HomeMy WebLinkAboutLegislationCity of Miami
Legislation
Resolution
City Hall
3500 Pan American
Drive
Miami, FL 33133
www.miamigov.com
File Number: 15-00804 Final Action Date:
A RESOLUTION OF THE MIAMI CITY COMMISSION APPROVING THE
SOUTHEAST OVERTOWN/PARK WEST COMMUNITY REDEVELOPMENT
AGENCY ("CRA") TO ESTABLISH A CASH COLLATERALIZED LINE OF CREDIT IN
AN AMOUNT NOT TO EXCEED $75,000.00, WITH FLORIDA COMMUNITY BANK
TO SUPPLEMENT FUNDING ALLOCATED BY THE CRA FOR THE
REHABILITATION OF TOWN PARK PLAZA NORTH, 475 NORTHWEST 19TH
STREET, MIAMI, FLORIDA (FOLIO NO. 01-3136-083-0870).
WHEREAS, pursuant to Part III, Chapter 163, Florida Statutes, there was created by action of
Miami -Dade County and the City of Miami ("City"), the Southeast Overtown/Park West Community
Redevelopment Agency ("CRA") for designated community redevelopment within the limits of the City
("Redevelopment Area"); and
WHEREAS, Section 163.400(1)(d), Florida Statutes, allows a community redevelopment
agency "to borrow money and apply for and accept advances, loans, grants, contributions, and any
other form of financial assistance from ... any source"; and
WHEREAS, the CRA is required to annually submit its budget to the City pursuant to Article VI,
paragraph 6.1(b) of the Interlocal Cooperation Agreement, dated March 1, 2000, between the City, the
CRA, and the Omni Redevelopment District Community Redevelopment Agency, as revised and
amended; and
WHEREAS, this Resolution commits Tax Increment Funds revenues in excess of one fiscal
year; as such the CRA is required to submit the proposed expenditure to the City for approval; and
WHEREAS, Town Park Plaza North ("TPPN"), 475 Northwest 19th Street, Miami, Florida (Folio
No. 01-3136-083-0870), is a 20-building, 169-unit affordable housing complex within the
Redevelopment Area; and
WHEREAS, the condition of TPPN poses significant risk to the health and safety of its
occupants, and in turn, extensive rehabilitation is needed, as evidenced by structural cracks,
unsecured railings, deteriorating plumbing, rotting wood, and outdated electrical wiring; and
WHEREAS, in response to these conditions, the CRA allocated funding from its General Fund
for a rehabilitation project ("Project") for TPPN; and
WHEREAS, an effort to assist the CRA with leveraging its funding support of the Project, the
CRA applied for grant funding from Federal Home Loan of Atlanta ("FHLB-Atlanta"), and was awarded
a grant in the amount of $150,000.00, for the rehabilitation of 15 owner -occupied units in TPPN; and
WHEREAS, a provision of the FHLB-Atlanta award requires the CRA to establish a Cash
Collateralized -Line -of Credit in the -amount of $75,000.00, with -Florida Community Bank, -a-local
member of FHLB-Atlanta; and
City of Miami
Page 1 of 2 File 1d: 15-00804 (Version: 1) Printed On: 7/8/2015
File Number: 15-00804
WHEREAS, the Cash Collateralized Line of Credit will mature eighteen (18) months from the
date of the promissory note; and
WHEREAS, the City Commission wishes to approve the CRA establishing a Cash
Collateralized Line of Credit, in an amount not to exceed $75,000.00 with Florida Community Bank to
supplement funding allocated by the CRA to the rehabilitation of TPPN (Folio No. 01-3136-083-0870);
and
NOW, THEREFORE, BE IT RESOLVED BY CITY 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 herein as if fully set forth in this Section.
Section 2. The City Commission hereby approves the CRA establishing a Cash
Collateralized Line of Credit, in an amount not to exceed $75,000.00, with Florida Community Bank to
supplement funding allocated by the CRA to the rehabilitation of TPPN (Folio No. 01-3136-083-0870).
Section 3. This Resolution shall become effective immediately upon its adoption and signature
of the Mayor. {1}
APPROVED AS TO FORM AND CORRECTNESS:
VICTORIA MENDEZ
CITY ATTO R N EY_w...-M.
Footnotes:
{1 } If the Mayor does not sign this Resolution, it shall become effective at the end of ten (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: 15-00804 (Version: 1) Printed On: 7/8/2015