
File Number: 05-00342
Footnotes :
{1} 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 Printed On: 4/12/2005