98-22688 RESO
RESOLUTION NO. 98-22688
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 THE SUBSIDY AGREEMENT
DATED JULY 25, 1988 AND THE AMENDMENT TO
SUBSIDY AGREEMENT EXECUTED ON MARCH 29, 1995,
BETWEEN THE CITY OF MIAMI BEACH AND HARRIET
FOR, LTD., AND RESOLUTION TRUST CORPORATION, AS
RECEIVER FOR INVESTORS FEDERAL SAVINGS AND
LOAN ASSOCIATION, FOR THE HARRIET COURT ANNEX
APARTMENTS LOCATED AT 1526 PENNSYLVANIA
AVENUE.
WHEREAS, on July 25, 1988, the City entered into a Subsidy Agreement
(Agreement) with Harriet For, Ltd., a Florida Limited Partnership (Owner), and with
Investors Federal Savings and Loan Association (Lender), for the Harriet Court Annex
Apartments located at 1526 Pennsylvania Avenue, Miami Beach (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 a certain number of units at reduced rental
rates for a period of years; and
WHEREAS, Resolution Trust Corporation was subsequently appointed as Receiver
for Lender, and
WHEREAS, Owner and Lender have complied in all material respects with the terms
and conditions of the Agreement, and the Amendment thereto, 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 the Subsidy Agreement, dated July 25, 1988, and the Amendment to
Subsidy Agreement, executed on March 29, 1995, between the City of Miami Beach and
Harriet For, Ltd., and Resolution Trust Corporation, as Receiver for Investors Federal
Savings and Loan Association, for the Harriet Court Annex Apartments Located at 1526
Pennsylvania Avenue, Miami Beach.
APPROVED AND ADOPTED THIS 18th DAY OF MARCH, 1998.
MA ~ISEN KASDIN
ATTEST:
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ROBERT PARCHER, CITY CLERK
f:ICHIRESOIHARCT ANX.RS8
APPROVED AS TO
FORM & lANGUAGE
& FOREXECU'nON
111cW- ~
This instrument prepared by:
Raul Aguila, First Asst. City Atty.
1700 Convention Center Dr.
Miami Beach, FL 33139
RELEASE AND SATISFACTION OF THE SUBSIDY AGREEMENT
The CITY OF MIAMI BEACH releases HARRIET FOR, LTD., a Florida limited partnership, AND
RESOLUTION TRUST CORPORATION, as receiver for INVESTORS FEDERAL SAVINGS AND LOAN
ASSOCIATION, their successors and assigns from any and all obligations under the terms of the certain
agreements captioned: "SUBSIDY AGREEMENT", dated the 25th day of July, 1988, and recorded on
September 7,1988 in the Official Records of Dade County at O.R. 13813, Page 1609, and the unrecorded
"AMENDMENT TO SUBSIDY AGREEMENT" executed on March 29, 1995, which instruments affect the
following described real property:
Lot 4, Block 60, of Lincoln Subdivision, according to the Plat thereof as recorded in Plat Book
9, Page 69, of the Public Records of Dade County, Florida, also described as the "Harriet Court
Annex" Apartments at 1526 Pennsylvania Avenue.
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.
IN WITNESS WHEREOF, this instrument has been executed on this.-:15" day of J}1t11{A 1998.
