HomeMy WebLinkAboutR-05-0407City of Miami
Legislation
Resolution: R-05-0407
City Hall
3500 Pan American
Drive
Miami, FL 33133
www.miamigov.com
File Number: 05-00460 Final Action Date: 6/23/2005
A RESOLUTION OF THE MIAMI CITY COMMISSION, WITH ATTACHMENT(S),
AUTHORIZING THE TRANSFER OF COMMUNITY DEVELOPMENT BLOCK GRANT
CLOSED OUT FUNDS, IN THE AMOUNT OF $260,174.41 AND CITY OF MIAMI
DEPARTMENT OF COMMUNITY DEVELOPMENT COMMERCIAL FAQADE
PROGRAM FUNDS, IN THE AMOUNT OF $339,825.59, AS SPECIFIED IN
"ATTACHMENT A," ATTACHED AND INCORPORATED, FOR THE TOTAL AMOUNT
OF $600,000; ALLOCATING SAID FUNDS, IN THE FORM OF A LOAN, TO
ALLAPATTAH DEVELOPMENT, LLC., IN THE AMOUNT OF $300,000 AND TO A
RESERVE ACCOUNT, IN THE AMOUNT OF $300,000, FOR FUTURE USE, AS
SPECIFIED IN SAID ATTACHMENT; AUTHORIZING THE CITY MANAGER TO
EXECUTE A LOAN AGREEMENT, WITH SAID AGENCY, FOR SAID PURPOSE.
WHEREAS, Allapattah Development, LLC., a for profit entity, will utilize funds for the acquisition
of a building located at 868 Northwest 21 st Terrace, Miami, Florida 33127, to establish a commercial
enterprise; and
WHEREAS, said agency has committed to create a total of forty (40) jobs for City of Miami
residents, ten (10) jobs within the first year and the remaining thirty (30) by the end of the fifth year;
and
WHEREAS, the amount of $300,000, will be in the form of a loan, with an interest rate of 3%,
amortizable quarterly in arrears with eighty (80) equal payments;
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. The transfer of Community Development Block Grant closed out funds, in the amount
of $260,174.41 and City of Miami Department of Community Development Commercial Facade
Program funds, in the amount of $339,825.59, as specified in "Attachment A," attached and
incorporated, for a total amount of $600,000, and the allocation of said funds, in the form of a loan, to
Allapattah Development, LLC., in the amount of $300,000 and to a reserve account, in the amount of
$300,000, for future use, as specified in said attachment, is authorized.
Section 3. The City Manager is authorized{1} to execute a loan agreement, with said agency, for
said purpose.
Section 4. This Resolution shall become effective immediately upon its adoption and signature of
the Mayor {2}.
City of Miami
Page 1 of 2 File Id: 05-00460 (Version: 31 Printed On: 11/18/2016
File Number: 05-00460 Enactment Number: R-05-0407
Footnotes:
{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: 05-00460 (Version: 31 Printed On: 11/18/2016