RESOLUTION 87-19078 RESOLUTION NO. 87-19078
A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF MIAMI BEACH,
FLORIDA, TO APPROVE AN INTERIM FINANCE PROGRAM LOAN IN THE
AMOUNT OF $80,000 TO PARK WASHINGTON, INC. FOR THE REFINANCING
OF THE COMMERCIAL AND OFFICE REDEVELOPMENT LOCATED AT 437
WASHINGTON AVENUE, AS PREVIOUSLY APPROVED BY THE CITY OF MIAMI
BEACH LOAN REVIEW COMMITTEE AND AUTHORIZING THE MAYOR OF
THE CITY OF MIAMI BEACH TO EXECUTE, ON BEHALF OF THE CITY, ANY
AND ALL DOCUMENTS REQUIRED TO FUND THE PROJECT.
BE IT RESOLVED BY THE CITY COMMISSION OF THE CITY OF MIAMI BEACH, FLORIDA,
THAT
WHEREAS, the Miami Beach City Commission adopted Resolution No. 86-18574
on September 3, 1986, authorizing the implementation of the Community Development
Block Grant Funded Interim Finance Program; and
WHEREAS, Park Washington, Inc. has made application under this program for
refinancing of its commercial and office redevelopment located at 437 Washington Avenue,
Miami Beach, Florida; and
WHEREAS, said application has been reviewed and approved by the City of
Miami Beach Loan Review Committee; and
WHEREAS, the City of Miami Beach Loan Review Committee authorized
issuance of a letter of commitment of funding under the Interim Finance Program to Park
Washington , Inc. for this project; and
WHEREAS, said letter of commitment specifies the term of loan to be 175 days
from the date of closing and specifies the maximum interest payable to the City at the end
of the term to be $2,333.33; and
WHEREAS, the Miami Beach City Commission now desires to approve funding
for this project under the Interim Finance Program;
NOW, THEREFORE, BE IT DULY RESOLVED BY THE CITY COMMISSION OF
THE CITY OF MIAMI BEACH, FLORIDA, that the City Commission does hereby approve an
Interim Finance Program Loan in the amount of $80,000 for the refinancing of the
commercial and office redevelopment project located at 437 Washington Avenue and owned
by Park Washington, Inc. as previously approved by the City of Miami Beach Loan Review
Committee, and does hereby authorize the Mayor of the City of Miami Beach to execute, on
behalf of the City, any and all documents required to fund the project.
NOW, THEREFORE, BE IT FURTHER RESOLVED BY THE CITY COMMISSION
OF THE CITY OF MIAMI BEACH, FLORIDA, that this Resolution shall become effective
immediately upon passage.
PASSED AND ADOPTED this 18th day of November 1987.
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ATTEST:
CITY CLERK
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FORM
APPROVED
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OFFICE OF THE CITY MANAGER CITY HALL
ROB W.PARKINS 1700 CONVENTION CENTER DRIVE
CITY MANAGER TELEPHONE: 673-7010
COMMISSION MEMORANDUM NO. _E E-S 7
NOVEMBER 18, 1987
DATE:
TO: Mayor Alex Daoud and
Members of the Ci ' omm i Aon
FROM: R
• ob W. Parkins `.. N V
City Manager
er
REQUEST TO THE CITY COMMISSION OF THE CITY OF MIAMI BEACH
SUBJECT: TO APPROVE AN INTERIM FINANCE PROGRAM LOAN IN THE AMOUNT
OF $80,000 FOR THE REFINANCING OF THE COMMERCIAL AND
OFFICE DEVELOPMENT LOCATED AT 437 WASHINGTON AVENUE, AS
PREVIOUSLY APPROVED BY THE CITY OF MIAMI BEACH LOAN
REVIEW COMMITTEE AND AUTHORIZING THE MAYOR OF THE CITY
OF MIAMI BEACH TO EXECUTE, ON BEHALF OF THE CITY, ANY AND
ALL DOCUMENTS REQUIRED TO FUND THE PROJECT.
BACKGROUND:
The Economic and Community Development Department has received an application under
the Interim Finance Loan Program in the amount of $80,000 for the refinancing of a mixed-
use project located at 437 Washington Avenue. The subject property, which has been
developed by Park Washington, Inc., a partnership whose principles include Craig Robins and
Tony Goldman, is a 17,000 square foot building which has been developed for both
commercial and office use. The project is presently financed with a first mortgage of
$160,000 at 9% interest, a second mortgage of $200,000 at 15% interest and a note for
$80,000 at 10% interest. This Interim Finance Loan would be used to repay the $80,000 note
which is due in early November. This will allow the owner to have adequate time to lease
the space in the building and maintain a more favorable cash flow in the critical early
months of this project while he awaits permanent financing.
This will be the first major renovation of a commercial or office facility on an interior
parcel south of 5th Street and it has the potential for creating 25-45 new jobs in the South
Pointe Redevelopment Area. This new development will have a positive unifying effect on
other properties along the critically important Fifth Street Corridor.
Security for this Interim Finance Loan will be in the form of an unconditional irrevocable
letter of credit drawn on the Jefferson National Bank in favor of the City of Miami Beach.
ADMINISTRATION RECOMMENDATION:
The Administration recommends that the City Commission adopt a resolution approving an
Interim Finance Program Loan in the amount of $80,000 to Park Washington, Inc. for the
purpose of refinancing the commercial and office redevelopment located at 437 Washington
Avenue, Miami Beach, Florida as previously approved by the City of Miami Beach Loan
Review Committee and authorizing the Mayor of the City of Miami Beach to execute, on
behalf of the City, any and all documents required to fund the project.
RWP:SLR:dd
Attachment
2'7
AGENDA C.- 4 -b
ITEM
DATE
i kii-q-1
ORIGINAL
RESOLUTION NO. 87-19078
(To approve an interim finance program loan
in the amount of $80,000 to Park Washington
Inc. , for the refinancing of the Commercial
and Office Redevelopment located at 437
Washington Avenue, as previously approved
by the City of Miami Beach Load Review
Committee and authorizing the Mayor of the
City of Miami Beach to execute, on behalf
of the City, and all documents required to
:`und the project)