RESOLUTION 87-18840 RESOLUTION NUMBER 87-1,8$4Q-
A RESOLUTION OF THE CITY COMMISSION OF THE
CITY OF MIAMI BEACH, FLORIDA, TO APPROVE AN
INTERIM FINANCE PROGRAM LOAN IN THE AMOUNT
OF $500,000 FOR THE HARRIET COURT APARTMENT
RENOVATION, LOCATED AT 1500-1512 PENNSYLVANIA
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 number 86-
18574 on September 3, 1986, authorizing the implementation of the Community
Development Block Grant funded Interim Finance Program; and
WHEREAS, Investor's Miami Beach Development Corporation has made
application for funding of its renovation of the Harriet Court Apartments, located at
1500-1512 Pennsylvania 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
Investor's Miami Beach Development Corporation for this project; and
WHEREAS, said letter of commitment specifies the term of the loan to be 170
days from the date of closing and specifies the maximum interest payable to the City
at the end of the term to be $15,188.80; 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 $500,000, for the Harriet
Court Apartment renovation as previously approved by the City of Miami Beach Loan
Review Commitee, 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 6th DAY OF May , 1987.
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ATTEST:
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CITY CLERK t �.: ,:7
:
ORIGINAL
RESOLUTION NO. 87-18840
(Approve an interim finance program loan
in the amount of $500,000 for the Harriet
Court Apartment Renovation, located at
1500-1512 Pennsylvania Avenue, as pre-
viously approved by the City of Miami
Beach loan review committee and authoriz-
ing the Mayor of the City of Miami Beach
to execute, on behalf of the City, any
and all documents required to fund the
project)