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RESOLUTION 89-19666 RESOLUTION NO. 89-19666 A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF MIAMI BEACH, FLORIDA, AUTHORIZING THE MAYOR TO EXECUTE A SUBSIDY AGREEMENT WITH METROPOLE APARTMENTS ASSOCIATES, LTD. , AND JOINED BY FLORIDA NATIONAL BANK, RELATING TO AN INTEREST SUBSIDY IN THE APPROXIMATE AMOUNT OF $235,033, SUBJECT TO FINAL CALCULATIONS, FOR THE METROPOLE APARTMENTS LOCATED AT 635 COLLINS AVENUE, MIAMI BEACH. WHEREAS, the City of Miami Beach Loan Review Committee authorized a commitment letter in the amount of $235, 033 for the Metropole Apartments at 635 Collins Avenue (the "Property") on October 3 , 1988 for interest subsidy of a rehabilitation loan; and WHEREAS, Metropole Apartments Associates, Ltd. , the Owner of the Property, secured a mortgage commitment from the Housing Finance Authority of Dade County (the "Authority") for a rehabilitation loan in the approximate principal amount of $875, 000; and WHEREAS, the Authority will assign its mortgage to Florida National Bank and Florida National Bank has agreed to act as escrow agent for the interest subsidy funds; and WHEREAS, a Subsidy Agreement, a copy of which is attached hereto, has been prepared, is recommended by the City Manager, and approved as to form by the City Attorney. NOW, THEREFORE, BE IT DULY RESOLVED BY THE CITY COMMISSION OF THE CITY OF MIAMI BEACH, FLORIDA that the Mayor is authorized to execute a Subsidy Agreement with Metropole Apartments Associates, Ltd. , joined by Florida National Bank, relating to an interest subsidy in the approximate amount of $235, 033 , subject to final calculations, for the Metropole Apartments located at 635 Collins Avenue, Miami Beach. PASSED and ADOPTED this 26th day of July , 1989 . MAYOR AT EST: FORM APPROVED CITY CLERK LEGAL DEPT. 072489 A: \metro. res 7/'27V'7date SUBSIDY AGREEMENT THIS AGREEMENT entered into this 26th day of July 1989, by and between METROPOLE APARTMENTS ASSOCIATES, LTD., a Florida limited partnership whose address is 1980 S. Ocean Drive Suite # 14-M, Ocean South Building, Hallandale, Florida, hereinafter referred to as "Owner" who as the legal owner of the property at 635 Collins Avenue, Miami Beach, Florida, more particularly described as the Metropole Apartments, Lots 1 and 2, Block 11 of Ocean Beach Addition # 1, according to the Plat thereof as recorded in plat book 3, page 11, of the Public Records of Dade County, Florida hereinafter referred to as "Project", and the CITY OF MIAMI BEACH, a Florida municipal corporation, having its principal office at 1700 Convention Center Drive, Miami Beach, Florida, hereinafter called "City". FLORIDA NATIONAL BANK, with its principal office at 100 N.E. Third Avenue Suite 100, Fort Lauderdale, Florida, hereinafter referred to as "Bank", joins in this Agreement solely for the limited purposes expressly set forth in Section 24 hereof. WITNESSETH: WHEREAS, the City has established a Multi-Family Rehabilitation Program, hereinafter referred to as "Program", designed to provide financial and technical assistance to property owners of deteriorated and substandard multi-family residential structures within the City of Miami Beach, Florida, for the purpose of rehabilitating said structures; and WHEREAS, the policies of said program are set forth in the Policy Handbook for the Multi-Family Residential Rehabilitation Program hereinafter referred to as "Handbook", adopted by the City Commission on July 10, 1985, as it may be amended from time to time, is deemed as being incorporated by reference and made a part of this Agreement; and WHEREAS, the City Commission of the City of Miami Beach, Florida, by Resolution N2 80-16373 on the third day of September, 1980, adopted Property Rehabilitation Standards; and WHEREAS, Owner as the legal owner of the Project described above has agreed to rehabilitate said Project in accordance with the Program; and WHEREAS, a commitment letter was issued by the City on October 3, 1988, said commitment letter, as amended, is deemed as being incorporated by reference and made a part of this Agreement; and WHEREAS, by Resolution 