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Legislation
Resolution
City Hall
3500 Pan American
Drive
Miami, FL 33133
www.miamigov.com
File Number: 15-01088 Final Action Date:
A RESOLUTION OF THE MIAMI CITY COMMISSION AUTHORIZING THE
ALLOCATION OF NEIGHBORHOOD STABILIZATION PROGRAM 3 PROGRAM
INCOME FUNDS IN THE TOTAL AMOUNT OF $2,208,771.00 BY ALLOCATING
$220,877.00 TO THE DEPARTMENT OF COMMUNITY & ECONOMIC
DEVELOPMENT FOR PROGRAM ADMINISTRATION AND $1,987,894.00 FOR
ELIGIBLE HOUSING ACTIVITIES CITYWIDE; AUTHORIZING THE CITY MANAGER
TO EXECUTE ALL NECESSARY DOCUMENTS, IN A FORM ACCEPTABLE TO THE
CITY ATTORNEY, FOR SAID PURPOSE.
WHEREAS, on July 21, 2010, the President of the United States signed the Dodd -Frank Wall
Street Reform and Consumer Protection Act of 2010 which includes the Neighborhood Stabilization
Program 3 ("NSP3"); and
WHEREAS, the NSP3 is designed to stabilize neighborhoods whose viability has been, and
continues to be, damaged by the economic effects of properties that have been foreclosed and
abandoned; and
WHEREAS, pursuant to Resolution No. 11-0044, adopted on February 10, 2011, the Miami City
Commission approved the allocation of NSP3 funds in the amount of $4,558,939.00; and
WHEREAS, the City of Miami ("City") has expended all the funds under the NSP3 program for
eligible activities; and
WHEREAS, the City has received a payment in the amount of $2,208,771.00 from the "Edificio
Pineiro" project, which constitutes program income, and is governed by all the rules and regulations of
the NSP3 program; and
WHEREAS, the City Administration recommends that the NSP3 program income funds in the
amount of $2,208,771.00 be allocated as follows: $220,877.00 to the Department of Community &
Economic Development for program administration and $1,987,894.00 for citywide housing activities
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 if fully set forth in this Section.
Section 2. The allocation of NSP3 program income funds in the amount of $2,208,771.00 by
allocating of $220,877.00 to the Department of Community & Economic Development for program
City of Miami Page 1 of 2 File Id: 15-01088 (Version: 1) Printed On: 8/31/2015
File Number: 15-01088
administration and $1,987,894.00 for citywide housing activities, is authorized.
Section 3. The City Manager is further authorized {1} to execute all necessary documents, in a
form acceptable to the City Attorney, for said purpose.
Section 4. This Resolution shall become effective immediately upon its adoption and signature of
the Mayor. {2}
APPROVED AS TO FORM AND CORRECTNESS:
VICTORIA MEND Z
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 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: 15-01088 (Version.: I) Printed On: 8/31/2015