HomeMy WebLinkAboutresolution 6-9-05City 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 31ST YEAR COMMUNITY DEVELOPMENT
BLOCK GRANT FUTURE PROGRAM INCOME FUNDS, IN THE AMOUNT OF
$300,000; ALLOCATING SAID FUNDS TO ALLAPATTAH DEVELOPMENT, LLC., A
FOR PROFIT ENTITY, FOR SPECIAL ECONOMIC DEVELOPMENT ACTIVITIES,
AS SPECIFIED IN "ATTACHMENT A," ATTACHED AND INCORPORATED, FOR
THE ACQUISITION OF A BUILDING LOCATED AT 868 NORTHWEST 21ST
TERRACE, MIAMI, FLORIDA, 33127; AUTHORIZING THE CITY MANAGER TO
EXECUTE A LOAN AGREEMENT FOR SAID PURPOSE.
WHEREAS, funds are to be utilized for the acquisition of a building located at 868 Northwest
21st Terrace, Miami, Florida, 33127, to establish a commercial enterprise; and
WHEREAS, Allapattah Development, LLC. 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 subordinated 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 31st year Community Development Block Grant Future Program Income
funds, in the amount of $300,000 and the allocation of said funds to Allapattah Development, LLC., a
for profit entity, for special economic development activities, as specified in "Attachment A," attached
and incorporated, for the acquisition of a building located at 868 Northwest 21st Terrace, Miami,
Florida, 33127, is authorized.
Section 3. The City Manager is authorized(1} to execute a Loan Agreement for said purpose.
Section 4. This Resolution shall become effective immediately upon its adoption and signature of
the Mayor (2).
City of Miami Page I of 2
Printed On: 5/13/2005
File Number. 05-00460
APPROV D S FORM AND CORRECTNESS`/
JOR
CI
. FE
TOR
EY
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: 5/13/2005