88-19, the Housing Finance Authority of Dade County (the "Authority"), on December 12, 1988, expressed its intention to issue multifamily mortgage revenue bonds (the "Bonds") and to loan the proceeds of the Bonds to the Owner (the "Loan") to finance the rehabilitation of Project; and WHEREAS, the Bonds are issuedursuant to a Trust Indenture between the Authorityand Florida P National Bank as Trustee (the "Trustee") (the "Indenture"); and WHEREAS,the Indenture establishes an Interest Account and a Project Fund (the "Interest Account" and the "Project Fund", respectively); and WHEREAS, the Owner is required to repay the Loan to the Authority by making certain payments to the Trustee, including payments for deposit to the Interest Account; and WHEREAS, it is acknowledged and agreed between the City and the Owner that funds utilized for payment to Bank on behalf of Owner derive from Rental Rehabilitation Program funds appropriated to the City by the U.S. Department of Housing and Urban Development under the Housing and Urban Recovery Act of 1983, as amended from time to time, for the uses and purposes herein referred to and accordingly it is acknowledged and agreed this Agreement is entered into after compliance by the Owner with all applicable provisions of Federal, State and local laws, statutes, rules and regulations as they may - 1 - apply to this Agreement which certain of said regulations are incorporated herein as more fully set forth in Attachment "A". NOW, THEREFORE, in consideration of the mutual promises contained herein and in consideration of the monies which are to be deposited by City with Bank, which consideration is hereby acknowledged by the parties, the parties do agree as follows: (l) Any amendments to this Agreement will only be valid when reduced to writing and duly signed by the parties. (2) It is understood and agreed by the Owner that the Handbook, as it may be amended from time to time, represents the scope of services and responsibilities of the Owner under the Program and said Owner agrees to abide by and comply with its role and responsibility under the Handbook as set forth therein. (3) City shall have the sole responsibility and obligation of interpreting the intent and purpose of the Program and Contract Documents, and Bank is expressly released from any responsibility therefor. (4) It is understood that Owner agrees to comply with all provisions of the Handbook including Chapter V, "Terms and conditions under which interest subsidy payments may be made" and specifically Item 6, "Points of Agreement", as amended; said Handbook is deemed as having been incorporated by reference herein and made part of this Agreement. (5) It is understood and agreed by the Owner hereto that failure by Owner to comply with Chapter V, Item 6 of Handbook shall constitute a default under Program and City shall have remedy against Owner as set forth in Chapter X, "Defaults", without limiting of prejudicing all of its rights and remedies provided by law or equity. (6) Rehabilitation of Project shall be done in accordance with the Property Rehabilitation Standards, which standards are deemed incorporated by reference and made a part of this Agreement, and on file in the Office of the Director of Community Development at 1700 Convention Center Drive, Miami Beach, Dade County, Florida. The standards are available to all parties as public records. (7) It is understood and agreed by and between the parties that none of the obligations of the City assumed or created hereunder shall be general obligations of the City and none of the same shall be enforceable against the City generally. Any and all obligations, liabilities and: commitments of the City of Miami Beach hereunder, shall be limited to the interest subsidy payment of Two Hundred Thirty-Five Thousand Seventy Dollars ($235,070.00) specified herein. No other fiscal, legal, equitable or contractual duty or obligation is assumed by the City, and Owner and Bank by executing this Agreement so agree. After this interest subsidy payment is expended by Bank according to the procedures set forth herein, the City shall be automatically