HomeMy WebLinkAboutR-08-0496City of Miami
Legislation
Resolution: R-08-0496
City Hall
3500 Pan American
Drive
Miami, FL 33133
www.miamigov.com
File Number: 08-00975 Final Action Date: 9/11/2008
A RESOLUTION OF THE MIAMI CITY COMMISSION, WITH ATTACHMENT(S),
AUTHORIZING 1035 NORTH MIAMI AVENUE, LLC, TO ENCUMBER THE
PROPERTY LOCATED AT 1035 NORTH MIAMI AVENUE, MIAMI, FLORIDA
("PROPERTY"), LEGALLY DESCRIBED IN EXHIBIT "A," ATTACHED AND
INCORPORATED, BY SECURING A MORTGAGE LOAN WITH BBU BANK, TO
COMPLETE THE REHABILITATION OF THE PROPERTY; FURTHER
AUTHORIZING THE CITY MANAGER TO EXECUTE ALL NECESSARY
DOCUMENTS FOR SAID PURPOSES.
WHEREAS, pursuant to Resolution No. 05-0382, adopted June 9, 2005, the Miami City
Commission authorized the allocation of 31st Program Year Community Development Block Grant
("CDBG") funds, in the amount of $100,000, to Downtown Miami Partnership, Inc. ("DMP"), for
Commercial Facade Treatment/Commercial Code Compliance activities for 2005-2006; and
WHEREAS, pursuant to Resolution No. 05-0477, adopted July 28, 2005, the Miami City
Commission authorized the transfer of CDBG funds, in the amount of $20,000, to DMP, to continue to
provide Commercial Facade Treatment/Commercial Code Compliance Activities in District 2; and
WHEREAS, pursuant to Resolution No. 05-0684, adopted November 17, 2005, the Miami City
Commission amended Resolution No. 05-0382, adopted June 9, 2005, and Resolution No. 05-0477,
adopted July 28, 2005, by changing DMP's activity description and services on the attachments of
each Resolution from Commercial Facade Treatment/Commercial Code Compliance to "for the
implementation of an Urban Neighborhood Job Creation Program which will provide rehabilitation of
building exteriors and job creation opportunities for City of Miami residents;" and
WHEREAS, said Resolution authorized the transfer of CDBG funds, in the amount of $500,000,
to DMP, for construction costs associated with the rehabilitation of building exteriors; and
WHEREAS, 1035 NORTH MIAMI AVENUE, LLC ("Property Owner"), is a program participant of
the Urban Neighborhood Job Creation Program, providing rehabilitation to the building located at
1035 North Miami Avenue, Miami, Florida ("Property"); and
WHEREAS, as a program participant, the Property Owner, was assisted with $75,000, funding to
replace the windows on the Property; and
WHEREAS, two tenants are nearly complete with their store build -out, however, a building
Certificate of Occupancy is required before they are able to move in; and
WHEREAS, in order to complete the rehabilitation of the property and obtain a Certificate of
Occupancy, the owner will need an additional $250,000, which he/she is seeking funding by securing
an additional mortgage on the property through BBU Bank, a state chartered bank; and
City of Miami
Page 1 of 2 File Id: 08-00975 (Version: 1) Printed On: 5/12/2017
File Number: 08-00975 Enactment Number: R-08-0496
WHEREAS, on June 28, 2007, a Declaration of Restrictive Covenants was executed between the
Property Owner and the City of Miami ("City"), which in Section 4 stated, "Property Owner covenants
and agrees not to encumber or convey any interest in the Property without the prior written consent of
the City"; and
WHEREAS, the completion of the rehabilitated property will result in the creation of two new
businesses to provide at least six jobs for low to moderate income residents as required in their
executed covenant; and
WHEREAS, the Administration recommends authorizing the Property Owner to encumber the
Property, legally described in Exhibit "A," attached and incorporated, by securing a mortgage loan
with BBU Bank, to complete the rehabilitation of said property;
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 Property Owner is authorized to encumber the Property, legally described in
Exhibit "A," attached and incorporated, by securing a mortgage loan with BBU Bank, to complete the
rehabilitation of said Property.
Section 3. The City Manager is authorized{1} 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: 08-00975 (Version: 1) Printed On: 5/12/2017