HomeMy WebLinkAboutItem #86 - Discussion Itemf
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CITY OF MIAi I, FLOHII,
INTER -OFFICE MEMORAiJDUFA
t� Honoral+le Mayor and Members DATE 1 61993 FILE
of the City Commission �J
Resolution authorizing the City
SUBJECTResolution
to Execute a Contract
Agreement with MI am Capital
Development, Inc. (MCDI)
FnOM Ce s d 1 O REFERENCE',
C I t er
i ENCLOSURI
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REC OMME:NDAT I ON
It Is respectfully recommended that the City Commission approve
the attached resolution authorizing the execution of an
agreemerTit , in a form acceptable to tine City Attorney, between
Miami CapItaI Development, Inc• (MCDI) and the City of Miami for
the purpose of maintaining Its Revolving Loan Fund Program and
cont I neat I on of its a d m I nI st rat ive procedures In accordance with
the terms and conditions set forth thereln-
BACKGROUND:
The Department of Community Development (DCD) has analyzed the
need to execute an agreement with Miami Capital Development, inc•
The proposed agreement wl I I be for the period of twelve (12)
months, commencing on July i, 1993 and terminating on June 30,
1 994.
M1amI Capital Development, Inc• (MCDI) a quasi -public lending
Institution, serves as the C I t y I s financial arm to provide
financial business development loan packaging services, and
managerial/technical assl stance to Its loan recipients.
In addition to providing the aforementioned administrative
support to minority entrepreneurs, MCDI also administers a
Revolving Loan Fund Program which is used mainly to flII the gaps
1 in the existing financial markets for those entrepreneurs who
j have had Inadequate access to credit and business opportunities
generally required by private lending instItutIons.
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I The CltywIde Revolving Loan Fund wI I I be funded at a Ieye I of
$500,000, and the administrative fund wlII be $250,000.
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�gjd �SeL)SSIf
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J-93-446
6/18/93
RESOLUTION NO.
A RESOLUTION AUTHORIZING THE CITY MANAGER TO
ENTER INTO A CONTRACT, IN A FORM ACCEPTABLE
TO THE CITY ATTORNEY, WITH MIAMI CAPITAL
DEVELOPMENT, INC (MCDI), WHICH PROVIDES
$500,000 TO THE EXISTING REVOLVING LOAN FUND
(RLF) AND $250,000 FOR THE ADMINISTRATIVE
OPERATIONS, FOR THE PERIOD OF JULY 1, 1993,
THROUGH JUNE 30, 1994, FROM THE NINETEENTH
(19TH) YEAR COMMUNITY DEVELOPMENT BLOCK GRANT
FUND.
WHEREAS, the City Commission is committed to economic
development and the expansion of trade and commerce; and
WHEREAS, on April 15, 1993, the City Commission approved
Resolution No. 93-263, which includes an allocation to MCDI of
$500,000 to its existing RLF Program and $250,000 for, its
administrative operation from the Nineteenth (19th) Year
Community Development Block Grant Program; and
WHEREAS, the aforementioned funds will be available for the
period of July 1, 1993 through June 30, 1994;
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
thereto and incorporated herein as if fully set forth in this
Section.
93- 468.1
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Section 2. The City Manager is hereby authorized/ to
enter into a contract, in a form acceptable to the City Attorney,
with MCDI which provides $500,000 for its RLF Program and
$250,000 for its administrative operations for the period of
July 1, 1993, to June 30, 1994.
Section 3. The City Manager is hereby authorized to
allocate $250,000 to MCDI from the Nineteenth (19th) Year
Community Development Block Grant Program for administration.
Section 4. The City Manager is hereby authorized to
allocate $500,000 from the Nineteenth (19th) Year Community
Development Block Grant Fund for MCDI's Revolving Loan Fund
Program.
Section 5. This Resolution shall become effective
immediately upon its adoption.
PASSED AND ADOPTED this day of , 1993.
XAVIER L. SUAREZ, MAYOR
ATTEST:
MATTY HIRAI
CITY CLERK
1� 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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COMMUNITY DEVELOPMENT REVIEW AND APPROVAL
FRANK CASTANEDA, DIRECTOR
DEPARTMENT OF COMMUNITY DEVELOPMENT
BUDGETARY REVIEW AND APPROVAL:
MANORAR S. SURANA, DIRECTOR
DEPARTMENT OF BUDGET
FINANCE REVIEW AND APPROVAL:
CARLOS GARCIA, DIRECTOR
DEPARTMENT OF FINANCE
PREPARED AND APPROVED BY:
CARMEN L. LEON
ASSISTANT CITY ATTORNEY
APPROVED AS TO FORM AND CORRECTNESS:
J, 1. � 11 1 z 15&' 'io" ///
A. QU JON , III
CITY ATTOR14
CLL:ra:M36 6
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93- 468.1