98-22713 RESO
RESOLUTION NO. 98-22713
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 29, 1992, BETWEEN
THE CITY OF MIAMI BEACH AND MORADA VENTURES,
INC., CLOUD NINE HOLDINGS, INC., AND POPULAR BANK
OF FLORIDA, FOR THE KNICKERBOCKERAP ARTMENTS
LOCATED AT 265 COLLINS AVENUE.
WHEREAS, on July 29 1992, the City entered into a Subsidy Agreement (Agreement) with
Morada Ventures, Inc., and with Popular Bank of Florida for the Knickerbocker Apartments located
at 265 Collins 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 Morada agreed to offer a certain number of units at reduced rental rates for a period
of years; and
WHEREAS, Morada has 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, Cloud Nine Holdings, Inc. was subsequently added as a party to the Subsidy
Agreement by means of an amendment to the Subsidy Agreement dated May 24, 1993, and
WHEREAS, the Administration requests that the attached Release and Satisfaction of the
Subsidy Agreement be executed by the Mayor and City Clerk.
NOW, THEREFORE, BE IT RESOL VED 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, dated July 29, 1992, between the City of Miami Beach and
Morada Ventures, Inc., Cloud Nine Holdings, Inc. and Popular Bank of Florida, for the
Knickerbocker Apartments located at 265 Collins A venue, Miami Beach, Florida.
APPROVED AND ADOPTED THIS 15th DAY OF APRIL 1998.
~A1i
MA YOR
ATTEST:
J4 '66- ft1t~_
ROBERT PARCHER, CITY CLERK
f:ICHIRESOIKNICK98. RES
APPROVED AS TO
FORM & LANGUAGE
& FOR EXECUTION
~
ty Attorney
.
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 MORADA VENTURES, INC., CLOUD NINE HOLDINGS, INC., and
POPULAR BANK OF FLORIDA, their successors and assigns from any and all obligations under the terms of the
certain agreement captioned: "SUBSIDY AGREEMENT", dated the 29th day of July, 1992, and recorded on September
14,1992 in the Official Records of Dade County at O.R. 15646, Page 1510, et seq., which instrument affects the
following described real property:
Lot 16, Block 3, of Ocean Beach Subdivision, according to the plat thereof as recorded in Plat Book 2,
Page 38, of the Public Records of Dade County, Florida, also described as the "Knickerbocker
Apartments" at 265 Collins Avenue.
And satisfies any and all obligations under the terms of such instrument and does hereby direct the Clerk of the Circuit
Court, Miami-Dade County, Florida to cancel such instrument of record.
IN WITNESS WHEREOF, this instrument has been executed on thi~ day of fJp( ,I , 1998.
By:
CITY OF ~MJ BEACH
N~;n, Mayo,
I700 Convention Center Drive
Miami ~MavE03AS TO
FORM & LANGUAGE
& FOR EXECUTION
ATTEST:
~6 t faA~
Robert E. Parcher, City Clerk
M1~~ ~
STATE OF FLORIDA )
) SS
COUNTY OF MIAMI-DADE)
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 thisL day of Apt I I , 1998.
~_~'~-,-'''.,."..,.",..''''~--:'''''''.,,-~ ........ ... ...u.
r~;;;,;:7;~,:. .. LISA R. MARTINEZ
!,".~. 'If~ ..'::;, MY COMMiSSION # CC 43941'1
t~:.)t1L..~j EXPiRES: February 16. 1999
1:~~;}~:,~~::~."._[lO~~'~ T~1lJ ~ola,! ~ublicUnderwn_t8rs..
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L~. ;f /11a./f i"~
NO ARY PUBLIC, State of Flori
Commission NO C. C Lf 30 /..1 J ?
My Commission Expires: .;:2/1 (p /1<J'
CH\RESO\KNICK98.RLS
CITY OF MIAMI BEACH
CITY HAU 1700 CONVENTION CENTER DRIVE MIAMI BEACH, FLORIDA 33139
http:\'d.~.t1.ua
COMMISSION MEMORANDUM NO. ~?.. 'l ~ qa
TO:
Mayor Neisen O. Kasdin and
Members ofthe City Commission
Sergio Rodriguez A j t \y'-
City Manager j IffU \
DATE: April 15, 1998
FROM:
SUBJECT:
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 DATED JULY 29, 1992, BETWEEN THE CITY OF
MIAMI BEACH AND MORADA VENTURES, INe., CLOUD NINE
HOLDINGS, INe. AND POPULAR BANK OF FLORIDA FOR THE
KNICKERBOCKER APARTMENTS LOCATED AT 265 COLLINS
A VENUE.
ADMINISTRA TION RECOMMENDATION
Adopt the Resolution.
BACKGROUND
The Knickerbocker Apartments, at 265 Collins Avenue, containing 19 apartment units, is a successful
participant in the City's Multi-family Housing Rehabilitation Program. The City executed a Subsidy
Agreement with the owner, Morada Ventures, Inc., and Popular Bank of Florida on July 29, 1992.
Under this Agreement $238,939 offederal funds were provided for the rehabilitation of the building.
The rehabilitation was completed in November, 1992.
The owner complied with the requirements of the Multi-family Housing Rehabilitation Program
Guidelines, and made available at least seventy percent (70%) ofthe apartment units, or 14 units, for
rent at HUD-specified Fair Market Rents for a period of three (3) years after completion of the
rehabilitation, through December 1995.
In May 1993, the Subsidy Agreement was amended to permit the addition of Cloud Nine Holdings,
Inc. as a co-owner. In July 1993, the term of the Agreement was extended in exchange for
pennitting 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 December 1997.
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AGENDA ITEM C 1 E:.
DATE -4 -l <; -~ 8
COMMISSION MEMORANDUM
PAGE 2
ANALYSIS:
The owners have now fully complied with the requirements of the Subsidy Agreement and the
Amendment, therefore, they are now requesting that a Release and Satisfaction of 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 Subsidy Agreement
dated July 29, 1992 between the City of Miami Beach and Morada Ventures, Inc., Cloud Nine
Holdings, Inc. and Popular Bank of Florida, for the Knickerbocker Apartments located at 265 Collins
Avenue.
SR/HSM/RM/MDC/CAH
T:\AGENDAIAPRI S98\CITYMGRIKNICK98.0K
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