HomeMy WebLinkAboutR-93-0480J-93-446
7/22/93
r
93- 480
RESOLUTION NO.
A RESOLUTION AUTHORIZING THE CITY MANAGER TO
ENTER INTO AN AGREEMENT, IN A FORM ACCEPTABLE
TO THE CITY ATTORNEY, WITH MIAMI CAPITAL
DEVELOPMENT, INC. (MCDI) TO PROVIDE
$62,499.99 FOR THE ADMINISTRATIVE OPERATIONS
OF MCDI FOR THE PERIOD OF JULY 1, 1993
THROUGH SEPTEMBER 30, 1993; ALLOCATING FUNDS
THEREFOR FROM THE NINETEENTH (19TH) YEAR
COMMUNITY DEVELOPMENT BLOCK GRANT PROGRAM.
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 $250,000 for its
administrative operation from the Nineteenth (19th) Year
Community Development Block Grant Program; and
WHEREAS, the aforementioned funds will be available for the
period of July 1, 1993 through June 30, 1994;
WHEREAS, the Miami City Commission, at its meeting of
July 22, 1993 authorized the City Mapager to enter into an
agreement with MCDI to fund the administrative operations of MDCI
for the period from July 1, 1993 through September 30, 1993;
NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE CITY
OF MIAMI, FLORIDA:
<CITy C®M1vlM$SION
MEETING OF
J 111, 2 2 1993
Resolution N9•
9
3- 480
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.
Section 2. The City Manager is hereby authorized" to
enter into an agreement, in a form acceptable to the City
Attorney, with MCDI to provide $62,499.99 for the administrative
operations of MCDI for the period from July 1, 1993 through
September 30, 1993, with funds therefor hereby allocated from the
Nineteenth (19th) Year Community Development Block Grant Program.
Section 3. This Resolution shall become effective
immediately upon its adoption.
PASSED AND ADOPTED this 22nd day of July , 1993.
G'_.-4
-
i'1 XAVIER L SUARtZ, MAYOR
ATTEST:
MATTY HZAA
CITY CLERK
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.
93- 480
- 2 -
PREPARED AND APPROVED BY:
CARMEN L. LEON
ASSISTANT CITY ATTORNEY
APPROVED AS TO FORM AND CORRECTNESS:
i
A . Qt� N c? , IT
CITY ATTO
CLL:ra:c :M3686
93- 480
- 3 -
CITY OF MlAlvtl, FLORIC, i 21
" INTER -OFFICE MEMORAtJDUi•A
Tr Honoral,le Mayor and Members DATE- p 61993 FILE
of the Cl+y Commisslon �T6 1
Resolution a u t h o r I z I ng t h e Cl t y
SUBJECT Manager to Execute a Contract
Agreement with Miami Capital
Development, Inc. (MCDI)
Fnom Ce s d i o REFERENCE'. .
Cit er
ENCLO5URl t
RECOMMENDATI ON:
it is respectfully recommended that the C I + y Commission approve
the attached
re sol ut 1 on aut hor 1 z I ng t he
execution of
a n
agreem<pnt, in
a form acceptable to the City
Attorney, between
MI am) Capital
Development, Inc - (MCDI) and the
City of MIaml
for
the purpose of maintaining its Revolving Loan
Fund Program
and
cont ( nuat I on
of it s adm I n( st rat Ive procedures
In accordance
wl t h
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•
T h n proposed agreement wl I i be for the period of twelve (12)
months, commencing on Ju I 1, 1993 and termI net i ng on June 30,
1 994.
Miami Capital Development, Inc - (MCDI) a quasi -public lending
Institution, serves as the CltyIs financial arm to provide
financial business development loan packaging services, and
managerial/technical assistance to its loan reciplent s.
In addition to providing the aforementioned administrative
support to minority entrepreneurs, MCDI also administers a
Revolving Loan Fund Program which is used mainly to fill the gaps
In the existing financial markets for those entrepreneurs who
have had Inadequate access to credit and business opportunities
generally required by private lending Institutions.
The Citywide Revolving Loan Fund wlII be funded at a level of
S500,000, and the administrative fund wi I l be S290,000.
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93- 480