95-21635 Reso •
RESOLUTION NUMBER 95-21635
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 PENN PLAZA APARTMENTS LOCATED AT 1027
PENNSYLVANIA AVENUE.
WHEREAS, on June 29, 1992, the City of Miami Beach entered into a Subsidy Agreement
(Agreement) with Jade Manor, Ltd., a Florida Limited Partnership (Owner), and with BankAtlantic (Lender),
for the Penn Plaza Apartments, located at 1027 Pennsylvania Avenue (Property); and
WHEREAS, the Agreement provided that the City would deposit certain funds to make available an
interest subsidy to encourage the rehabilitation of the Property, 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, Owner and Lender 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 Subsidy
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 Subsidy Agreement, in satisfaction of all terms and
conditions of the Subsidy Agreement dated June 29, 1992, for the Penn Plaza Apartments located at 1027
Pennsylvania Avenue.
PASSED AND ADOPTED THIS 12th DAY OF J, y , 1995.
.A 4ah ,I /
MAYOR
ATTEST:
ce
CITY CLERK
FORM APPROVED \RESO\PENNPLZA.RES
De t
By s
Date 7-5 /5
CITY OF MIAMI BEACH
CITY HALL 1700 CONVENTION CENTER DRIVE MIAMI BEACH FLORIDA 33139
COMMISSION MEMORANDUM NO.535-1.
TO: Mayor Seymour Gelber and
Members of the City Commission DATE: July 12, 1995
FROM: Jose Garcia-Pedrosa /
City Manager //
SUBJECT: THREE (3) RE .LUTIONS OF THE MAYOR AND CITY COMMISSION
OF THE CITY OF MIAMI BEACH, FLORIDA: EACH AUTHORIZING AND
DIRECTING THE MAYOR AND CITY CLERK TO EXECUTE A RELEASE
AND SATISFACTION OF SUBSIDY AGREEMENT COVERING ONE OF
THE FOLLOWING PROPERTIES:
BROMPTON MANOR APARTMENTS, 1017 JEFFERSON AVENUE,
PENN PLAZA APARTMENTS, 1027 PENNSYLVANIA AVENUE, AND
SHERIDAN APARTMENTS, 737 JEFFERSON AVENUE.
ADMINISTRATION RECOMMENDATION
To adopt the attached revised Resolutions authorizing and directing the Mayor and City Clerk to execute
three (3) Release and Satisfaction of Subsidy Agreement forms, acknowledging the fulfillment of the terms
and conditions of the agreements which relate to each individual property.
BACKGROUND:
On April 20, 1994, the City Commission approved the issuance of three (3) Release and Satisfaction of
Subsidy Agreements under the City's Multi-Family Rehabilitation Program, as follows: Resolution No. 94-
21129, relating to the Brompton Manor Apartments, Resolution No. 94-21130, relating to the Sheridan
Apartments,and Resolution No.94-21131, relating to the Penn Plaza Apartments. Following City Commission
approval, a typographical error was discovered which created a problem in recording these documents into
the public records.
In order to correct an error in the description of the Subsidy Agreements being released, it is necessary to
re-approve the three (3) Release and Satisfaction of Subsidy Agreements, to properly remove the liens
created by the existing Subsidy Agreements from the public records, therefore new Resolutions and the
related Release and Satisfaction of Subsidy Agreement for each are attached for your approval.
CONCLUSION:
It is recommended that the Mayor and City Commission adopt the attached three (3) Resolutions of the
Mayor and City Commission of the City of Miami Beach, Florida: each authorizing and directing the Mayor
and City Clerk to execute a Release and Satisfaction of Subsidy Agreement covering one of the following
properties: Brompton Manor Apartments, 1017 Jefferson Avenue, Penn Plaza Apartments, 1027 Pennsylvania
Avenue, and Sheridan Apartments, 737 Jefferson Avenue.
JG-P/CAH
CAH\\RESO\BROMPTON.MEM
AGENDA ITEM
DATE -I Z"�_�
•
This instrument prepared by:
Raul Aguila, First Asst. City Atty.
1700 Convention Center Dr.
Miami Beach, FL 33139
RELEASE AND SATISFACTION OF SUBSIDY AGREEMENT
The CITY OF MIAMI BEACH releases BANKATLANTIC and JADE MANOR, LTD., their successors and
assigns from any and all obligations under the terms of that certain agreement captioned: "SUBSIDY
AGREEMENT", dated the 29th day of June, 1992, and recorded on July 9, 1992 in the Official Records of
Dade County at O.R. 15581, Page 3545, which instrument affects the following described real property:
Lot 12, Block 36, 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
"Penn Plaza 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.
,I IN WITNESS WHEREOF, this instrument has been executed on 'is day of ,__ , 1995.
111,
CITY OF MIA : ACH
/
BY: I`► i�
Seymour Gelber, Mayor
1700 Convention Center Drive
Miami Beach, FL 33139
ATTEST: $' `�
Tv....A.,..,,A, C_ - &Nri,
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 not take an oath.
Witness my hand and official seal this QV, day o,l. L__ 1995.
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N ARY PUBLIC, State of Florida
Co mission Ns er.._ 4-4 (D '5
My Commission Expires: yC-a?—”'
FORM APPROVED*
Dept
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