By:
CIXI BEACH
Neisen . asdln, Mayor
1700 Convention Center Drive
Miami Beach, FL 33139
ATTEST:
~z5kl<r f. r t\A-( Lv-
Robert E. Parcher, City Clerk
APPROVED AS TO
FORM & lANGUAGE
& FOR execunoN
STATE OF FLORIDA )
) SS
COUNTY OF MIAMI-DADE)
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City Attorney
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Date
I hereby certify that on this day before me, an officer duly qualified to take acknowledgements, personally
appeared NEISEN O. KASDIN, 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;?'S- day of f},1o/] C"'-. ,1998,'
/-- Ud JC." /I ?t/1 ~
OTARY PUBLIC, State of Flori
Commission NO
My Commission Expires:
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""~~;';';,,'" . LISA B. MARTINEZ
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CH\RESO\HARCT ANX.RL8
CITY OF MIAMI BEACH
CITY HALL 1700 CONVENTION CENTER DRIVE MIAMI BEACH, FLORIDA 33139
http:\\ci.miami-beach.f1.us
COMMISSION MEMORANDUM NO. J t) 8 --98
TO:
Mayor Neisen O. Kasdin and
Members of the City Co i ion
DATE: March 18,1998
FROM:
Sergio Rodriguez
City Manager
SUBJECT:
A RESOLUT N THE MAYOR AND CITY COMMISSION OF THE CITY
OF MIAMI EACH, FLORIDA, AUTHORIZING THE MAYOR AND CITY
CLERK TO EXECUTE A RELEASE AND SATISFACTION OF THE
SUBSIDY AGREEMENT DATED JULY 25, 1988 AND THE AMENDMENT
TO SUBSIDY AGREEMENT EXECUTED ON MARCH 29,1995, BETWEEN
THE CITY OF MIAMI BEACH AND HARRIET FOR, LTD., AND
RESOLUTION TRUST CORPORATION, AS RECEIVER FOR INVESTORS
FEDERAL SAVINGS AND LOAN ASSOCIATION, FOR THE HARRIET
COURT ANNEX APARTMENTS LOCATED AT 1526 PENNSYLVANIA
AVENUE.
ADMINISTRATION RECOMMENDATION
Approve the Resolution.
BACKGROUND
The Harriet Court Annex Apartments, at 1526 Pennsylvania Avenue, containing 20
apartment units, has successfully participated in the City's Multi-family Housing
Rehabilitation Program. The City executed a Subsidy Agreement with the owner, Harriet
For, Ltd., a Florida limited partnership, on July 25, 1988. Investors Federal Savings and
Loan Association served as the original General Partner; currently, Morada Ventures, Inc.
is the General Partner. Under this Agreement, $120,714 of CDBG funds were provided
for the rehabilitation of the building. The rehabilitation was completed in February 1989.
The owner complied with the requirements of the Multi-family Housing Rehabilitation
Program Guidelines, and made available at least fifty-one percent (51 %) of the apartment
units, or 11 units, for rent at HUD-specified Fair Market Rents for a period of three (3) years
after completion of the rehabilitation, through March 1992.
In 1995, the Subsidy Agreement was amended to allow the balance in the subsidy escrow
account at that time to be applied to debt service in order to permit the existing mortgage
to be refinanced. In exchange for the acceleration of subsidy, the owner agreed to make
available a set number of units at HUD-specified rental rates for an additional twenty-four
(24) months. This obligation was fulfilled by the owner by April 1997.
AGENDA ITEM
DATE
C7E
.~- / E3-~ 8
COMMISSION MEMORANDUM
PAGE 2
ANAL YSIS:
The owner, Harriet For, Ltd., has now fully complied with the requirements of the Subsidy
Agreement and the Amendment, therefore, they are requesting that a Release and
Satisfaction of the Subsidy Agreement be issued by the City. The issuance of such
Releases is standard practice under the Multi-family Housing Rehabilitation Program once
the participant has complied with the requirements of the Program.
A review of City records indicates that there are no City code enforcement liens
outstanding, and no unpaid water bills on the property. Property taxes are reported paid
through 1998.
CONCLUSION:
The Administration recommends that the Mayor and City Commission adopt the attached
Resolution authorizing the Mayor and City Clerk to execute a Release and Satisfaction of
the Subsidy Agreement dated July 25, 1988 and the Amendment to Subsidy Agreement
executed on March 29, 1995, between the City of Miami Beach and Harriet For, Ltd., and
Resolution Trust Corporation, as Receiver for Investors Federal Savings and Loan
Association, for the Harriet Court Annex Apartments located at 1526 Pennsylvania Avenue.
SR/HSM/~~AH
F:IDDHP\$ALLICARLIRESOIHARCT ANX. M98