HomeMy WebLinkAboutCRA-R-15-0004City of Miami
Legislation
CRA Resolution: CRA-R-15-0004
City Hall
3500 Pan American
Drive
Miami, FL 33133
www.miamigov.com
File Number: 15-00132 Final Action Date: 2/23/2015
A RESOLUTION OF THE BOARD OF COMMISSIONERS OF THE SOUTHEAST
OVERTOWN/PARK WEST COMMUNITY REDEVELOPMENT AGENCY ("CRA"),
WITH ATTACHMENT(S), AUTHORIZING THE EXECUTIVE DIRECTOR TO
EXECUTE A LOAN PROPOSAL, IN SUBSTANTIALLY THE ATTACHED FORM, FOR
BRIDGE FINANCING, FROM FLORIDA COMMUNITY BANK FOR USE IN
CONNECTION WITH THE REHABILITATION OF TOWN PARK PLAZA NORTH, 475
N.W. 19TH STREET, MIAMI, FLORIDA (FOLIO NO. 01-3136-083-0870);
AUTHORIZING A TRANSFER OF FUNDS IN AN AMOUNT TO NOT EXCEED
$85,000 TO FLORIDA COMMUNITY BANK; FURTHER AUTHORIZING THE
EXECUTIVE DIRECTOR TO EXECUTE ALL OTHER DOCUMENTS NECESSARY
FOR SAID PURPOSE; FUNDS TO BE ALLOCATED FROM SEOPW TAX
INCREMENT FUND, ENTITLED "GRANTS AND OTHER AIDS," ACCOUNT CODE
NO. 10050.92101.883000.0000.00000.
WHEREAS, the Southeast Overtown/Park West Community Redevelopment Agency ("CRA")
is a community redevelopment agency created pursuant to Chapter 163, Florida Statutes, and is
responsible for carrying out community redevelopment activities and projects within its
Redevelopment Area in accordance with the 2009 Southeast Overtown/Park West Redevelopment
Plan ("Plan"); and
WHEREAS, Section 163.400(1)(d), Florida Statutes, allows a community redevelopment
agency "to borrow money and apply for and accept advances, loans, grants, contributions, and any
other form of financial assistance from ... any source;" and
WHEREAS, Section 2, Goal 3, at page 11, of the Plan lists the "creati[on of] infill housing,
diversity in housing types, and retaining affordable housing," as a stated redevelopment goal; and
WHEREAS, Section 2, Principle 2, at page 14, of the Plan provided that "[t]he neighborhood
... retain access to affordable housing ...;" and
WHEREAS, Town Park Plaza North, 475 N.W. 19th Street, Miami, Florida (Folio No.
01-3136-083-0870) is a 20-building, 169-unit affordable housing complex within the Redevelopment
Area; and
WHEREAS, the condition of Town Park Plaza North poses significant risk to the health and
safety of its occupants, and in turn, extensive rehabilitation is needed, as evidenced by structural
cracks, unsecured railings, deteriorating plumbing, rotting wood, and outdated electrical wiring; and
WHEREAS, on October 24, 2013 and September 19, 2014, the Board of Commissioners, by
Resolution Nos. CRA-R-13-0068 and CRA-R-14-0062, authorized the issuance of grants totaling
$15,033,333 for the rehabilitation of Town Park Plaza North; and
City of Miami Page 1 of 3 File Id: 15-00132 (Version: 1) Printed On: 9/26/2022
File Number: 15-00132 Enactment Number: CRA-R-15-0004
WHEREAS, in an effort to assist the CRA with leveraging its funding support of the Town Park
Plaza North rehabilitation project, the CRA applied for and was awarded a grant in the amount of
$600,000 from Federal Home Loan of New York; and
WHEREAS, the CRA also applied for grant funding from Federal Home Loan of Atlanta
("FHLB-Atlanta"), and was awarded a grant in the amount of $150,000, for the rehabilitation of 15
owner -occupied units in Town Park Plaza North; and
WHEREAS, a provision of the FHLB-Atlanta award requires the CRA to establish a Cash
Collateralized Line of Credit in the amount of $75,000, with Florida Community Bank, a local member
of FHLB-Atlanta; and
WHEREAS, the FHLB-Atlanta award further requires the CRA to establish a depository
account with Florida Community Bank to service the Line of Credit and requires fees and payments,
in an amount not to exceed $10,000, to be deposited into the account; and
WHEREAS, the Board of Commissioners wishes to authorize the Executive Director to
execute a loan proposal, in substantially the attached form, for bridge financing Florida Community
Bank for use in connection with the rehabilitation of Town Park Plaza North, 475 N.W. 19th Street,
Miami, Florida (Folio No. 01-3136-083-0870) and further authorizes the CRA to establish a depository
account with Florida Community Bank for the sole purpose of servicing the Cash Collateralized Line
of Credit; and
WHEREAS, the Board of Commissioners find that authorization of this Resolution would
further the aforementioned redevelopment goal and principle;
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COMMISSIONERS OF THE
SOUTHEAST OVERTOWN/PARK WEST COMMUNITY REDEVELOPMENT AGENCY 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 herein as if fully set forth in this Section.
Section 2. The Board of Commissioners hereby authorizes the Executive Director to
execute a loan proposal, in substantially the attached form, for bridge financing from Florida
Community Bank for use in connection with the rehabilitation of Town Park Plaza North, 475 N.W.
19th Street, Miami, Florida (Folio No. 01-3136-083-0870) and further authorizes the CRA to establish
a depository account with Florida Community Bank for the sole purpose of servicing the Cash
Collateralized Line of Credit.
Section 3. The Board of Commissioners hereby authorizes a transfer of funds in an
amount not to exceed $85,000 to Florida Community Bank.
Section 4. The Executive Director is authorized to execute all other documents necessary
for said purpose.
Section 5. Funds to be allocated from SEOPW Tax Increment Fund, entitled "Grants and
Other Aids," Account Code No. 10050.92101.883000.0000.00000.
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File Number: 15-00132 Enactment Number: CRA-R-15-0004
Section 6. This Resolution shall become effective immediately upon its adoption.
City of Miami Page 3 of 3 File Id: 15-00132 (Version: 1) Printed On: 9/26/2022