2011-27638 Reso RESOLUTION NO. 2011 -27638
A RESOLUTION OF THE MAYOR AND CITY COMMISSION OF THE CITY OF
MIAMI BEACH, FLORIDA, APPROVING A ONE -TIME ONLY ASSIGNMENT OF
THE FY 2010/2011 HOME AGREEMENT, DATED MARCH 28, 2011, IN THE
AMOUNT OF $500,000, BETWEEN THE CITY AND MIAMI BEACH COMMUNITY
DEVELOPMENT CORPORATION (MBCDC), AS ASSIGNOR, TO MBCDC: THE
BARCLAY, LLC, A NOT -FOR- PROFIT CREATED BY MBCDC (AND WHOSE
SOLE MEMBER IS MBCDC), AS ASSIGNEE AND AS SUCCESSOR IN INTEREST
IN TITLE OF THE BARCLAY APARTMENTS, LOCATED AT 1940 PARK AVENUE,
MIAMI BEACH, FL.
WHEREAS, on February 18, 1992, the City was designated by the United States Department
of Housing and Urban Development (HUD) as a participating jurisdiction for the receipt of funds as
provided under the HOME Investment Partnerships Program and pursuant to the HOME Program
Final Rule, 24 CFR PART 92, as same may be amended from time to time; and
WHEREAS, the City has an agreement with HUD for the purpose of conducting an
affordable housing program with federal financial assistance under the HOME Program; and
WHEREAS, on April 8, 1993, the Mayor and City Commission approved Resolution No.
93- 20756, designating Miami Beach Community Development Corporation (MBCDC) as a qualified
Community Housing Development Organization (CHDO) under the HOME Program; and
WHEREAS, the City has determined the necessity for providing affordable housing in the
City through the Fiscal Year 2010/2011 One -Year Action Plan for Federal funds, adopted by
Resolution No. 2010 -27428 on July 14, 2010.
WHEREAS, MBCDC entered into a HOME Agreement with the City, dated March 28, 2011,
to fund the rehabilitation of the Barclay Apartments, located at 1940 Park Avenue, in the amount of
$500,000 (the Agreement); and
WHEREAS, MBCDC created a not - for - profit entity, MBCDC: The Barclay, LLC, which is the
successor in interest to MBCDC and has assumed all interests and title to the Barclay Apartments;
and
WHEREAS, MBCDC is the sole member of MBCDC: The Barclay, LLC; and
WHEREAS,MBCDC has requested, and the Administration hereby recommends, that the
Mayor and City Commission approve an assignment of the Agreement from MBCDC, as assignor, to
MBCDC: The Barclay, LLC, as assignee.
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 approve a
one -time only assignment of the HOME Agreement, Dated March 28, 2011, between the City and
Miami Beach Community Development Corporation ( MBCDC), as assignor, to MBCDC: The
Barclay, LLC, a not - for - profit entity created by MBCDC (and whose sole member is MBCDC), as
assignee and as successor in interest in title to the Barclay Apartments, located at 1940 Park
Avenue, Miami Beach FL.
27 4 3,'
PASSED AND ADOPTED THIS I3fti DAY OF 4 pri f , 2011
ATTEST:
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CITY CLERK — Robert Parcher AY•R — Matti H-rrera Bower
APPROVED AS TO
FORM & LANGUAGE
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