discharged from any and all obligations, liabilities and commitments hereunder to Owner,Bank or any third person or entity provided, however, that this Section shall not excuse the continued compliance by Owner with the terms of this Agreement and the federal program requirements. Owner for consideration of One Dollar ($1.00) and other good, valuable, separate and distinct consideration, receipt of which is hereby acknowledged, hereby agrees to save and hold harmless, indemnify and protect the City and the Bank and their respective officers and employees from any and all obligations, liabilities,commitments,actions,claims,causes of action,suits or demand arising or accruing by virtue of this Agreement or the Project contemplated hereunder. (8) In consideration for the performance of Owner of its responsibilities set forth in this Agreement, the City agrees to pay to Bank on behalf of Owner, the sum of Two Hundred Thirty-Five Thousand Seventy Dollars($235,070.00),as the total of interest subsidy payments as further provided for herein. Said total of payments represents an amount determined - 2 - necessary by Owner and City to reduce the effective interest rate of Ten and One-Quarter percent (10.25%) per annum ("Loan Rate") on a portion of the principal of the Loan in the amount of Eight Hundred Seventy-Five Thousand Dollars ($875,000.00) to Four percent (4.00%) per annum ("Subsidized Rate"), for an estimated term of Sixty (60) months, and as further set forth in Attachment "B". (9) The amount of the interest subsidy payment, indicated in Section 8 above, will be disbursed by the City to the Bank, during the construction of the Project, and as follows: No more often than once a month, a payment equivalent to ninety percent (90%) of the percentage of work completed in the previous period (as certified by the Owner and the Owner's designated professional of record), multiplied by the total interest subsidy as described in Section 8 above. The remaining (final) ten percent (10%) of the interest subsidy payment shall be paid ten (10) days after completion, approval and acceptance of the rehabilitation work by all the governmental agencies and authorities having jurisdiction over the Project. No interest shall be payable upon the deferred amounts of the interest subsidy payments. Such payments by the City to the Bank shall be paid by check drawn on an account of the City, mailed to the Bank at the following address, and containing thereon the following account information: Florida National Bank Corporate Trust Department 100 Northeast Third Avenue Ft. Lauderdale, Florida 33301 Attn: Trevor A. Coore For deposit to account # (10) The interest subsidy payments shall be deposited by Bank in its special deposits or such other account as may be agreed to by the Owner and City (the "Escrow Account"), and to be expended as follows: On the twenty-fifth of each month that the Owner is required to make payments to the Trustee of principal and/or interest on the Loan, beginning with the first month after the month in which the Owner certifies to the Bank that the Owner has received a final Certificate of Occupancy for each unit in the Project (the "Date of Completion"), Bank shall withdraw from the Escrow Account (to the extent amounts on deposit in the Escrow Account are sufficient) and shall transfer such amount, on behalf of the Owner to the Trustee for deposit to the Interest Account, the amount required to make up the difference between the payment based on the "Loan Rate", and the payment based on the "Subsidized Rate". Attachment "B" provides the method for the calculation of each payment. Any unused balance of interest subsidy funds plus unused earnings thereon shall remain in the Escrow Account. (1 1) During each month prior to the Date of Completion, the Owner shall provide, or shall cause the Trustee to provide to the City at the following address, a statement indicating, as of the close of the previous month, the balance in the Project Fund, showing for such previous month the date, amount and recipient of all disbursements from the Project Fund, and showing the balance of the Loan: