97-22343 RESO
RESOLUTION NUMBER 97-22343
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 JUNE 29, 1992,
FOR THE JADE APARTMENTS LOCATED AT 1008 JEFFERSON
A VENUE.
WHEREAS, on June 29, 1992, the City entered into a Subsidy Agreement (Agreement) with Jac!e
Manor, Ltd" a Florida Limited Partnership (Owner), and with BankAtlantic (Lender), for the Jade Apartmer ts
located at 1008 Jefferson Avenue, Miami Beach (Property); and
WHEREAS, the Agreement provided that the City would deposit certain funds to make availab!e in
interest subsidy to encourage the rehabilitation of the Property, in return for which assistance the ONn~r
agreed to offer certain of the units at reduced rental rates for a period of years to make available affordat e
housing; and
WHEREAS, Owner and Lender have complied in all material respects with the terms and conditiOlIS
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 SulJsi(!y
Agreement be executed by the Mayor and City Clerk,
NOW, THEREFORE, BE IT RESOLVED BY THE MAYOR AND CITY COMMISSION OF THE ,:n y
OF MIAMI BEACH, FLORIDA, that the Mayor and City Commission hereby authorize and direct the IV ay >r
and City Clerk to execute the attached Release and Satisfaction of Subsidy Agreement, in satisfaction of ;.111
terms of the Subsidy Agreement, dated June 29, 1992, for the Jade Apartments, located at 1008 Jeffe rs( n
Avenue, Miami Beach,
APPROVED AND ADOPTED THIS 2nd DAY OF APRIL, 1997.
OUR
-
ATTEST:
J~o6} p~
ROBERT PARCHER, CITY CLERK
APPROVED AS TO
FORM & LANGUAGE
& fOR EXECUTION
~~:
:](~tS:j :J
Datu "I
CITY HALL 1700 CONVENTION CENTER DRIVE MIAMI BEACH FLORIDA 33139
CITY OF MIAMI BEACH
COMMISSION MEMORANDUM NO. ~
,TO:
Mayor Seymour Gelber and
Members of the City Commission
DATE:
April 2, 1997
FROM: Jose Garcia-Pedrosa
City Manager
SUBJECT: A RESOLUTION F 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 FOR THE
JADE APARTMENTS A T1 008 JEFFERSON AVENUE.
ADMINISTRATION RECOMMENDATION
Approve the Resolution.
BACKGROUND:
On June 29, 1992, the City entered into a Subsidy Agreement under the City's Multi-Fa m1' ly
Rehabilitation Program, relating to the Jade Apartments, with Jade Manor Ltd., a Florica
Limited Partnership (owner), and with the lender, BankAtlantic.
The agreement relates to the property located at 1008 Jefferson Avenue, known a~ tte
Jade Apartments. The building consists of 14 apartments. The City's only obligation u1d~r
this agreement was to provide an interest subsidy payment in the amount of $108,166 ':ro n
the Federal Community Development Block Grant (CDBG) Program funds, to BankAtlant!ic
to reduce the monthly amortization payments on the $447,000 mortgage loan used 0
finance the rehabilitation of the property. The subsidy amount has been fully utilized, ar d
the owner is now seeking to record a satisfaction of the agreement.
ANAL YSIS:
The City's obligation to the owner has been completed through the payment of the oriqinal
AGENDA ITEM C. 1- 6-
DATE~2,<17
COMMISSION MEMORANDUrll~
APRIL 2, 1 !99;7
PAGE TIN()
subsidy payment to BankAtlantic. The Owner has complied with its obligations, l:;'~
completing a satisfactory rehabilitation project, and by providing eight (8) units of affordabl9
housing for the required three-year period.
A review of City records indicates that there are no City code enforcement lier 5
outstanding, and no unpaid water bills. Property taxes are paid through 1996.
CONCLUSION:
It is recommended that the Mayor and City Commission adopt the attached ResolL tic n
authorizing the Mayor and City Clerk to execute the attached Release and Satisfactio n I If
Subsidy Agreement.
JGP/H~DC/CAH
CHI IRESOIJADEAP' 'S.M oM
This instrument prepared b}:
Raul Aguila, First Asst. City At! /.
1700 Convention Center Dr
Miami Beach, FL 33139
RELEASE AND SATISFACTION OF SUBSIDY AGREEMENT
The CITY OF MIAMI BEACH releases BANKATLANTIC and JADE MANOR, L TD" a Florida limitEd
partnership, their successors and assigns from any and all obligations under the terms of that cE'rta n
agreement captioned: "SUBSIDY AGREEMENT", dated the 29th day of June, 1992, and recorded on JL Y
9, 1992 in the Official Records of Dade County at O,R 15581, Page 3527, which instrument affect:; tt e
following described real property:
Lots 7, Block 89, of Ocean Beach Addition No.3, according to the Plat thereof as recordnd in
Plat Book 2, Page 81, of the Public Records of Dade County, Florida, also described as tt\e
"Jade Apartments".
And satisfies any and all obligations under the terms of such instrument and does hereby direct the Clerk )f
the Circuit Court, Dade County, Florida to cancel such instrument of record,
IN WITNESS WHEREOF, this instrument has been executed this 1t/- day of 1,1997.
By:
I~f-/
ATTEST:
ROWA~ rw-~
ROBERT PARCHER, CITY CLERK
APPROVED ~Ii "')
FORM & LANGIJ~"IGE
& FOR EXECUllON
STATE OF FLORIDA)
SS)
COUNTY OF DADE)
1IIJIi!f;
~~
I hereby certify that on this day before me, an officer duly qualified to take acknowledgements, perscna Iy
appeared SEYMOUR GELBER, Mayor of the City of Miami Beach, who is personally known to me, an j c d
not take an oath,
Witness my hand and official seal this ~% day of ~, 1 ~97. , ~
'- XClk~U(' 'I~~
NOTARY PUBLIC, State of Florida J
Commission NO
My Commission Expires:
CHIRESOIJADEAPTS,REL
,\\,'l~tft"" N .
~-~~"l'.':'-'_ akia l. Thompson
f~(~"'F: IN COMMISSION /I CC615381 EXPIRES
",;.~..J[ January 22, 2001
. ,,;:,:~:t.-. BONDED THIlU TROY fAIN INSURANCE, INC.