Res. No. 150-04-11929RESOLUTION NO..150-04-11929
A RESOLUTION OF THE MAYOR AND CITY COMMISSION
OF THE CITY OF SOUTH MIAMI,FLORIDA RELATING TO
LOAN REPAYMENT;AUTHORIZING THE CITY MANAGER
TO USE AN AMOUNT NOT TO EXCEED $159,500 FROM THE
LOAN PROCEEDS AS NEXT PAYMENT FOR THE $6.5
MILLION PARKING GARAGE LOAN SCHEDULED FOR
NOVEMBER 1,2004;PROVIDING AN EFFECTIVE DATE.
ihWHEREAS,theCity Commission approved ordinance number 4-02-1772 on16
of April 2002forthe City to obtain a$6.5 million dollar -loan to construct a mixed use
parking garage and shopping center inthe downtown business district;and
WHEREAS,theCityusedaportion of theloan proceed to provide aloantoMark
Richman propertieswiththeagreementthatMr.RichmanrepaystheCityonasemi
annualbasis,asperagreed schedule,foraperiod of thirtyyears;and
WHEREAS,in addition tothe payments received fromMr.Richman,the City has
usedatotal of $522,979.87 fromtheloan proceed to make repayment of theloanto
Florida Municipal LoanCouncilthroughApril2004;and
WHEREAS,the next payment scheduled tobe received fromMr.Richman on
October 1,2004 is $60,840.00 which will reduce the amount of the loan proceed needed
to make thenext scheduled payment duein November 2004.
NOW THEREFORE BE IT RESOLVED BY THE MAYOR AND CITY
COMMISSION OF THE CITY OF SOUTH MIAMI,FLORIDA THAT:
Section 1.The City Manager is authorized topayan amount not exceeding
$159,500 fromthe$6.5 million loanproceedtoFlorida Municipal Loan Council asthe
next scheduled payment forthe parking garageloan.
Section 2.This resolution shalltakeeffect immediately upon approval.
PASSED AND ADOPTED this 21stday of September,2004.
ATTEST:APPROVED:^
^-dTY CLERK ^-^y^~MXVo^~(
/[COMMIsVlON^OTE:5-0
Mayor Russell:Yea
READ AND_A£P-RX)VED ASTOFORM:Vice Mayor Palmer:yea
^^^<-y7^^^^-t-ZII Commissioner Wiscombe:Yea
^\~^~^>^£-J>\Commissioner Birts-Cooper:Yea
'H^ITY ^TfORNEY U Commissioner Sherar:Yea