City of Miami Beach Community Development Division 1700 Convention Center Drive Miami Beach, Florida 33139 (12) Every six (6) months, during the term of this Agreement, Bank shall provide to the City's - 3 - Community Development Division,at the address set forth in Section 11,a statement showing: the Escrow Account number; monthly interest earned on the funds; and monthly subsidy payment expenditures. This statement must be submitted to the City's Community Development Division by January 31 and July 31 of each year. (13) Upon written notice from the City of the expiration, lapse or default of this Agreement, whichever occurs first, Bank shall remit, within thirty (30) days of such written request signed by the City Manager of the City, all undisbursed interest subsidy funds, and interest thereon, remaining in the Escrow Account to the City, at the address set forth in Section 11. (14) The Owner agrees that funds provided by the interest subsidy payment under the provisions of this Agreement, shall be used to reduce the interest rate owed on monies borrowed to rehabilitate the property into a Forty-One (41) unit apartment building to be done in accordance with the application filed by Owner with the City, as such application was approved under the Program, including the commitment issued by the City dated October 3, 1988, as amended, which is made a part hereof. (15) It is understood and agreed by Owner that for at least three (3) years beginning on the date on which a Final Certificate of Occupancy is issued, a minimum of Twenty-Nine (29) units (70.00%) will be occupied by low and moderate income households at affordable rents. Low and moderate income households means all members in a household whose combined income does not exceed the following levels (as of this date, but to be revised annually): 1 person, $18,550; 2 person, $21,200; 3 person, $23,850, 4 person, $ 26,500. Monthly rents for units occupied by low and moderate income households are considered affordable, if they do not exceed the Fair Market Rents (FMRs) for the Section 8 Program (as of this date, but to be revised annually): Efficiency, $345; 1 Bedroom $415; 2 bedroom $485. (16) Owner shall deliver to the City's Community Development Division, by January 31 of each year, its signed notarized report in form and substance acceptable to the City, to include names of tenants, unit type, family income,rents charged, and occupancy factor of each unit for that prior year. This report will continue to be required for five (5) years after the date on which a Final Certificate of Occupancy is issued. (17) It is understood and agreed by the Owner not to convert any of the units in the Project to condominium ownership for at least ten (10) years beginning on the date on which a Final Certificate of Occupancy is issued. Any violation of this requirement may result, at City's option, in the entire amount of the interest subsidy payment indicated in Section 8, to be returned to the City. (18) It shall be deemed a default of this Agreement in the event that Owner does not strictly, comply with the terms, conditions, duties and procedures established herein for obtaining City consent to assignment or transfer as defined by this section. In the event such consent is not obtained in the manner prescribed herein the City shall be entitled to declare a default, cancel this Agreement and resort to its rights and remedies against the defaulting party. Owner shall not assign any interest of this Agreement and will not transfer any interest in the same without the prior written consent of City Manager thereto. In the event Owner is a corporation, limited partnership or other incorporated or artificial business entity, a transfer of more than ten percent (10%) ownership interest or of its' stock by pledge, sale or otherwise; or if Owner makes an assignment for the benefit of its creditors or uses this Agreement as security or collateral for any loan besides the Loan involved herein; or if Owner allows a mechanic, laborer or other lien or charge to be recorded against the Project; or if Owner is voluntarily or involuntarily a party to any