HomeMy WebLinkAboutSummary Form 07/12/12AGENDA ITEM SUMMARY FORM
FILE ID: -CO((.Q(f
Law Department
Matter ID No.
12-1430
Date: 06/14/2012 Requesting Department: Community Development
Commission Meeting Date: 07/12/2012 District Impacted:
Type: cIS1.Resolution ❑ Ordinance ❑ Emergency Ordinance ❑ Discussion Item
rl Other
Subject: SECTION 108 LOAN DEFEASANCE
Purpose of Item:
AUTHORIZING THE CITY MANAGER TO SIGN DOCUMENTS IN CONNECTION WITH THE
DEFEASANCE OF THE SECTION 108. LOAN FROM THE UNITED STATES DEPARTMENT OF
HOUSING AND URBAN DEVELOPMENT ("HUD"), LOAN B-90-MC-12-0013 WITH A PRINCIPAL
BALANCE OF $1,800,000, AND INTEREST PAYMENTS OF $43,052.50 RELATING TO
SOUTHEAST OVERTOWN PARK WEST ("SEOPW"); FURTHER AUTHORIZING THE CITY
MANAGER TO EXECUTE THE NECESSARY DOCUMENTS FOR SAID PURPOSE.
Background Information:.
Please see attached
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: S1,843,052.50
Final Approvals
(SIGN AND DATE)
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CIP liming or 'receiving capital funds
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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 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 SEOPW Section
108 loan.
The defeasance of this loan from CDBG 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 Administration recommends authorizing the City Manager to sign documents in connection with
the defeasance of the Section 108 loan.