HomeMy WebLinkAboutR-07-0496City of Miami
Legislation
Resolution: R-07-0496
City Hall
3500 Pan American
Drive
Miami, FL 33133
www.miamigov.com
File Number: 07-01120 Final Action Date: 9/11/2007
A RESOLUTION OF THE MIAMI CITY COMMISSION RELATING TO THE $500,000
OF STATE HOUSING INITIATIVES PARTNERSHIP PROGRAM ("SHIP") FUNDS
LOANED TO ALLAPATTAH BUSINESS DEVELOPMENT AUTHORITY, INC.
("ABDA") IN CONNECTION WITH THE RALPH PLAZA II TOWNHOMES PROJECT;
AUTHORIZING THE CONVERSION OF $250,000 OF SAID FUNDS TO A GRANT,
WITH THE REMAINING BALANCE OF SAID FUNDS, IN THE AMOUNT OF
$250,000, BEING REPAID TO THE CITY OF MIAMI FROM THE PROCEEDS OF
THE SALE OF THE PROJECT TOWNHOMES; FURTHER AUTHORIZING THE CITY
MANAGER TO EXECUTE ALL NECESSARY DOCUMENTS FOR SAID PURPOSE.
WHEREAS, on April 28, 2006, the City of Miami Housing and Commercial Loan Committee
("HCLC") 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 of Miami ("City") the difference between the amount of City
funded homebuyer second mortgage financing and $16,666.67; and
WHEREAS, pursuant to Resolution No. 07-0136, adopted May 8, 2007, the City Commission
granted ABDA an extension, until sixty (60) days after the sale of each project townhome, to pay to
the City the amount due under the loan documents for each townhome; and
WHEREAS, Miami -Dade County ("County") and the City have both requested that ABDA keep the
price of the project townhomes affordable, ranging between $125,000 and $145,000; and
WHEREAS, due to a substantial increase in construction costs and the fixed purchase price
required by the County and the City, ABDA will not be able to repay to the City the entire $500,000 of
SHIP funds from the proceeds of the sale of the project townhomes; and
WHEREAS, some of the project homebuyers require closing cost assistance from the
Metro -Miami Action Plan Trust ("MMAP"), which has given them until September 15, 2007, to close on
their MMAP loans; and
WHEREAS, the next HCLC meeting is scheduled for September 21, 2007; and
WHEREAS, the Administration recommends converting to a grant $250,000 of the $500,000 of
SHIP funds loaned to ABDA, with the remaining balance, in the amount of $250,000, being repaid
from the proceeds of the sale of the townhomes;
NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE CITY OF MIAMI,
City of Miami
Page 1 of 2 File Id: 07-01120 (Version: 1) Printed On: 4/12/2017
File Number: 07-01120 Enactment Number: R-07-0496
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, the following are authorized:
(1) the conversion to a grant of a portion of the $500,000 of SHIP funds loaned to ABDA, in the
amount of $250,000, and (2) repayment to the City of the remaining balance, in the amount of
$250,000, from the proceeds of the sale of the project townhomes.
Section 3. The City Manager is authorized{1} to execute to execute all necessary documents for
said purposes.
Section 4. This Resolution shall become effective immediately upon its adoption and signature of
the Mayor.{2}
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: 07-01120 (Version: 1) Printed On: 4/12/2017