HomeMy WebLinkAboutExhibitEXHIBIT A
Refinance Loan Terms
Borrower: Tacolcy Economic Development Corporation
Loan Amount: $1,400,000.00
Interest Rate: Fixed simple interest rate of 3.00%
Term: 40 years
Repayment Method: Borrower shall make payments to the City of Miami as follows
beginning in the sixth year from the disbursement of the funds:
(i) for years 1-5, principal and interest shall be deferred (ii)
commencing with year 6, equal monthly payments of principal and
interest
Replacement Reserves:
In addition to principal and interest, the borrower shall make
monthly payments of $3,000 (an annual total amount of $300 per
unit or $36,000) beginning in the 6th year to be escrowed for
replacement reserves. Said funds will be deposited in an account
of a bank selected by TEDC, and TEDC shall provide to the City
annually proof of account balance.
Commitment Fee: N/A
Collateral: Subject property is located at 5821 NW 7 Avenue, Miami, Florida
33127 in the Model City neighborhood. Subject property a/k/a
Edison Towers Apartments project is located within a
Neighborhood Development Zone. Said property was appraised at
$4,755,000 as of March 30, 2006.
Affordability Period: 40 years, commencing twelve (12) months from date of the
disbursement of funds.
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