bankruptcy or insolvency proceeding; or if Owner has a receiver appointed over any of its properties; or if Owner does not satisfy in full or appeal any judgment for the sum of $5,000 (or more) within thirty (30) days from its' rendition; or if Owner is involved in a bulk transfer of its business, then in that event each of the foregoing actions will be deemed an assignment of this Agreement and require the prior written consent of the City Manager upon recommendation by the Loan Review Committee. In the event Owner is a trust, which includes without limitation a land - 4 - trust and a trust company, any change in the person or entity who is the trustee or any change in the heirs or beneficiaries of such trust shall be deemed an assignment under this section and require the prior written consent of the City Manager upon recommendation by the Loan Review Committee. Regardless of the type of entity Owner is defined to be, a merger, insolvency, bankruptcy, dissolution, consolidation, conversion, liquidation, or appointment of a receivership for such Owner shall each be deemed an assignment of this Agreement and will require the prior written consent of the City Manager upon recommendation by the Loan Review Committee. (19) Upon a default of a written indebtedness, including without limitation: a note, mortgage, guarantee, and the Agreement, Owner waives notice, presentment and/or demand of default. (20) For purposes of this Agreement and the documents referenced or incorporated within it, a default shall include without limitation, the following acts or events of Owner, or its agents, servants, employees, or contractors: (a) Owner's failure to (i) commence work within thirty (30) days from the date of this Agreement, or (ii) diligently pursue construction and timely complete the project by securing a Final Certificate of Occupancy in Eight (8) months from the date of this Agreement. Work shall be considered to have commenced and be in active progress when, in the opinion of the City's Community Development Division, a full complement of workmen and equipment is present at the site to diligently incorporate materials and equipment into the structure throughout the day on each full working day, weather permitting. ► (b) Owner's failure to comply with applicable building, fire, life safety, housing and zoning laws, rules, regulations and codes. (c) Owner's failure to correct defaults within a reasonable time, which shall be defined to mean a full cure and correction of defaults in thirty (30) or less days from the mailing of such notice of default to the mortgagor to the full satisfaction of the City Manager or his authorized designee. (d) Owner's insolvency or bankruptcy. (e) Owner's failure to maintain the insurance required by the City and/or the Authority. (f) Owner's failure to correct defects within a reasonable time as defined in Sections 18 or 20 (c) herein. (g) Owner's breach of this Agreement or of the terms and conditions of the Handbook or applicable laws, rules and regulations pertaining hereto which are referenced by this Agreement. (h) Failure to satisfyor bond off claims made byothers against Owner for unpaid labor g p and materials relating to construction of the Project. (i) An assignment or transfer of this Agreement or any interest therein by Owner which does not comply with the procedures set forth in Section 18 herein. (21) In the event of a default by the Owner the City may, thirty (30) daysafter mailing to Owner, with a copy to the Bank, a notice of such default as set forth herein, automatically cancel and terminate this Agreement without liability to any party to this Agreement. If the default complained of is not fully and satisfactorily cured within thirty(30)days of the City mailing notice of such default to Owner, to the full satisfaction of the City Manager or his authorized designee, at the expiration of said thirty (30) day period, this Agreement may, at the City's - 5 - sole option and discretion, be deemed automatically cancelled and terminated and the City fully discharged from any and all liabilities, duties and terms arising out of or accruing by