HomeMy WebLinkAboutLegislationFile Number: 07-013689
Final Action Date:
A RESOLUTION OF THE MIAMI CITY COMMISSION ALLOCATING FUNDS IN
AN AMOUNT NOT TO EXCEED $145,000 TO TACOLCY ECONOMIC
DEVELOPMENT CORPORATION, INC., A FLORIDA NOT-FOR-PROFIT
CORPORATION ("TEDC"), FOR REFINANCING OF THE EDISON TOWER
APARTMENTS (THE "PROJECT") IN ORDER TO FACILITATE THE
REHABILITATION OF THE PROJECT, A ONE HUNDRED AND TWENTY ONE
(121) UNIT RENTAL PROJECT ALL OF THE UNITS OF WHICH ARE
AFFORDABLE TO VERY LOW AND LOW INCOME FAMILIES, LOCATED AT
5821 NORTHWEST 7 AVENUE, MIAMI, FLORIDA; PROVIDING SUCH
ALLOCATION AS A LOAN TO TEDC UPON TERMS AND CONDITIONS TO BE
APPROVED BY THE CITY OF MIAMI HOUSING AND COMMERCIAL LOAN
COMMITTEE; ALLOCATING FUNDS FROM THE AFFORDABLE HOUSING
TRUST FUND; AUTHORIZING THE CITY MANAGER TO EXECUTE ALL
NECESSARY DOCUMENTS, IN A FORM ACCEPTABLE TO THE CITY
ATTORNEY, FOR SAID PURPOSE.
WHEREAS, Tacolcy Economic Development Corporation, Inc. ("TEDC") is the owner of the Edison
Tower Apartments (the "Project"), located at 5821 Northwest 7 Avenue, Miami, Florida, a one hundred
twenty-one (121) unit rental project all of the units of which are affordable to very low and low income
families; and
WHEREAS, a rehabilitation of the Project is in process; and
WHEREAS, TEDC requested funding in the amount of $1,400,000, to refinance the mortgage debt
encumbering the Project, to assist TEDC in securing additional funds for the rehabilitation of the
Project and allow TEDC to continue to keep rents within the range of very low and low income families;
and
WHEREAS, on November 9, 2006, by motion, the City Commission allocated $1,100,000 from the
Affordable Housing Trust Fund for said purpose, requested that the Administration determine a
funding source for the additional $300,000 needed by TEDC for said purpose, and directed TEDC to
request approval for the additional $300,000 from the City of Miami Housing and Commercial Loan
Committee; and
WHEREAS, the Administration recommends that the additional funding requested by TEDC be
awarded from the Affordable Housing Trust Fund; and
WHEREAS, on April 12, 2007, pursuant to Resolution No. 07-0203, the City Commission adopted
Affordable Housing Trust Fund Guidelines that provide for the award of Affordable Housing Trust
funds by means of one of the following two processes: (1) the issuance of a request for proposals, or
(2) through City Commission action; and
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Resolution
File Number: 07-013689
Final Action Date:
A RESOLUTION OF THE MIAMI CITY COMMISSION ALLOCATING FUNDS IN
AN AMOUNT NOT TO EXCEED $145,000 TO TACOLCY ECONOMIC
DEVELOPMENT CORPORATION, INC., A FLORIDA NOT-FOR-PROFIT
CORPORATION ("TEDC"), FOR REFINANCING OF THE EDISON TOWER
APARTMENTS (THE "PROJECT") IN ORDER TO FACILITATE THE
REHABILITATION OF THE PROJECT, A ONE HUNDRED AND TWENTY ONE
(121) UNIT RENTAL PROJECT ALL OF THE UNITS OF WHICH ARE
AFFORDABLE TO VERY LOW AND LOW INCOME FAMILIES, LOCATED AT
5821 NORTHWEST 7 AVENUE, MIAMI, FLORIDA; PROVIDING SUCH
ALLOCATION AS A LOAN TO TEDC UPON TERMS AND CONDITIONS TO BE
APPROVED BY THE CITY OF MIAMI HOUSING AND COMMERCIAL LOAN
COMMITTEE; ALLOCATING FUNDS FROM THE AFFORDABLE HOUSING
TRUST FUND; AUTHORIZING THE CITY MANAGER TO EXECUTE ALL
NECESSARY DOCUMENTS, IN A FORM ACCEPTABLE TO THE CITY
ATTORNEY, FOR SAID PURPOSE.
WHEREAS, Tacolcy Economic Development Corporation, Inc. ("TEDC") is the owner of the Edison
Tower Apartments (the "Project"), located at 5821 Northwest 7 Avenue, Miami, Florida, a one hundred
twenty-one (121) unit rental project all of the units of which are affordable to very low and low income
families; and
WHEREAS, a rehabilitation of the Project is in process; and
WHEREAS, TEDC requested funding in the amount of $1,400,000, to refinance the mortgage debt
encumbering the Project, to assist TEDC in securing additional funds for the rehabilitation of the
Project and allow TEDC to continue to keep rents within the range of very low and low income families;
and
WHEREAS, on November 9, 2006, by motion, the City Commission allocated $1,100,000 from the
Affordable Housing Trust Fund for said purpose, requested that the Administration determine a
funding source for the additional $300,000 needed by TEDC for said purpose, and directed TEDC to
request approval for the additional $300,000 from the City of Miami Housing and Commercial Loan
Committee; and
WHEREAS, the Administration recommends that the additional funding requested by TEDC be
awarded from the Affordable Housing Trust Fund; and
WHEREAS, on April 12, 2007, pursuant to Resolution No. 07-0203, the City Commission adopted
Affordable Housing Trust Fund Guidelines that provide for the award of Affordable Housing Trust
funds by means of one of the following two processes: (1) the issuance of a request for proposals, or
(2) through City Commission action; and
Ciel of Miami Page 1 of 2 Printed On: 11/7/2007
File Number.' 07-01368a
WHEREAS, TEDC has advised the Administration that the additional funding needed to complete
its re -financing of the Project will not exceed $145,000;
NOW, THER(=FORE, 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 allocation of funds from the Affordable Housing Trust Fund, in an amount not to
exceed $145,000 as a loan to TEDC to refinance the Project, a one hundred twenty-one (12 1) unit
rental project all of the units of which are affordable to very low and low income families, located at
5821 Northwest 7 Avenue, Miami, Florida, is approved.
Section 3. The loan to TEDC for the mortgage refinancing is being made for the purpose of
facilitating the rehabilitation of the Project, and shall be made on terms and conditions to be approved
by the City of Miami Housing and Commercial Loan Committee,
Section 4. The City Manager is authorized{1} to execute ail necessary documents, in a form
acceptable to the City Attorney, for said purpose.
Section 5. This Resolution shall become effective immediately upon its adoption and signature of
the Mayor.{2}
APPROVED AS TO FORM AND CORRECTNESS:
JORG, L. fRNANDEZ
CITY A ONEY
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 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.
Cia of Miami Page 2 of 2 Printed On: 11/712007