HomeMy WebLinkAboutSummary FormAGENDA ITEM SUMMARY FORM
FILE ID: /2 - G
,._scan uSept" ...w..a
Matter ID No.
12-1430
Date: 06/14/2012 Requesting Department: Community Development
Commission Meeting Date: 07/26/2012 District Impacted:
Type: ® Resolution ❑ Ordinance ❑ Emergency Ordinance ❑ Discussion Item
Other
Subject: SECTION 108 LOAN DEFEASANCE
Purpose of Item:
AUTHORIZING THE CITY MANAGER, AFTER CONSULTATION WITH THE DEPARTMENT OF
COMMUNITY DEVELOPMENT 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 $1,250,000, AND INTEREST PAYMENTS OF $30,875.00; FURTHER AUTHORIZING
THE CITY MANAGER, AFTER CONSULTATION WITH THE DEPARTMENT OF COMMUNITY
DEVELOPMENT DIRECTOR AND THE CITY ATTORNEY, TO EXECUTE THE NECESSARY
DOCUMENTS FOR SAID PURPOSE.
Background Information:
Please see attacked
Budget Impact Analysis
NO Is this item related to revenue?
YES Is this item an expenditure? If so, please identify funding source below.
General Account No:
Special .Revenue Account No: TO BE DETERMINED
CIP Project No:
NO Is this item funded by Homeland Defense/Neighborhood Improvement Bonds?
Start Up Capital Cost:
Maintenance Cost:
Total Fiscal Impact:
CIP Ik
If using or receiving cepitai
Grants
Purchasing,
Chie
S1,280,875.00
Final Approvals
(SIGN AND DATE)
Budget;./
Risk Management
AM
Dept. Directo
City Manage
Page 1 of 1
AGENDA ITEM SUMMARY FORM CONTINUED
Background Information:
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").
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.
The City currently spends approximately $550,000 on principal and interest on the Southeast
Overtown Park West ("SEOPW") Section 108 Loan.
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.
The City Administration recommends authorizing the City Manager to sign documents in connection
with the defeasance of the Section 108 Loan.