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CITY OF MIAMI, FLORIDA v5 2
INTER -OFFICE MEMORANDUM
TO ; Honorable Mayor and ' DATE: DEC — 6 1999 FILE
Members of the City Commission
SUBJECT:. Miami Capital
Development Corporation
FROM: .�--• REFERENCES
/h44�Varshaw City Commission Meeting
City Manager ENCLOSURES: of December 14, 1999
At the Special City Commission meeting of November 30, 1999, the City Commission
directed the Administration to continue the discussion on Miami Capital Development
Corporation, Inc. (MCDI) to the December 14, 1999 City Commission Meeting.
The Department of Community Development and Office of Internal Audit presented their
respective reviews of this organization at the November 30`h Special Meeting and MCDI
had an opportunity to respond to the City's reviews. At that time, MCDI basically
concurred with the findings included in the City of Miami reports.
The City Commission instructed MCDI to return to the City Commission December 141h
with a restructuring plan for the Agency to address the issues identified in the City's
reviews so that it could make a decision regarding the future funding of the commercial
loan program.
The City Commission further instructed the Administration to prepare the corporate
-structure for an alternate lending institution, including a skeletal set of articles of
incorporation and by-laws. The Law Department is drafting this documentation in
response to the Commission's direction. As a third option, the Department of Community
Development is also researching other qualified organizations that might be interested in
participating through a competitive request for proposals process to administer the City's
commercial loan program. Information regarding the creation of the alternate lending
institution and request for proposals process will be provided at the December 14`h City
Commission meeting.
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