HomeMy WebLinkAboutR-07-0136City of Miami
Legislation
Resolution: R-07-0136
City Hall
3500 Pan American
Drive
Miami, FL 33133
www.miamigov.com
File Number: 07-00356 Final Action Date: 3/8/2007
A RESOLUTION OF THE MIAMI CITY COMMISSION IN CONNECTION WITH THE
RALPH PLAZA II TOWNHOMES PROJECT, GRANTING ALLAPATTAH BUSINESS
DEVELOPMENT AUTHORITY, INC. ("ABDA") AN EXTENSION OF TIME, UNTIL
SIXTY(60) DAYS AFTER THE SALE OF EACH OF THE PROJECT TOWNHOMES,
TO PAY TO THE CITY OF MIAMI THE AMOUNT DUE FOR EACH SUCH
TOWNHOME IN REPAYMENT OF THE $500,000 LOAN APPROVED BY THE CITY
OF MIAMI HOUSING AND COMMERCIAL LOAN COMMITTEE; FURTHER
AUTHORIZING THE CITY MANAGER TO EXECUTE THE NECESSARY
DOCUMENTS FOR SAID PURPOSE.
WHEREAS, on April 28, 2006, the City of Miami ("City") Housing and Commercial Loan
Committee approved an allocation of $500,000 of State Housing Initiatives Partnership Program
("SHIP") funds to Allapattah Business Development Authority, Inc. ("ABDA"), for the Ralph Plaza II
Townhomes project; and
WHEREAS, the terms of the loan require that upon the sale of each of the thirty (30) project
townhomes, ABDA repay to the City the difference between the amount of City funded homebuyer
second mortgage financing and $16,666.67; and
WHEREAS, the Administration is recommending granting ABDA an extension of time, until sixty
(60) days after the sale of each of the project townhomes, to pay to the City the amount due under
the loan documents for each such townhome;
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. In connection with the Ralph Plaza II Townhomes project, ABDA is granted an
extension of time, until sixty (60) days after the sale of each of the project townhomes, to pay to the
City the amount due for each such townhome in repayment of the $500,000 SHIP loan approved by
the City Housing and Commercial Loan Committee on April 28, 2006.
Section 3. The City Manager is further authorized {1} to execute the necessary documents 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: 07-00356 (Version: 1) Printed On: 3/21/2017
File Number: 07-00356 Enactment Number: R-07-0136
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: 07-00356 (Version: 1) Printed On: 3/21/2017