HomeMy WebLinkAboutR-99-0305I
J-99-398
4/27/99
RFRnT.T1TTnN No. 9 9— 305
A RESOLUTION OF THE MIAMI CITY COMMISSION
AUTHORIZING THE CITY MANAGER TO EXECUTE AN
AGREEMENT, IN A FORM ACCEPTABLE TO THE CITY
ATTORNEY, WITH MIAMI CAPITAL DEVELOPMENT,
INC. ("MCDI") FOR THE MANAGEMENT AND
ADMINISTRATION OF A $1,000,000 OVERTOWN
BUSINESS DEVELOPMENT PROGRAM; ALLOCATING
FUNDS THEREFOR FOR SAID PROGRAM FROM THE
ECONOMIC DEVELOPMENT PHYSICAL, IMPROVEMENTS
PROJECT POOL FUND (MINI-UDAG), AND FROM
COMMUNITY DEVELOPMENT BLOCK GRANT FUNDS, AS
APPROPRIATE.
WHEREAS, the Community Redevelopment Agency ("CRA"), at its
meeting on March 8, 1999, approved in concept a Resolution
creating a $1 million Overtown Business Development Program; and
WHEREAS, the City Commission is committed to economic
development and a multi -faceted strategy to stimulate
-redevelopment in the Overtown area; and
WHEREAS, it is in the interest of the City that Miami
Capital Development, Inc.'s revolving loan fund activities should
continue and be expanded for the purpose of economic development;
and
WHEREAS, the monies allocated from Miami Capital
Development, Inc.'s revolving loan fund, together with additional
cry COMMSSION
MEETING OF
APP 2 7 1999
Resolution No.
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funds from the Economic Development%Physical Improvement Project
Pool Fund (Mini-UDAG) and Community Development Block Grant
funds, as appropriate, can be used to create a revolving loan
fund for business development in the Overtown target area; and
WHEREAS, said business development program will be
implemented by Miami Capital Development, Inc., on match basis,
with loan requirements, terms and conditions as prescribed by the
City of Miami and Miami Capital Development, Inc.; and
WHEREAS, pursuant to Resolution No. 98-592, adopted June 9,
1998, the City Commission (1) designated the frontage of
Northwest 3rd Avenue from approximately Northwest 8`h Street to
approximately Northwest 14`h Street, Miami, Florida, as the
Historic Overtown Priority Business Corridor, (2) authorized and
directed the City Manager to create and establish a pilot program
for said Corridor, (3) directed the implementation of an
entrepreneurial job training and development program, (4)
directed development of the appropriate mechanism for selective
acquisition and disposition of properties, and (5) directed the
City Manager to identify funds for said Corridor;
NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE CITY
OF MIAMI, FLORIDA:
Section 1. The recitals and findings contained in the
Preamble to this Resolution are hereby adopted by reference
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thereto and incorporated herein as if fully set forth .n this
Section.
Section 2. The City Manager is hereby authorizedll to
execute an agreement, in a form acceptable to the City Attorney,
with Miami Capital Development, Inc. ("MCDI") for the management
and administration of a $1,000,000 Overtown Business Development
Program ("Program").
Section 3. Funds from the City of Miami's, Economic
Development Physical, Improvements Project Pool Fund (Mini-UDAG),
and from Community Development Block Grant funds are hereby
allocated for said Program, as appropriate.
Section 4. Miami Capital Development, Inc. shall
administer the Overtown Business Development Program, and in
conjunction with the City of Miami, establish the requirements,
terms and conditions of said Program.
Section 5. This Resolution shall become effective
'-� The herein authorization is further subject to compliance with all
requirements that may be imposed by the City Attorney, including but not
limited to those prescribed by applicable City Charter and Code
provisions.
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99- 305
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immediately upon its adoption and signature of the Mayor./
PASSED AND ADOPTED this 27th day of April 1999.
JOE CAROLLO, MAYOR
In accordance with Miami Code Sec. 2-36, since the Mayor did not indicate apprevol of
this legislation by signing it in the designated place provided, said legislation
becomes effective with the elapse of ten (10) days from the date of Commission acti, r.
regarding same, without the Mayor exercising a ve
ATTEST: City Clock
Walter Q. F m b,
WALTER J. FOEMAN
CITY CLERK
APPROVED �TOIORM AN CORRECTNESS:
:MJC:BSS
=� If the Mayor does not sign this Resolution, it shall become effective at
the end of ten calendar days from the date it was passed and adopted.
If the Mayor vetoes this Resolution, it shall become effective
immediately upon override of the veto by the City Commission.
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