C7O - Assign Home Loan to County for Affordability

A RESOLUTION OF THE MAYOR AND CITY COMMISSION OF THE CITY OF MIAMI BEACH, FLORIDA, APPROVING THE ASSIGNMENT TO, AND ASSUMPTION BY, MIAMI-DADE COUNTY, FLORIDA (COUNTY) OF THE PROMISSORY NOTE, MORTGAGE AND SECURITY AGREEMENT, AND OTHER LOAN DOCUMENTS, DATED JULY 5, 2011, BETWEEN THE CITY (LENDER) AND MBCDC MERIDIAN PLACE, LLC. (BORROWER), AS OWNER OF THE PROPERTY LOCATED AT 530 MERIDIAN AVENUE (PROPERTY) (COLLECTIVELY, THE “TRANSACTION”), ASSOCIATED WITH A HOME INVESTMENT PARTNERSHIP PROGRAM (HOME) LOAN IN THE PRINCIPAL AMOUNT OF TWO MILLION EIGHT HUNDRED SIXTY-FOUR THOUSAND SIX HUNDRED FORTY-TWO AND 00/100 DOLLARS ($2,864,642.00) FROM THE CITY TO BORROWER; SAID TRANSACTION BEING REQUIRED IN CONNECTION WITH THE PURCHASE OF THE PROPERTY BY THE COUNTY, TO ENSURE THAT THE PROPERTY WILL CONTINUE TO BE MAINTAINED AS AN AFFORDABLE HOUSING PROJECT THROUGH THE END OF THE AFFORDABILITY PERIOD, AT LEAST THROUGH SEPTEMBER 25, 2043; FURTHER, AUTHORIZING THE CITY MANAGER TO FINALIZE THE DRAFT ASSIGNMENT AND ASSUMPTION AGREEMENTS; AND FURTHER, AUTHORIZING THE CITY MANAGER AND CITY CLERK TO EXECUTE THE ASSIGNMENT AND ASSUMPTION AGREEMENTS AND OTHER CLOSING DOCUMENTS RELATED TO THE PURCHASE OF THE PROPERTY BY THE COUNTY. JOINT CITY COMMISSION AND REDEVELOPMENT AGENCY