HomeMy WebLinkAboutSummary FormAGENDA ITEM SUMMARY FORM
FILE ID: Ug'00 (79
Date: 08/14/08
Commission Meeting Date: 09/11/08
PH.9
Requesting Department: Community Development
District Impacted:
Type: ® Resolution E Ordinance E Emergency Ordinance ❑ Discussion Item
Other
Subject: Extending Agreement for the Wagner Square Section 108 Loan
Purpose of Item:
AT THE REQUEST OF WAGNER SQUARE LLC, AND SUBJECT TO APPROVAL FROM THE UNITED
STATES DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT ("HUD"), AUTHORIZING THE CITY
MANAGER TO NEGOTIATE, TO AMEND, AND TO EXECUTE, IN FORMS ACCEPTABLE TO THE CITY
ATTORNEY, THE LOAN AGREEMENT DATED AS OF MARCH 10, 2005 BETWEEN WAGNER SQUARE
LLC (THE "DEVELOPER") AND THE CITY ("DEVELOPER LOAN AGREEMENT"), THE RELATED
PROMISSORY NOTE FROM THE DEVELOPER TO THE CITY (DEVELOPER NOTE"), THE HUD
CONTRACT FOR LOAN GUARANTEE ASSISTANCE UNDER SECTION 108 OF THE HOUSING AND
COMMUNITY DEVLOPMENT ACT OF 1974, AS AMENDED, BY AND BETWEEN HUD AND THE CITY,
DATED AS OF JUNE 10, 2005 ("SECTION 108 LOAN GUARANTEE CONTRACT'), THE HUD SECTION 108
LOAN GUARANTEE PROJGRAM VARIABLE/FIXED RATE NOTE NUMBER B-02-MC-12-0013, IN THE
MAXIMUM COMMITMENT AMOUNT OF FOUR MILLION ($4,000,000) BY THE CITY AS BORROWER WITH
AFTERWATCH & CO. AS HUD'S REGISTERED HOLDER AND NOMINEE FOR MONEY MARKET
OBLIGATIONS TRUST ON BEHALF OF THE GOVERNMENT OBLIGATIONS FUND, DATED AS OF JUNE
10, 2005 ("SECTION 108 LOAN -GUARANTEE NOTE"), THE RELATED BROWNFILED ECONOMIC
DEVELOPMENT INTIATIVE ("BEDI') GRANT AGREEMENT BETWEEN HUD AND THE CITY DATED AS OF
JUNE 10, 2005 ("BEDI GRANT"), THE COLLATERAL ASSIGNMENT BY CITY TO HUD WITH CONSENT
AND ACKNOWLEDGEMENT OF THE DEVELOPER DATED AS OF JUNE 10, 2005 ("HUD COLLATERAL
ASSIGNMENT'), THE CUSTODIAL AGREEMENT FOR SECURITY DOCUMENTS BY AND AMONG THE
CITY , THE DEVELOPER AND SUNTRUST BANK AS CUSTODIA DATED AS OFJULY 7, 2005 ("HUD
CUSTODIAL AGREEMENT") AND ALL OTHER RELATED DOCUMENTS, INSTRUMENTS, ATTACHMENTS
AND EXHIBITS NECESSARY FOR AMENDING THE SECTION 108 LOAN GUARANTEE CONTRACT,
SECTION 108 LOAN GUARANTEE NOTE, BEDI GRANT, DEVELOPER LOAN AGREEMENT, DEVELOPER
NOTE, HUD COLLATERAL ASSIGNMENT, AND HUD CUSTODIAL AGREEMENT FOR THE COMMERCIAL
PORTIONS OF THE WAGNER SQUARE PROJECT TO BE DEVELOPED ON THE PROPERTY FORMERLY
KNOWN AS THE CIVIC CENTER SITE, LOCATED AT 1700 NORTHWEST 14TH AVENUE, MIAMI, FLORIDA
( "PROPERTY"), AND TO EXTEND THE CONSTRUCTION COMMENCEMENT DATE OF THE
COMMERCIAL COMPONENT.
Background Information:
See back up request from developer.
Budget Impact Analysis
Is this item related to revenue?
Is this item an expenditure? If so, please identify funding source below.
General Account No:
Special Revenue Account No:
CJP Project No:
Is this item funded by Homeland Defense/Neighborhood Improvement Bonds?
Start Up Capital Cost:
Maintenance C t:
Total Fiscal Im ct:
Final Approvals
(SIGN AND DATE)
Dept. Director
Chief \ ` 1 City Manage
n- t ,.r t