CARVER HEIGHTS/MONTCLAIR AREA

COMMUNITY REDEVELOPMENT AGENCY

                            

AGENDA MEMORANDUM

 

 

Meeting Date:           August 23, 2010

 

From:                          Jerry Boop, Finance Director, CPA, CGFO

 

Subject:                      Resolution authorizing execution of a First Amendment to the Loan Agreement with Wells Fargo Bank, NA., as successor by merger to Wachovia Bank, NA.

 

 

Staff Recommendation:

Staff recommends approval of the First Amendment to the Loan Agreement with Wells Fargo Bank. 

 

Analysis:

On December 23, 2008 the for the Carver Heights/Montclair Area Community Redevelopment Agency entered into an agreement with Wachovia Bank to fund certain projects of the CRA.  Article I, Definition of Terms, Section 1.01, Definitions provides general descriptions as to the meaning of terms which are embedded throughout the Loan Agreement.  Included in the Definition of Terms on the bottom of page three is the definition of the word “Project” which states, “Project shall have the meaning set forth in the “Whereas” clauses to this Agreement, and more specifically means the acquisition of lands for public purposes, the rehabilitation of certain public facilities, the undergrounding of certain City owned utility lines, improvements to a public park and sidewalk and lighting improvements within the Community Redevelopment Area of the Agency.”  The definition of the term “Project” under Section 1.01 was constricted in its meaning and not broad enough to encompass the uses of the loan proceeds in conformity with the Carver Heights Redevelopment Plan.  This amendment removes those constrictions and broadens the definition to include certain redevelopment projects and programs as described in the Carver Heights Redevelopment Plan by making direct reference to Chapter 163, Part III Florida Statutes.  Specifically, the amendment under Section I states that the term “Project” is amended to mean any “community redevelopment” within the meaning of Chapter 163, Part III Florida Statutes. 

 

Options:

1.  Approve the First Amendment to the Loan Agreement with Wells Fargo Bank; or,

2.  Such alternative action as the Commission may deem appropriate

 





 

 

Fiscal Impact

None.  This amendment removes the constrictions imposed by the definition of terms embedded within the original Loan Agreement and broadens the definition to include certain redevelopment projects and programs as described in the Carver Heights Redevelopment Plan by making direct reference to Chapter 163, Part III Florida Statutes.  Specifically, the amendment under Section I states that the term “Project” is amended to mean any “community redevelopment” within the meaning of Chapter 163, Part III Florida Statutes. 

 

 

Submission Date and Time:    8/19/2010 2:03 PM____

 

Department: __Finance_____________

Prepared by:  __Jerry Boop________                     

Attachments:         Yes____   No ______

Advertised:   ____Not Required ______                     

Dates:   __________________________                     

Attorney Review :       Yes___  No ____

                                                

_________________________________           

Revised 6/10/04

 

Reviewed by: Dept. Head ___JB___

 

Finance  Dept. ____________JB_____                                     

                              

Deputy C.M. ___________________                                                                         

Submitted by:

City Manager ___________________

 

Account No. _________________

 

Project No. ___________________

 

WF No. ______________________

 

Budget  ______________________

 

Available _____________________


 

 

 

 

A RESOLUTION OF THE CARVER HEIGHTS MONTCLAIR COMMUNITY REDEVELOPMENT AGENCY AUTHORIZING THE CHAIRPERSON AND THE SECRETARY TO EXECUTE A FIRST AMENDMENT TO THE LOAN AGREEMENT BETWEEN THE CARVER HEIGHTS/MONTCLAIR AREA COMMUNITY REDEVELOPMENT AGENCY AND WELLS FARGO BANK, N.A., AS SUCCESSOR TO WACHOVIA BANK; AND PROVIDING AN EFFECTIVE DATE.

 

 

            BE IT RESOLVED by the Commission of the Carver Heights/Montclair Area Community Redevelopment Agency;

 

            That the chairperson and the Secretary are authorized and directed to execute a  First amendment to Loan Agreement between the Carver heights/Montclair area Community Redevelopment Agency and Wells Fargo Bank, N.A., as successor to Wachovia Bank.

 

            THIS RESOLUTION shall become effective immediately.

 

                        Passed and adopted at the meeting of the Carver Heights/Montclair Area Community Redevelopment Agency, Leesburg, Florida held on the 23rd day of August, 2010.

 

 

                                                                        CARVER HEIGHTS/MONTCLAIR AREA

                                                                        COMMUNITY REDEVELOPMENT AGENCY

 

 

                                                                        _________________________________________

                                                                                    Chairperson

 

ATTEST:

 

 

___________________________________

Secretary