virtue of this Agreement and this Project. (22) In the event of a default by the Owner, the City shall additionally be entitled to bring any and all legal and/or equitable actions which it deems to be in its best interest in Dade County, Florida, in order to enforce the City's rights and remedies against the defaulting party. The City shall be entitled to recover all costs of such actions including a reasonable attorney's fee, To the extent allowed by law, the Owner waives its right to jury trial and its right to bring permissive counterclaims against the City in any such action to the extent allowed by law. (23) It is understood and agreed that Owner shall record this Agreement as part of the mortgage and promissory note on the subject project with the Clerk of the County Court, Dade County, Florida and shall furnish the City's Community Development Division with certified copies of these recorded instruments within sixty (60) days after the closing date. (24) The Bank joins in this Agreement for the limited purpose set forth in paragraphs 7, 8, 9, 10, 11, 12, 13 , 23 and 25 through 29 hereof.The Bank hereby agrees to administer, disburse and return all interest subsidy funds held in escrow by it in accordance with said paragraphs,and agrees to be bound by all the terms and conditions thereof. The Bank may resign at any time upon ten (10) days written notice to the City and the Owner, upon delivery to the City at the address set forth in Section 11 of the balance in the Escrow Account, and the Owner and the City shall thereafter select a mutually agreeable successor Escrow Agent. (25) The City and the Owner agree that the Bank shall have no liability hereunder except as created by the willful misconduct or negligence of the Bank or its officers, employees or agents. (26) Bank makes no representation concerning the Project or the Program, or the sufficiency of the amounts to be paid to the Bank hereunder to accomplish any intended purpose. (27) In the event of any legal proceeding arising in connection with this Agreement Owner agrees to pay all costs and attorneys' fees incurred by Bank. (28) Owner agrees to pay to Bank $250.00 on January 1, 1990, and July 1, 1990, and semiannually thereafter on each January 1 and July 1 until the Escrow Account is fully depleted. Such fee is non refundable, and is not prorated for a partial period. (29) Bank shall have no further responsibilities under this Agreement upon depletion of the Escrow Account and the Bank shall be released as a party at that time, but shall not be released as to any liability occurring prior to the depletion of the Escrow Account. IN WITNESS WHEREOF, the City has caused this Agreement to be executed by its duly authorized officer(s), Bank has caused this Agreement to be executed by its duly authorized officer(s), and Owner has caused this Agreement to be executed by its duly authorized officer(s), the day and year first above written. THE OWNER STATES THAT IT HAS CAREFULLY READ THE FOREGOING AGREEMENT, THE CITY OF MIAMI BEACH HANDBOOK FOR THE MULTI-FAMILY REHABILITATION PROGRAM, THE PROGRAM DESCRIPTIONS FOR THE RENTAL REHABILITATION PROGRAM AND THE CITY OF MIAMI BEACH PROPERTY REHABILITATION STANDARDS AND KNOW THE CONTENTS THEREOF AND FULLY REALIZE THEIR MEANING AND SIGN THIS AGREEMENT AS THEIR OWN FREE ACT. - 6 - WITNESS: OWNER: METROPOLE APARTMENTS V ASSOCIATES, LTD. '\( *a W 41 Z-V(. 0i,1 cf-tli Okig) ___ ,e..49-71. prai040.)-- 1 A i - , ) /-' i Ile t rep? , t,{ 1-1494-qi iiu,s,-pc, fi,.c: L ‘---/(-) BY: /<:9. a 9ZA/iiiielit V., c,, PyrSteket3 1 BAN A FLORIDA NATIONAL BANK T____.„ el. ['1,76VHA-1411 BY: i l/(21- "' CITY OF MIAMI BEACH _„7/(1 (_' % e,- LA* - (fl „ -1--(.:(,,-.,,,„L._ , Adc . / .1111..." /Z ( , • , , , BY: or, - ...., -V A ' • ' FORM APPROVED ATTEST:iht(zr\ #' .z•- LEGAL DEPT. CITY CLERK 6y j.:;;?. ..le '227_,( 0-1/4._„ 1/') /1 VS, Date I - 7 - STATE OF FLORIDA ) Gf � .464e 44see SS: ')6". 