Resolution 94-21078 Tr f
RESOLUTION NUMBER 94-21078
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 LOAN
AGREEMENT IN SATISFACTION OF ALL TERMS AND
CONDITIONS OF THE MULTI—UNIT RESIDENTIAL
REHABILITATION LOAN AGREEMENT, DATED MARCH 27,
1985 FOR THE FENIMORE APARTMENTS LOCATED AT
1200 EUCLID AVENUE.
WHEREAS, on March 27, 1985 the City of Miami Beach entered
into an Agreement captioned, Multi-unit Residential Rehabilitation
Loan Agreement, with Miami Deco Limited Partnership 1984-A-1, and
with Jefferson National Bank (the Agreement) ; and
r
WHEREAS, the Agreement provided that the City would deposit
certain funds to make available an interest subsidy to encourage
the rehabilitation of the property, known as the Fenimore
Apartments, loacted at 1200 Euclid Avenue, 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, Miami Deco Limited Partnership 1984-A-1 and Jefferson
National Bank 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 Loan 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 the Mayor and City Clerk, to . "
execute the attached Release and Satisfaction of Loan Agreement:.
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PASSED AND ADOPTED THIS 2nd DAY OF M. ch , 1994.
/45 ///,
•
YO'
ATTEST:
/\/
CITY CLERK
FORM APPROVED
11 LEGAL DEPT.
By
Date 2- Z-(-Q.1
This instrument prepared by:
Lawrence Feingold, City Atty.
1700 Convention Center Dr.
Miami Beach, FL 33139
• RELEASE AND SATISFACTION OF LOAN AGREEMENT
The CITY OF MIAMI BEACH releases JEFFERSON NATIONAL BANK and MIAMI DECO LIMITED
PARTNERSHIP 1984-A-1,their successors and assigns from any and all obligations under the terms of that
certain agreement captioned: "MULTI-UNIT RESIDENTIAL REHABIUTATION LOAN AGREEMENT", dated
the 27th day of March, 1985, and recorded on May 10, 1985 in the Official Records of Dade County at O.R.
12507, Page 39, which instrument affects the following described real property:
Lots 7 and 8,Block 64,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
'Fenimore Apartments'.
• And satisfies any and all obligations under the terms of such instrument and does hereby direct the Clerk
of the Circuit Court, Dade County, Florida to cancel such instrument of record.
IN WITNESS WHEREOF, this instrument has been executed o s llthday of March, 1994.
CITY OF MIA BEAC
By.
Seymour Gelber, Mayor
1700 Convention Center Drive
Miami Beach, FL 33139
ATTEST:4AA
RICHARD BROWN, CITY CLERK
. STATE OF FLORIDA)
SS)
COUNTY OF DADE)
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/did not take an oath.
-cft
Witness my hand and official seal this I( day of March, 1
r OFFICIAL NOTARY SEAL
DIAN L SEROUSSI NOTARY PUBUC, State of Florida
NOTARY PUBLIC STATE OF FLORIDA Commission Ng
COMMISSION NO.CC277727 My Commission Expires:
MY COMMISSION EXP.MAY 20,1997
FORM APPROVED
LE , EPT.
• Date .444C0
70
CITY OF MI''AMI BEACH
CITY HALL 1700 CONVENTION CENTER DRIVE Kl`AMI BtACH FLORIDA 33139
OFFICE OF THE CITY MANAGER TELEPHONE: (305) 673-7010
FAX: (305) 673-7782
COMMISSION MEMORANDUM NO. J 73 -
TO: Mayor Seymour Gelber and DATE: March 2, 1994
Members of the City Commission
FROM: Roger M. Carlton-�I/
City Manager VVVV"'
SUBJECT: AUTHORIZATION FOR THE MAYOR AND CITY CLERK TO EXECUTE A
RELEASE AND SATISFACTION OF LOAN AGREEMENT COVERING THE
PROPERTY AT 1200 EUCLID AVENUE, KNOWN AS THE FENIMORE
APARTMENTS
ADMINISTRATION RECOMMENDATION:
To adopt the attached Resolution authorizing the Mayor and City
Clerk to execute a Release and Satisfaction of Loan Agreement
acknowledging the fulfillment of the terms and conditions of the
agreement captioned "MULTI-UNIT RESIDENTIAL REHABILITATION LOAN
AGREEMENT", relating to the Fenimore Apartments, located at 1200
Euclid Avenue, Miami Beach.
BACKGROUND:
On March 27, 1985, the City of Miami Beach entered into an
agreement entitled: "MULTI-UNIT RESIDENTIAL REHABILITATION LOAN
AGREEMENT", with Miami Deco Limited Partnership 1984-A-1 (owner)
and with the lender, Jefferson National Bank.
Deco Managers, Inc. is the General Partner of Miami Deco Limited
Partnership. The agreement relates to the property located at 1200
Euclid Avenue, known as the Fenimore Apartments. The building
formerly consisted of 63 apartments, 51 efficiencies and 12 one
bedroom apartments. This project reconfigured the building into 29
apartments, 23 one bedroom, and 6 two bedroom units.
The City's only obligation under this agreement was to provide an
interest subsidy payment in the amount of $182,500.00 from the
Federal Community Development Block Grant (CDBG) Program funds, to
Jefferson National Bank to reduce the monthly amortization payments
on the $550,000 mortgage loan used to finance the rehabilitation of
the property until 1991. The subsidy amount has been fully
utilized, and the owner is now seeking to record a satisfaction of
the agreement.
ANALYSIS:
The City's obligation to the developer has been completed through
the payment of the original subsidy payment to Jefferson National
Bank. The Developer has complied with his obligations, by
completing a satisfactory rehabilitation project, and providing 15
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, 67
and County property taxes are paid through 1993.
AGENDA Q
ITEM ` l- I- `'
DATE 3--Z-
•
COMMISSION MEMO
MARCH 2, 1994
PAGE 2
CONCLUSION:
It is recommended that the Mayor and City Commission adopt the
attached Resolution authorizing the Mayor and City Clerk to execute
the attached Release and Satisfaction of Loan Agreement
RMC/CAH
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