HomeMy WebLinkAboutSummary FormAGENDA ITEM SUMMARY FORM
FILE ID: OD 0 14
Date: 7/28/2006
Commission Meeting Date: 9/14/2006
Requesting Department: Community Development
District Impacted:
Type: ® Resolution ❑ Ordinance ❑ Emergency Ordinance T Discussion Item
❑ Other
Subject: AMENDING RESOLUTION NO. 05-0577 (NANA)
Purpose of Item:
AMENDING RESOLUTION NUMBER 05-0577, ADOPTED SEPTEMBER 22, 2005, MODIFYING
THE REIMBURSEMENT SCHEDULE TO REFLECT THE DELETION OF THE DECLINING RATE
SCHEDULE AND REPLACING IT WITH A FIVE YEAR COVENANT WHERE PARTICIPATING
PROPERTY OWNERS ARE REQUIRED TO REIMBURSE THE CITY OF MIAM1 ("CITY") IF THE
PROPERTY IS SOLD UNTIL FIVE YEARS AFTER THE CONTRACT EXPIRATION DATE.
Background Information:
SEE ATTACHED
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:
CIP Project No:
Is this item funded by Homeland Defense/Neighborhood Improvement Bonds?
Start Up Capital Cost:
Maintenance Cost:
Total Fiscal Impact:
CIP
Final Approvals
(SIGN AND DATE)
Budget
If using or receiving capital funds
Grants
Risk Manageme
Dept. Directo
City Manage
Page 1 of I
AMENDING RESOLUTION NUMBER 05-0577 (NANA)
AGENDA SUMMARY ATTACHMENT
BACKGROUND INFORMATION:
• Pursuant to Resolution Number 05-0577, adopted on September 22, 2005, the
City Commission approved the allocation of $500,000 to Neighbors and
Neighbors Association, Inc. for the rehabilitation of the building facades for
businesses between NW 54 and 58 Street along NW7th Avenue
• Per United States Housing and Urban Development ("HUD") regulations, funds
must be "used to meet one of the national objectives in Sec. 570.208 (formerly
Sec. 507.901) until five years after expiration of the agreement or for such longer
period of time as determined to be appropriate by the recipient"
• The Administration is recommending modifying the schedule as follows:
CURRENT REIMBURSEMENT
SCHEDULE
(DECLINING RATE)
PROPOSED REIMBURSEMENT
SCHEDULE
Participating property owners will
Participating property owners are
be required to reimburse the City
required to reimburse the City of
of Miami ("City") if the property is
Miami if the property is sold until
sold before five (5) years, at a
five years after the contract
declining rate as follows:
expiration date
• First year through third
year-100%,
• Fourth year-75%,
• Fifth year- 50%
• Sixth year- 25%
• Seventh year-10%
• Eighth year -full grant (no
reimbursement required)