HomeMy WebLinkAboutM-98-0478The Honorable Mayor Joe Carollo
Attn: Jose Garcia -Pedrosa
City Manager
Arthu • Teele, Jr.
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Commissioner
May 8, 1998
Economic Incentive
For WTVJ NBC-6
Development
The Community Redevelopment Agency currently has sufficient capacity to obtain $600,000
("Load') from its HUD Section 108 Loan Guarantee, to provide economic incentives for the
development of new facilities for WTVJ NBC-6 ("Station'), planned for Block 55 in Southeast
Overtown. The Loan proceeds may be used to defray the cost of infrastructure improvements in
connection with the development of the new Station.
In light of the financial difficulties the CRA is currently facing, we are proposing that the City
service the annual debt for the said Loan, estimated to be approximately $40,000, plus applicable
interest, by using CDBG funds.
The intended use of the Loan proceeds to cover the cost of infrastructure is deemed to be consistent
with the objectives of the S.E. Overtown/Park West Redevelopment Plan, as well as HUD Section
108 Loan program. Should you decide to entertain the proposed incentive vehicle to assist the new
development, please contact Hilda Tejera at (305) 579-3324.
cc. Honorable Members of the City Commission
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98- 478