HomeMy WebLinkAboutExhibit ATO: Arthur Noriega V.,
City Manager
-" Erick Gavin, Director
Venture MiamiAll
y
BACKGROUND
CITY OF MIAMI, FLORIDA
INTER -OFFICE MEMORANDUM
oA.-- July 28, 2022 -IL
SUBJECT: Venture Miami Scholarship Fund
REFERENCES:
ENCLOSURES:
The City Commission will review for approval on July 28, 2022, an agreement with The Miami
Foundation, Inc. ("The Foundation"), whereby The Foundation seeks to partner with the City of Miami
("City") and initially with Miami -Dade College, Florida Memorial University, The University of Miami,
and Florida international University ("Colleges and Universities"), to establish a proposed scholarship
fund ("Program"). The purpose of the Program is to afford recent City high school graduates an
opportunity to pursue a science, technology, engineering, or mathematics ("STEM") degree with no
tuition cost if accepted to these Colleges and Universities.
Through this agreement, The Foundation agrees to assume full responsibility for the set-up,
acceptance, and management of the Funds, including any future allocations, and the Program for the
purpose stated herein. It is proposed that the City allocate an initial amount not to exceed Five Hundred
Thousand Dollars ($500,000.00) ("Funds") to the Program. The Colleges and Universities have agreed
to provide various matching contributions that align with enrollment numbers.
As The Foundation has extensive nonprofit experience having invested Four Hundred Eighty -Five
Million Dollars ($485,000,000.00) to strengthen the community with partnerships and contributions for
more than one thousand (1,000) fundholders and thirty-five thousand (35,000) donors, and The
Foundation has a robust scholarship fund portfolio that works to help students gain access to higher
education, it is in the best interest of the City to waive competitive bidding.
Considering the above stated, approval of a waiver of the formal requirements of competitive sealed
bidding methods as not being practicable or advantageous to the City as set forth in the City Code of
Ordinance, as amended, specifically Section 18-85 (A), and the affirmation of these written findings
and the forwarding of the same to the City Commission for ratification by a four- fifths vote is
respectfully requested.
❑ DISAPPROVAL:
City Manager