RDA-2. - Assign Loan Documents to County Affordable Housing

A RESOLUTION OF THE CHAIRPERSON AND MEMBERS OF THE MIAMI BEACH REDEVELOPMENT AGENCY (RDA), APPROVING THE ASSIGNMENT TO, AND ASSUMPTION BY, MIAMI-DADE COUNTY, FLORIDA (COUNTY) OF THE PROMISSORY NOTE, MORTGAGE AND SECURITY AGREEMENT, RESTRICTIVE COVENANT AND OTHER LOAN DOCUMENTS, DATED FEBRUARY 5, 2007, BETWEEN THE RDA (LENDER) AND MBCDC MERIDIAN PLACE, LLC. (BORROWER), AS OWNER OF THE PROPERTY LOCATED AT 530 MERIDIAN AVENUE (PROPERTY) (COLLECTIVELY, THE “TRANSACTION”), ASSOCIATED WITH A LOAN IN THE PRINCIPAL AMOUNT OF ONE MILLION FIVE HUNDRED THOUSAND AND 00/100 DOLLARS ($1,500,000.00) FROM THE RDA 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 (SEPTEMBER 25, 2043); FURTHER, AUTHORIZING THE EXECUTIVE DIRECTOR TO FINALIZE THE DRAFT ASSIGNMENT AND ASSUMPTION AGREEMENTS; AND FURTHER, AUTHORIZING THE EXECUTIVE DIRECTOR AND SECRETARY 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