RDA-1. - Approve County Assumption Affordable Housing Loan

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; FURTHER, AUTHORIZING THE EXECUTIVE DIRECTOR TO FINALIZE THE DRAFT "ASSIGNMENT, ASSUMPTION AND AMENDMENT OF NOTE, MORTGAGE AND OTHER LOAN DOCUMENTS" ("AGREEMENT"); AND FURTHER, AUTHORIZING THE EXECUTIVE DIRECTOR AND SECRETARY TO EXECUTE THE AGREEMENT AND OTHER CLOSING DOCUMENTS RELATED TO THE PURCHASE OF THE PROPERTY BY THE COUNTY. JOINT CITY COMMISSION AND RDA