11#?2i =cs- COUNTY OF DADE ) AfrAApee.. J - Before me, the undersigned authority, personally appeared = .4A". to me known to be the personswho executed the foregoing instrument, as -4 %• r of METROPOLE APARTMENTS ASSOCIATES, LTD. .27 Witness my hand and seal at Miami, Dade County, Florida, this 26th day of July, 1989. Z4v02/2, NOT Y P P , State of Florida Notary Public, State of Florida My Cr,mmission Expires: My Commission Expires June 8, 1992 Bonded Thru Troy fain-Insurance Inc. STATE OF FLORIDA ) ) SS: COUNTY OF DADE ) Before me, the undersigned authority, personally appeared ersonall a eared91m42L'J2L to me known to be the person who executed the foregoing instrument, as )0Z0 ,. of FLORIDA NATIONAL BANK. a7 Witness my hand and seal at Miami, Dade County, Florida, this ?nth day of July, 1989. s` i NOTARY PUBLIC, •t,to of Florida Notary Public, State of Florida My Commission Expires: My Commission Expires June 8, 1992 Conded Thru 1 roy fain Insuranty Iic. STATE OF FLORIDA ) ) SS: COUNTY OF DADE ) —1>&C-A before me, the undersigned authority, personally appeared to me known to be the person who executed the foregoing instrument, as MAYOR of the CITY OF MIAMI BEACH. Witness my hand and seal at Miami, Dade County, Florida, this 26th day of July, 1989. .1KL.iii NOTARY PUBLIC, State Of F1or;di My Commission Expires: 'ti91Ati; STAIE CF FLOW 14Y •:{),iii?SIUN 1-YP, 1\P?.lu,!':a92 fB(. ;udU MEW GENERA.. 1N`. i�N►/: - 8 - ATTACHMENT "A" OTHER FEDERAL REGULATIONS As the City of Miami Beach is providing this funding through Rental Rehabilitation Program funds the Owner agrees to comply with the following Federal regulations as they apply. The regulations are incorporated herein by reference. Section 109 of the Housing and Community Development Act of 1974, as amended. Housing and Urban-Rural Recovery Act of 1983, Public Law N Q 98-181. Section 3, Housing and Urban Development Act of 1968, as amended, 24 CFR 135.20(b): Equal Employment Opportunities for Business and Lower Income Persons. Equal Employment Opportunity Clause for Contracts Subject to Executive Order 11246, as amended by Executive Order 11375 & 12086. Executive Order 11375: Nondiscrimination in Employment in Federally Assisted Construction Contracts. Title VI of the Civil Rights Act of 1964, Nondiscrimination in Federally Assisted Programs. Architectural Barriers Act of 1970. Section 504 of the Rehabilitation Act of 1973, as amended (29 U.S.C. 793) Section 402 of the Vietnam Era Veterans Readjustment Act of 1974 (38 U.S.C. 2012). Title VII of the Civil Rights Act. Title VIII of the Civil Rights Act of 1968, Fair Housing, as amended. Executive Order 11063 Equal Opportunity in Housing, as amended by Executive Order 12259. Federal Labor Standards Provision 24 CFR Part 570, Sub-Part K. Clean Air Act, as amended, 42 U.S.C. 1857 et. seq. Federal Water Pollution Control Act, as amended 33 (U.S.C. 1241 et. seq.) Executive Order 11288: Prevention, Control and Abatement of Water Pollution. Flood Disaster Protection Act of 1973 (P.L. 93-234, Sec. 102 A). Executive Order 11296: Evaluation of Flood Hazards. Regulation of Environmental Protection Agency, 40 CFR Part 1500. HUD Lead Based Paint Regulations, 24 CFR Part 35, Subpart B (42 U.S.C. 4801 et. seq.) Federal Management Circular N2 A-87 "Cost Principles Applicable to Grants and Contracts with State and Local Governments". Office of Management and Budget Circular N Q A-102 revised, "Uniform Administration Requirements for Grant-in-Aid to State and Local Governments", A-110 and A-122. - 9 - The Preservation of Archeological and Historical Data Act of 1966 (16 U.S.C. 470 et. seq.) Executive Order 11593: Protection and Enhancement of the Cultural Environment. Hatch Act. The Energy Policy and Conservation Act (P.L. 94-163). Executive Order 11988 relating to Flood Hazards. Section 104(d) of the Housing and Community Development Act of 1974, as amended. Relocation Requirements of Title II and the Acquisition Requirements of Title III of the Uniform Relocation Assistance and Real Property Acquisition Policies Act of 1970 and the implementing regulations at 24 CFR Part 42. ADDITIONALLY, THE OWNER AGREES TO COMPLY WITH ALL EXISTING FEDERAL,STATE AND LOCAL LAWS AND ORDINANCES HERETO APPLICABLE, AS AMENDED. - 10 - ATTACHMENT "B" CALCULATION OF THE INTEREST SUBSIDY PAYMENT APPLICATION # 88-018 BUILDING ADDRESS: 635 COLLINS AVENUE BUILDING NAME: METROPOLE APARTMENTS LOAN AMOUNT: $875, 000 LENDER'S RATE: 10. 