HomeMy WebLinkAboutsummary formAGENDA ITEM SUMMARY FORM
FILE ID: 05— D0341
Date: 4/7/2005 Requesting Department: Community Development
Commission Meeting Date: 4/28/2005 District Impacted:
Type: ® Resolution ❑ Ordinance ❑ Emergency Ordinance ❑ Discussion Item
❑ Other
Subject: Amending Resolution No. 04-0797
Purpose of Item:
Amending Resolution No. 04-0797, adopted December 4, 2004, to change certain terms of the loan
between City of Miami and Peninsula Edison Plaza, LLC., for the redevelopment of Edison
Marketplace located at 645 Northwest 62nd Street, Miami, Florida.
Background Information:
IliMEMak
• Resolution No. 04-0797, adopted December 4, 2004 authorized the execution of a loan
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;
Certain terms of the Loan Agreement changed;
• The new terms are as follows: the $3,400,000 will be in the form of a loan to Peninsula at a
rate of 0%, with a 20 year balloon, 3 year hold and 60 year amortization with payments to begin on
the 4th year from date of execution of the loan agreement.
Budget Impact Analysis
Is this item related to revenue?
Is this item an expenditure? If so, please identify funding source below.
General Account No:
Special Revenue Account No:
CIP Project No:
Is this item funded by Homeland Defense/Neighborhood Improvement Bonds?
Start Up Capital Cost:
Maintenance Cost:
Total Fiscal Impact:
Final Approvals
(SIGN AND DATE)
CIP Budget
If using or receiving capital funds
Grants Risk Manageme
Purchasing Dept. Directo
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