HomeMy WebLinkAboutSummary FormAGENDA ITEM SUMMARY FORM
FILE ID: /0 - 0 // ?Ai
Law Department
Matter ID No.
Date: 10/01/2010 Requesting Department: Community Development
Commission Meeting Date: 11/18/2010 District Impacted: 2
Type: ►1 Resolution ❑ Ordinance ❑ Emergency Ordinance ❑ Discussion Item
❑ Other
Subject: AUTHORIZING KIDCO TO SIGN A SECOND MORTGAGE WITH MIAMI-DADE
COUNTY
Purpose of Item:
AUTHORIZING THE CITY MANAGER TO CONSENT AND AGREE TO KIDCO CHILD CARE, INC.
("KIDCO") SIGNING A SECOND MORTGAGE IN THE AMOUNT OF $175,000 WITH MIAMI-DADE
COUNTY TO SECURE THE GRANT FOR THE REHABILITATION OF THE PROPERTY LOCATED
AT 242 NORTHEAST 26TH STREET, MIAMI, FLORIDA ("PROPERTY"); AUTHORIZING THE CITY
MANAGER TO EXECUTE DOCUMENT(S) IN SUBSTANTIALLY THE ATTACHED FORM(S), FOR
SAID PURPOSE.
Background Information:
Please see attached
Budget Impact Analysis
NO Is this item related to revenue?
NO Is this item an expenditure? If so, please identify funding source below.
General Account No:
Special Revenue Account No:
CIP Project No:
NO Is this item funded by Homeland Defense/Neighborhood Improvement Bonds?
Start Up Capital Cost:
Maintenance Cost:
Total Fiscal Impact:
Final Approvals
(SIGN AND DATE)
CIP Budget
Ifusing or receivingcapital funds
Grants Risk Management
Purchasing �- Dept. Director
Chief �' �''- C-" City Manager
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AGENDA ITEM SUMMARY FORM CONTINUED
Background Information:
Pursuant to Resolution No. 09-0299, adopted June 18, 2009, the Miami City Commission approved
the allocation of $300,000, to Kidco in 33`d Year CDBG funds for public facilities and improvement
activities to purchase the facility located at 242 Northeast 26th Street, Miami, Florida, to provide child
care services to up to 40 low to moderate income children and families.
The Restrictive Covenant on the property requires the prior written consent of the Miami City
Commission for the conveyance of any interest in said property.
On July 14, 2010, the Miami -Dade County Community Action Agency ("CAA") Board allocated
$175,000 to Kidco for the rehabilitation of said Property.
The CAA is requesting that Kidco execute a Mortgage and Security Agreement to secure the amount
being allocated.
The Administration recommends the approval of the request and consents to the second mortgage
from Miami -Dade County for said property.