25% SUBSIDIZED RATE: 4 . 00% DISCOUNTED RATE: 6. 00% MONTH # PMT @ PMT @ DIFFERENCE PRESENT VALUE 10. 25% 4 . 00% OF DIFFERENCE @ 6% 6 44, 843 .75 17, 500. 00 27, 343.75 26, 537 . 60 12 44 , 843 . 75 17 , 500. 00 27, 343. 75 25, 755. 22 13 7, 473 . 96 2, 916. 67 4, 557. 29 4 , 271 . 18 14 7, 473 . 96 2 , 916. 67 4 , 557. 29 4 , 249. 93 15 7, 473 . 96 2, 916. 67 4 , 557.29 4 , 228 .79 16 7, 473 . 96 2 , 916. 67 4 , 557.29 4 , 207 . 75 17 7, 473 . 96 2 , 916. 67 4 , 557. 29 4 , 186. 82 18 7, 473 .96 2 , 916. 67 4 , 557. 29 4 , 165. 99 19 7 , 473 . 96 2 , 916. 67 4 , 557. 29 4 , 145. 26 20 7 , 473 . 96 2 , 916. 67 4 , 557. 29 4 , 124 . 64 21 7 , 473 . 96 2 , 916. 67 4 , 557. 29 4 , 104 . 12 22 7 , 473 .96 2 , 916. 67 4 , 557. 29 4 , 083 . 70 23 7, 473 . 96 2, 916. 67 4 , 557 . 29 4 , 063 . 38 24 7 , 473 .96 2 , 916. 67 4 , 557. 29 4 , 043 . 16 25 7, 473 .96 2, 916. 67 4 , 557. 29 4 , 023 . 05 26 7, 473 . 96 2 ,916. 67 4 , 557. 29 4 , 003 . 03 27 7, 473 . 96 2 , 916. 67 4 , 557 . 29 3 , 983 . 12 28 7 ,473 . 96 2 , 916. 67 4 , 557. 29 3 , 963 . 30 29 7 , 473 . 96 2 , 916. 67 4 , 557. 29 3 ,943 . 58 30 7 ,473 . 96 2 , 916. 67 4 , 557. 29 3 , 923 . 96 31 7, 473 . 96 2 ,916. 67 4 , 557. 29 3 ,904 . 44 32 7, 473 . 96 2, 916. 67 4 , 557. 29 3, 885. 02 33 7, 473 . 96 2, 916. 67 4 , 557. 29 3, 865. 69 34 7, 473 . 96 2 , 916. 67 4 , 557 . 29 3 , 846. 46 35 7, 473 .96 2 , 916. 67 4 , 557. 29 3, 827 . 32 36 7,473 . 96 2 , 916. 67 4 , 557. 29 3,808. 28 37 7, 473 . 96 2, 916. 67 4 , 557. 29 3 , 789 . 33 38 7 , 473 . 96 2, 916. 67 4 , 557 . 29 3 , 770. 48 39 7, 473 . 96 2 , 916. 67 4 , 557 . 29 3 , 751. 72 40 7, 473 . 96 2 , 916. 67 4 , 557.29 3 , 733 . 05 41 7 , 473 . 96 2 , 916. 67 4 , 557. 29 3 , 714 . 48 42 7, 473 . 96 2 , 916. 67 4 , 557 . 29 3, 696. 00 43 7 , 473 . 96 2, 916. 67 4 , 557 . 29 3 , 677 . 61 44 7, 473 .96 2 , 916. 67 4 , 557. 29 3 , 659. 32 45 7, 473 . 96 2 , 916. 67 4 , 557. 29 3 , 641 . 11 46 7, 473 . 96 2 , 916. 67 4 , 557 . 29 3 , 623 . 00 47 7, 473 . 96 2 , 916. 67 4 , 557 . 29 3, 604 . 97 48 7, 473 . 96 2 , 916. 67 4 , 557 . 29 3, 587 . 04 - 11- 49 7, 473 . 96 2, 916. 67 4, 557 . 29 3 , 569 . 19 50 7, 473 . 96 2 , 916. 67 4, 557. 29 3 , 551. 43 51 7, 473 .96 2,916. 67 4 ,557. 29 3 , 533 . 77 52 7, 473 . 96 2, 916. 67 4 , 557 . 29 3, 516. 18 53 7, 473 . 96 2, 916. 67 4, 557.29 3 , 498 . 69 54 7, 473 . 96 2, 916. 67 4 , 557. 29 3 , 481. 28 55 7, 473 . 96 2 , 916. 67 4 , 557 . 29 3 , 463 .96 56 7, 473 .96 2 ,916. 67 4, 557.29 3 , 446. 73 57 7, 473 . 96 2, 916. 67 4, 557. 29 3, 429 . 58 58 7, 473 . 96 2, 916. 67 4, 557. 29 3 , 412 . 52 59 7, 473 . 96 2,916. 67 4, 557 .29 3 , 395. 54 60 7, 473 . 96 2, 916. 67 4 , 557. 29 3, 378 . 65 PRESENT VALUE OF LOST INCOME DISCOUNTED AT AN INTEREST RATE OF 6% OR TOTAL INTEREST SUBSIDY NEEDED: $235,070 - 12 - 31da W 311 VIa N 3 OV Jac/dMU •buTsoTo upoT qe egpa gsa.zaquT egq. uo buTpuadap 'quatuApd ATuquouz ago, pup ApTsgns gseaequT eqq. go squnou P eq . uo suoT4pTnoTpo TpuT; 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io; 'squaut;.zpdp gTun-Tflnuz pippupgsgns go saadoTanap pup s.zeuMo Aqaedoad aoupgsissp TpoTutioaq pup TpToueuT; apTnoad o; peubisap mpaboad uoT;p;TTTgpgad ATTuzpd-TgTnw p sequaado ALTO eqj, anNaAY sNITIoo S9 s`d 'sJNawLUltdY arIOdOuJaw sHs 3O NoISKJ1IrI IaYHau am NI aoNYssIssY aHL uoa ImawaaIDY xalsans ' ao KOlsnoaxa :133i'Sf18 .411 JeBeuew 414/11 sus-,Jed •M qou •W011A C r.!-•!ww03 Alm a }o sieq wa W pue • oe0 xa jv ioAeW :01 6961 ' 9 ' T '„zs_n7,0,-)-3, �31�a t\4 0 'ON WflONV1OIN3W NOISSIWV11OO OLOL-CL9 :3NOHd3l31 1I39VNVW A113 3Aiba 1J31N33 NOI1N3ANO3 OOLi SNi)WYd'M SOW 11YH A113 1:13DVNVW A113 3H1 AO 331140 .s S 11 (JN P'7N1O1.1 tOVA.. 440,0 s. 6 t 1 C C d a i t1o i 1 % ORIGINAL RESOLUTION NO. 89-19666 Authorizing the Mayor to execute a sub- sidy agreement with Metropole Apartments Associates, Ltd. , and joined by Florida National Bank, relating to an interest subsidy in the approximate amount of • $235, 033, subject to final calculations, for the Metropole Apartments located at 635 Collins Avenue, Miami Beach.