HomeMy WebLinkAboutSummary FormDate: 09/19/2014
AGENDA ITEM SUMMARY FORM
FILE ID: 14-00958
Requesting Department: Community & Economic Development
Commission Meeting Date: 10/23/2014 District Impacted: 1,2,3,4, 5
Type: ® Resolution ❑ Ordinance ❑ Emergency Ordinance ❑ Discussion Item
❑ Other
Subject: APPROVING A REQUEST TO SATISFY A MORTGAGE IN THE AMOUNT OF THREE
HUNDRED THOUSAND DOLLARS IN COMMUNITY DEVELOPMENT BLOCK GRANT FUNDS
Purpose of Item:
A RESOLUTION OF THE MIAMI CITY COMMISSION APPROVING A REQUEST TO SATISFY A
MORTGAGE IN THE AMOUNT OF THREE HUNDRED THOUSAND DOLLARS IN COMMUNITY
DEVELOPMENT BLOCK GRANT FUNDS TO LITTLE HAVANA ACTIVITIES & NUTRITION CENTER OF
DADE COUNTY, INC. ; AUTHORIZING THE CITY MANAGER TO EXECUTE ALL NECESSARY
DOCUMENTS ACCEPTABLE TO THE CITY ATTORNEY, 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:
Final Approvals
(SIGN AND DATE)
CIP Budge
If using or receiving capital funds
Grants Risk Management
Purchasing , Dejit. Director
Chief
_ i f+ �,� Xity, Mari'ager�
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AGENDA ITEM SUMMARY FORM CONTINUED
Background Information:
Pursuant to Resolution No. 85-1234 adopted December 19, 1985, the City of Miami Commission
approved the allocation of $300,000.00 of Community Development Block Grant funds to Little
Havana Activities & Nutrition Center of Dade County, Inc.; for the purchase of a building located at
700 SW 8 Street, Miami, FL 33130.
rIn May 2"d, 1986 the City of Miami ("CCity1l) executed a Mortgage and a Promissory Note ("Note") in
the amount of Three Hundred Thousand Dollars ($300,000.00) to Little Havana Activities & Nutrition
Center of Dade County, Inc. ("LHANC") for the purchase of a building located at 700 SW 8 Street,
Miami, FL 33130.
The Note has no term and requires the borrower to provide services to the elderly in the City of
Miami in perpetuity.
LHANC has requested that the City satisfy the mortgage executed for the purchase of the property in
1986 to allow the organization to transfer the property to a wholly -owned tax exempt subsidiary free
and clear.
The transfer will allow the organization to secure New Market Tax Credits of over $ 15 million to
expand its main senior center, adult day care centers, primary care clinic and child care facility in the
property.
LHANC has provided services to the elderly in the community for almost 30 years since the
execution of the mortgage and will continue to do so after the satisfaction of the mortgage.
The satisfaction of the mortgage will allow LHANC to be in a better position to provide services to
more of the elderly for years to come.
The Administration recommends the Satisfaction of Mortgage to be executed for the above
mortgage.