96-22088 RESO
RESOLUTION NUMBER 96-22088
A RESOLUTION OF THE MAYOR AND CITY COMMISSION OF THE CITY
OF MIAMI BEACH, FLORIDA, AUTHORIZING THE MAYOR AND CITY
CLERK TO EXECUTE A RELEASE AND SATISFACTION OF SUBSIDY
AGREEMENT, IN SATISFACTION OF ALL TERMS AND CONDITIONS OF
THE SUBSIDY AGREEMENT, DATED MARCH 29, 1991, FOR THE
EVERGLADES APARTMENTS LOCATED AT 536 -14TH STREET.
WHEREAS, on March 29, 1991, the City of Miami Beach entered into a Subsidy Agreement
(Agreement) with Claridge Everglades Associates, Ltd, a Florida Limited Partnership (Owner), and with
FirstBancorp Mortgage, Inc. (Lender), for the Everglades Apartments located at 536 - 14th Street (Property);
and
WHEREAS, the Agreement provided that the City would deposit certain funds to make available an
interest subsidy to encourage the rehabilitation of the Property, in return for which assistance the Owner agreed
to offer certain of the units at reduced rental rates for a period of years to make available affordable housing;
and
WHEREAS, Owner and Lender have complied in all material respects with the terms and conditions
of the Agreement, and the required term of years for reduced rental rates has now elapsed; and
WHEREAS, the Administration requests that the attached Release and Satisfaction of Subsidy
Agreement be executed by the Mayor and City Clerk.
NOW, THEREFORE, BE IT RESOLVED BY THE MAYOR AND CITY COMMISSION OF THE CITY
OF MIAMI BEACH, FLORIDA, that the Mayor and City Commission hereby authorize and direct the Mayor and
City Clerk to execute the attached Release and Satisfaction of Subsidy Agreement, in satisfaction of all terms
of the Subsidy Agreement, dated March 29, 1991, for the Everglades Apartments, located at 536 - 14th Street,
Miami Beach.
PASSED AND ADOPTED THIS 11 th DAY OF SEPTEMBE
ATTEST:
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ROBERT PARCHER, CITY CLERK
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FICAHIIRESOIEVERGLAD. RES
CITY OF
MIAMI
BEACH~
CITY HALL 1700 CONVENTION CENTER DRIVE MIAMI BEACH FLORIDA 33139
COMMISSION MEMORANDUM NO. ~ Sq ...q '-
TO:
Mayor Seymour Gelber and
Memben of the City Commission
DATE:
September 11, 1996
FROM:
Jose Garcia-Pedrosa
City Manager
A RESOLUTION OF AYOR AND CITY COMMISSION OF THE CITY
OF MIAMI BEACH,ORIDA, AUTHORIZING THE MAYOR AND CITY
CLERK TO EXEC A RELEASE AND SATISFACTION OF SUBSIDY
AGREEMENT, IN SATISFACTION OF ALL TERMS AND CONDITIONS OF
THE SUBSIDY AGREEMENT, DATED MARCH 29, 1991, FOR THE
EVERGLADES APARTMENTS, LOCATED AT 536 -14TH STREET.
ADMINISTRATION RECOMMENDATION
SUBJECf:
The City Commission should adopt the attached Resolution authorizing the Mayor and City Clerk to execute
the attached "Release and Satisfaction of Subsidy Agreement", acknowledging the fulfillment of the terms and
conditions of the Agreement which relates to the Everglades Apartments at 536 - 14th Street.
BACKGROUND:
The subject property was a participant in the City's successful Multi-Family Housing Rehabilitation Program.
On March 29, 1991, the City of Miami Beach entered into an agreement entitled: "SUBSIDY AGREEMENT",
with Claridge Everglades Associates, Ltd. (owner), a Florida Limited Partnership, and with the Lender,
FirstBancorp Mortgage, Inc. This agreement relates to the property located at 536 - 14th Street, known as the
Everglades Apartments. The building consists of 31 apartment units: 4 efficiencies, 17 one-bedroom, and 10
two-bedroom apartments.
The City's only obligation under this Subsidy Agreement was to provide an interest subsidy payment in the
amount of $152,929.00 from the federal Community Development Block Grant (CDBG) Program funds, to
FirstBancorp Mortgage, Inc. to reduce the monthly amortization payments on the $720,000 mortgage loan used
to finance the rehabilitation of the property. The subsidy amount has been fully utilized, and the owner is now
seeking to record a satisfaction of the Agreement.
ANAL YSIS:
The City's obligation to the developer has been completed through the payment of the original subsidy payment
to FirstBancorp Mortgage, Inc. The Developer has complied with his obligations, by completing a satisfactory
rehabilitation project, and by providing 16 units of affordable housing for the required three-year period.
A review of City and County records indicates that there are no City code enforcement liens outstanding, and
no unpaid water bills, and County property taxes are paid through 1995. The property was inspected on August
23, 1996, and previous code violations had been rectified.
AGENDA ITEM
(1__ 1 is
DATE~
COMMISSION MEMORANDUM
SEPTEMBER 11, 1996
PAGE 2
CONCLUSION:
It is recommended that the Mayor and City Commission adopt the attached Resolution of the Mayor and City
Commission of the City of Miami Beach, Florida, authorizing the Mayor and City Clerk to execute the attached
"Release and Satisfaction of Subsidy Agreement" covering the Everglades Apartments, located at 536 - 14th
Street.
JGP/H~DC/CAH
F:IICAHIIRESOIEVERGLAD.MEM
. I
This instrument prepared by:
Raul Aguila, First Asst. City Atty.
1700 Convention Center Dr.
Miami Beach, FL 33139
RELEASE AND SATISFACTION OF SUBSIDY AGREEMENT
The CITY OF MIAMI BEACH releases FIRSTBANCORP MORTGAGE, INC., and CLARIDGE EVERGLADES
ASSOCIATES, LTD., a Florida Limited Partnership, their successors and assigns, from any and all obligations
under the terms of that certain agreement captioned: "SUBSIDY AGREEMENT", dated the 29th day of March,
1991, and recorded on April 23, 1991 in the Official Records of Dade County at O.R. Book 14995, Page 861,
et.seq., and "SUPPLEMENTAL SUBSIDY AGREEMENT", Dated the 6th day of March, 1992, and recorded on
April 3, 1992 in the Official Records of Dade County at OR 15458, Page 676, et seq., which instruments affect
the following described real property:
Lots 15 and 16, Block 39, Ocean Beach Addition No.3, according to the Plat thereof as recorded
in Plat Book 2, Page 81 of the Public Records of Dade County, Florida, also described as the
"Everglades Apartments".
And satisfies any and all obligations under the terms of such instruments and does hereby direct the Clerk of
the Circuit Court, Dade County, Florida to cancel such instru nts of record.
IN WITNESS WHEREOF, this instrument has been executed ,1996.
ATTEST:
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Robert Parcher, City Clerk
STATE OF FLORIDA)
SS)
COUNTY OF DADE)
By:
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LEGAL ~EPT.
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I hereby certify that on this day, before me, an officer duly qualified to take acknowledgements,
personally appeared SEYMOUR GELBER, as Mayor of the City of Miami Beach. Who is personally known to
me, and did not take an oath'DL~ ~
Witness my hand and official seal this T day of / ) re~, 19~6.
Li2
NARY PUBLIC, State of Florida
Commission NO C C./3V7 if?' z..-
My Commission Expires: R 1-. /3. 1?Y9
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F:I\CAHIRESOIEVERGLAD. REL
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