_Hb1
2
3
g
8
City of South Miami
Special City Commission Minutes
October 21, 2013
A. SILENCE OR TURN OFF ALL CELL PHONES
B. ROLL CALL
9 The following members of the City Commission were present: Mayor Stoddard, Vice
10 Mayor Liebman, Commissioner Harris.
11
12 The following members of the City· Commission were absent: Commissioner
13 Newman, Commissioner Welsh
14
15 Also in attendance were: City Attorney ThomasF. Pepe, Esq., City Manager Steven
16 Alexander, City Clerk Maria M. Menendez, CMe.
18
25
e. MOMENT OF SILENCE
D. PLEDGE OF ALLEGIANCE
I,. RESOLUTION(S)
1. A R¢solutiollapproving the adequate assurances required by Resolution No. 219-13-
14037 which authorizing the South Miami Community Redevelopment Agency
("SMCRA") to convey property owned by the SMCRA to a private developer known as
Strategic Green Mills Investments LLC for a purchase price that is less than the fair
market value of the property in order to develop the Madison Square Property and to
construct mixed-use affordable housing and commercial units on the property. 3/5
(City Attorney)
26 The City Attorney presented the item, explaining that under the attached Exhibit A
27 he has put quite a number of protections for the City, and one of the most important ones is
28 that the lender that is going to be loaning the construction funds is going to be doing its due
29 diligence, and is underwriting to make sure that this project makes sense. Mr. Pepe then
30 referred to additional protections he added to the agreement. In conclusion, he said that he
31 believes that all of that creates the adequate protection and assurances that the City was asking
32 for.
33
CITY COMMISSION MINUTES
October 21, 2013
1
1 Moved by Mayor Stoddard, seconded by Vice Mayor Liebman, the motion to approve as
2 amended Resolution No. 227-13-14045 approving the adequate assurances required by
3 Resolution No. 219-13-14037 which authorizing the South Miami Community Redevelopment
4 Agency ("SMCRA") to convey property owned by the SMCRA to a private developer known as
5 Strategic Green Mills Investments LLC for a purchase price that is less than the fair market value
6 ofthe property in order to develop the Madison Square Property and to construct mixed-use
7 affordable housing and commercial units on the property, passed by a 3 -0 vote:
8
11
12
13
14
15
Yea:
Nay:
H. ADJOURNMENT
Attest
Maria M. Menendez
City Clerk
CITY COMMISSION MINUTES
October 21, 2013
Mayor Stoddard
Vice Mayor Liebrnan
Commissioner Harris
None
2
Approved
Philip K. Stoddard
Mayor