HomeMy WebLinkAboutLegislation 07/12/12City of Miami
Legislation
Resolution
City Hall
3500 Pan American
Drive
Miami, FL 33133
www.miamigov.com
File Number: 12-00666 Final Action Date:
A RESOLUTION OF THE MIAMI CITY COMMISSION AUTHORIZING THE CITY
MANAGER, AFTER CONSULTATION WITH THE FINANCE DIRECTOR AND THE
CITY ATTORNEY, TO EXECUTE DOCUMENTS IN CONNECTION WITH THE
DEFEASANCE OF THE SECTION 108 LOAN FROM THE UNITED STATES
DEPARTMENT OF HOUSING AND URBAN DEVELOPMENT, LOAN
B-90-MC-12-0013, RELATING TO SOUTHEAST OVERTOWN PARK WEST, WITH
A PRINCIPAL BALANCE OF $1,800,000, AND INTEREST PAYMENTS OF
$43,052.50; FURTHER AUTHORIZING THE CITY MANAGER, AFTER
CONSULTATION WITH THE FINANCE DIRECTOR AND THE CITY ATTORNEY,
TO EXECUTE THE NECESSARY DOCUMENTS FOR SAID PURPOSE.
WHEREAS, on February 7, 1986, the City of Miami ("City") Department of Community
Development entered into a Section 108 Loan Agreement with the United States Department of
Housing and Urban Development ("U.S. HUD"); and
WHEREAS, pursuant to Resolution No. 10-0264, adopted June 24, 2010, the Miami City
Commission approved the refinance of the Section 108 Loan in order to lower the interest rate; and
WHEREAS, the City currently spends approximately $550,000 on principal and interest on the
Southeast Overtown Park West ("SEOPW") Section 108 Loan; and
WHEREAS, the defeasance of this loan from Community Development Block Grant repayments,
program income and prior year funds, will assist the City in meeting the timeliness test on February 1,
2013, as well as make more funds available for the program in the future; and
WHEREAS, the City Administration recommends authorizing the City Manager to sign documents
in connection with the defeasance of the Section 108 Loan;
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 fully set forth in this Section.
Section 2. The City Manager is authorized{1}, after consultation with the Finance Director and the
City Attorney, to execute documents in connection with the defeasance of the Section 108 Loan from
U.S. HUD, Loan B-90-MC-12-0013, relating to SEOPW, with a principal balance of $1,800,000 and
interest payments of $43,052.50.
Section 3. The City Manager is authorized{1}, after consultation with the Finance Director and the
City Attorney, to execute the necessary documents for said purpose.
City of Miami Page 1 of 2 File Id: 12-00666 (Version: 1) Printed On: 6/29/2012
File Number: 12-00666
Section 4. This Resolution shall become effective immediately upon its adoption and signature of
the Mayor. {2}
APPROVED AS TO FORM AND CORRECTNESS:
JULIE O. BRU
CITY ATTORNEY
Footnotes:
{1} 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.
{2} If the Mayor does not sign this Resolution, it shall become effective at the end of (10) calendar
days from the date it was passed and adopted. If the Mayor vetoes this Resolution, it shall become
effective immediately upon override of the veto by the City Commission.
City of Miami Page 2 of 2 File Id: 12-00666 (Version: 1) Printed On: 6/29/2012