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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: 05-00460
Final Action Date:
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 FACADE
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
SUBORDINATED LOANS, TO ALLAPATTAH DEVELOPMENT, LLC., IN THE
AMOUNT OF $300,000 AND TO TELEMIAMI, INC., IN THE AMOUNT OF $300,000,
FOR SPECIAL ECONOMIC DEVELOPMENT ACTIVITIES, AS SPECIFIED IN SAID
ATTACHMENT; AUTHORIZING THE CITY MANAGER TO EXECUTE LOAN
AGREEMENTS, WITH SAID AGENCIES, FOR SAID PURPOSES.
WHEREAS, Allapattah Development, LLC., a for profit entity, will utilize funds for the acquisition of
a building located at 868 Northwest 21st Terrace, Miami, Florida 33127, to establish a commercial
enterprise; and
WHEREAS, Telemiami, Inc., a for profit entity, will utilize funds for the expansion of their business
located at 2920 Northwest 7th Street, Miami, Florida; and
WHEREAS, both entities have committed to creating a total of forty (40) Jobs each 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; and
WHEREAS, said terms will be for both entities;
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 subordinated loans, to
Allapattah Development, LLC., in the amount of $300,000 and to Telemiami, Inc., in the amount of
$300,000, for special economic development activities, as specified in said Attachment, is authorized.
Section 3. The City Manager is authorized{1} to execute loan agreements, with said agencies, for
City of Miami Page I of 2 Printed On: 6/14/2005
File Number: 05-00460
said purposes.
Section 4. This Resolution shall become effective immediately upon its adoption and signature of
the Mayor {2}.
APPROVED AS TO FORM AND CORRECTNESS
JORGL. F"RNANDEZ
CiTY4:195,NEY
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 Printed On: 6/14/2005