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J-02-038
1/8/02
RESOLUTION NO.
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MAR 1 9 200Z
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A RESOLUTION OF THE MIAMI CITY COMMISSION
AMENDING RESOLUTION NO. 00-867, ADOPTED
SEPTEMBER 28, 2000, WHICH ESTABLISHED THE
HOUSING AND COMMERCIAL LOAN COMMITTEE
("COMMITTEE"), TO AUTHORIZE THE CITY MANAGER
OR DESIGNEE TO APPROVE OR DISAPPROVE
SUBORDINATION AGREEMENTS, LOAN RESTRUCTURING
PLANS AND/OR LOAN REPAYMENT PLANS FOR SPECIFIC
HOUSING LOANS AND GRANTS PROVIDED THROUGH THE
CITY'S SINGLE FAMILY REHABILITATION AND
HOMEBUYERS FINANCING PROGRAMS AND PROVIDING
THAT ATTENDANCE OF FIVE MEMBERS OF THE HOUSING
AND COMMERCIAL LOAN COMMITTEE SHALL CONSTITUTE
A QUORUM FOR THE PURPOSE OF CONDUCTING A
COMMITTEE MEETING.
WHEREAS, Resolution No. 00-867, adopted September 28, 2000,
authorized and directed the City Manager to establish an
eleven -member Housing and Commercial Loan Committee to
approve/disapprove certain housing and commercial loans and/or
grants to be provided by the City through the CDBG, HOME and
SHIP Programs; and
WHEREAS, with the adoption of Resolution No. 00-867, the
City Commission further granted authority to the Committee to
approve or disapprove all loan applications for funding of
affordable housing projects and commercial (business) projects
CITY COO
MEETING Or
NO) 2002
4144 40eM pia
02- 14
and related transactions including, but not limited to
subordination agreements, loan restructuring plans and/or loan
repayment plans in the City's loan portfolio; and
WHEREAS, through the abovementioned legislation, the City
Commission authorized and directed the City Manager or designee
to approve or disapprove specific housing loans provided by the
City through the City's CDBG funded Single Family Rehabilitation
Program (one to four units) in an amount not to exceed $80,000
per transaction, and SHIP funded Single Family Rehabilitation
and Homebuyers Financing Programs in an amount not to exceed
$40,000 per transaction; and
WHEREAS, at its meeting of September 28, 2001, the Housing
and Commercial Loan Committee expressed concerns regarding the
time sensitive nature of assisting homeowners seeking to
refinance first mortgages on their respective residences; and
WHEREAS, at its meeting of September 28, 2001, the Housing
and Commercial Loan Committee directed the City Administration
to seek City Commission approval of an amendment to Resolution
No. 00-867, to delegate to the City Manager or designee
authority to approve subordination agreements, in addition to
authority to approve or disapprove loan restructuring and
repayment plans for homeowners that have received financial
assistance through the City's Single Family Rehabilitation and
Homebuyers Financing Programs; and
Page 2 of 5
02- 14
WHEREAS, at the same meeting, the Committee also directed
the City Administration to seek City Commission approval to
amend Resolution No. 00-867 to provide that the attendance of
five members at a meeting would constitute a quorum;
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. Resolution No. 00-867, adopted September 28,
2000, is amended in the following particulars:1/
" RESOLUTION NO. 00-867
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Section 3. The City Manager is hereby
authorized and directed to establish an eleven (11)
member Housing and Commercial Loan Committee to
approve/disapprove certain housing and commercial
loans and/or grants to be provided by the City through
the CDBG, HOME and SHIP Programs which shall be
comprised as follows:
(a) the Chairperson appointed by the Mayor;
(b) one (1) member who is an active affordable
housing provider;
1/
Words and/or figures stricken through shall be deleted. Underscored
words and/or figures shall be added. The remaining provisions are now
in effect and remain unchanged. Asterisks indicate omitted and
unchanged material.
Page 3 of 5
2- ' 4
(c) three (3) members with private real estate
lending experience;
(d) three (3) members with private commercial
lending experience; and
(e) three (3) members appointed by the City
Manager from the City Administration.
Section 4. The attendance of five members of
the Housing and Commercial Loan Committee shall
constitute a quorum for the purpose of conducting a
Committee meeting.
Section 45.
Section §6. The City Manager or hic designee
is hereby authorized to approve or disapprove specific
housing loans provided by the City through the City's
CDBG funded Single Family Rehabilitation Program (one
to four units) in an amount not to exceed $80,000 per
transaction, and SHIP funded Single Family
Rehabilitation and Homebuyers Financing Programs in an
amount not to exceed $40,000 per transaction.
Section 7. The City Manager or designee is
authorized to approve or disapprove subordination
agreements, loan restructuring plans and/or loan
repayment plans for specific housing loans/grants
provided by the City through the Single Family
Rehabilitation and Homebuyers Financing Programs.
Section 8. The City Manager is authorized21 to
execute the necessary documents, in a form acceptable
to the City Attorney, for said purpose.
Section -69.
2/ 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.
Page 4 of 5
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Section ;10 .
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Section $11.
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Section 3. This Resolution shall become effective
immediately upon its adoption and signature of the Mayor.3/
PASSED AND ADOPTED this
LTER EMAN
CITY CLERK
10th day of
APPROVED AS TO FORM AND CORRECTNESS/
'ir
,ALEJANDRO VILA ELLO
Y ATTORNEY
W5915:tr:LB:BSS
January
, 2002.
MANUEL A. DIA/NIAYOR
3i If the Mayor does not sign this Resolution, it shall become effective
at the end of ten calendar days from the date it was adopted and
passed. If the Mayor vetoes this Resolution, it shall not become
effective unless the City Commission overrides the veto.
Page 5 of 5
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PASSED AND ADOPT this day of , 2001.
ATTEST:
WAL1 R. J.FOEMAN
CITY CLERK
APPROVED AS TO FORM AND CORRECTNESS:
ALEJANDRO VILARELLO
CITY ATTORNEY
MANUEL A. DIAZ, MAYOR