Resolution 74-14328 RESOLUTION NO. 74-14328
A RESOLUTION AMENDING RESOLUTION NO. 74-14312
AUTHORIZING A THREE MILLION DOLLAR ($3, 000, 000)
MORTGAGE LOAN TO SATISFY JUDGMENT AGAINST CITY
IN CONDEMNATION SUIT.
WHEREAS , the City of Miami Beach heretofore instituted
condemnation proceedings in the United States District Court,
in and for the Southern District of Florida, against certain
land involved in said proceedings, entitled City of Miami Beach
vs. Charles P. Landt, etc . et al. being Case No. 73-926--Civ---
JLK, and
WHEREAS, the jury impanelled to try the issue, found
and returned a verdict of Five Million Two Hundred Sixteen Thou-
sand Dollars ($5, 216, 000) , and
WHEREAS , judgment has been duly entered for said amount
against the City, and the owners of said parcel of land will be
entitled to a further judgment representing attorneys ' fees and
other court costs and charges, and
WHEREAS, the City Attorney, Special Counsel John
Farrell, Mr. S. Z . Bennett, the City ' s Real Estate Consultant,
and the City Manager, have recommended that said verdict and
judgment be accepted as final and that no appeal should be
taken therefrom, and
WHEREAS , it is determined that the best interest of
the City of Miami Beach require the acceptance of said recom-
mendation, and
WHEREAS, the City of Miami Beach has set aside funds
for the purpose of acquiring the subject property, but the funds
so provided are insufficient to satisfy and discharge said judg-
ment, and that it is necessary, in order to satisfy and discharge
said judgment, and the lien created thereby, to borrow funds for
said purpose, and
WHEREAS, the Miami Beach First National Bank has made
the offer most advantageous to the City to make such loan,
provided that the same is secured by an appropriate lien upon
the land which is the subject matter of said condemnation suit,
and an appropriate pledge of those revenues of the City derived from
other than ad valorem taxes on real and personal property, and
WHEREAS, the interest rate on said loan will be
reduced in the event that the City agrees that that additional
parcel of land known as Tract "B" , Indian Beach Corporation
Subdivision, be made additional security for said loan, and
WHEREAS , the City Council of the City of Miami Beach,
Florida, deems it to be in the best interests to make such loan from
said Miami Beach First National Bank in the sum of Three Million
Dollars ($3 , 000 , 000) for a term of ten years , at a rate of interest
of 5-1/4 percent per annum, said loan to be made on the basis of a
20-year factor, with the annual payments during the term of said
loan of approximately Two Hundred Forty-Three Thousand Dollars
($243, 000) with the tenth annual payment being One Million Eight
Hundred Eighty-Four Thousand Dollars ($1 , 884 , 000) , said loan and
mortgage to be payable in whole or in part at any time before
maturity without penalty.
OFFICE OF THE CITY ATTORNEY - 1130 WASHINGTON AVENUE - MIAMI BEACH, FLORIDA 33139
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NOW, THEREFORE, BE IT DULY RESOLVED BY THE CITY COUNCIL
OF THE CITY OF MIAMI BEACH, FLORIDA, that the said loan be made upon
the terms and provisions hereinabove set forth, and that an
appropriate promissory note secured by the first mortgage lien upon
the subject matter of said condemnation proceedings , and a second
mortgage lien upon Tract "B" , Indian Beach Corporation Subdivision,
and
BE IT FURTHER RESOLVED BY THE CITY COUNCIL OF THE CITY
OF MIAMI BEACH, FLORIDA, that as and for further and additional
collateral and security for the payment of said obligation the City
will covenant and agree to pledge its revenues from other than
ad valorem taxes and that it will set up and appropriate in its
annual Budget and Appropriation Resolution for expenditure in each
year of the period during which said obligation is outstanding and
unpaid amounts from such non-ad valorem tax revenues sufficient
to make the payments called for by said obligation as the same
become due and payable and to covenant and agree that its Finance
Director will be authorized and directed annually to segregate
sufficient funds from the City ' s said non-ad valorem tax revenues
and to pay from such segregated funds all payments called for by
said obligation as the same become due and payable , and
BE IT FURTHER RESOLVED BY THE CITY COUNCIL OF THE CITY
OF MIAMI BEACH, FLORIDA, that the proceeds of said loan hereby
authorized shall be expended for the sole and exclusive purpose
of paying and satisfying the Judgment hereinabove described.
PASSED and ADOPTED this 3rd day of April, 1974 .
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Vice- Mayor
Attest:
City Clerk
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OFFICE OF THE CITY ATTORNEY - 1130 WASHINGTON AVENUE - MIAMI BEACH, FLORIDA 33139
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