R7D - Approve Miami-dade County Loan Assumption Trans...

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 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; FURTHER, AUTHORIZING THE CITY MANAGER TO FINALIZE THE DRAFT "ASSIGNMENT, ASSUMPTION AND AMENDMENT OF NOTE, MORTGAGE AND OTHER LOAN DOCUMENTS" ("AGREEMENT"); SAID AGREEMENT INCLUDING THE REMOVAL OF THE CITY'S REVERSIONARY RIGHT CONTAINED IN THE MORTGAGE; AND FURTHER, AUTHORIZING THE CITY MANAGER AND CITY CLERK TO EXECUTE THE AGREEMENT AND OTHER CLOSING DOCUMENTS RELATED TO THE PURCHASE OF THE PROPERTY BY THE COUNTY. JOINT CITY COMMISSION AND RDA