HomeMy WebLinkAboutR-93-0575RESOLUTION 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. TO PROVIDE $187,500.01 FOR
THE ADMINISTRATIVE OPERATIONS OF MCDI FOR THE
PERIOD OF OCTOBER 1, 1993 THROUGH JUNE 30,
1994, AND TO PROVIDE $500,000 FOR THE
REVOLVING LOAN FUND PROGRAM ADMINISTERED BY
MCDI; ALLOCATING FUNDS THEREFOR FROM THE
NINETEENTH (19TH) YEAR COMMUNITY DEVELOPMENT
BLOCK GRANT PROGRAM FOR SAID PURPOSES.
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 included an allocation to Miami
Capital Development, Inc. (MDCI) of $500,000 to its existing
Revolving Loan Fund (RLF) Program and $250,000 for its
administrative operation from the Nineteenth (19th) Year
Community Development Block Grant Program; and
WHEREAS, on July 22, 1993, the City Commission approved
Resolution No. 93-480, which authorized the City Manager to enter
into an agreement with MCDI to provide $62,499.99 for its
administrative operations for the period of July 1, 1993 through
September 30, 1993; and
WHEREAS, it is now necessary to fund the administrative
operations of MDCI for the period from October 1, 1993 through
CITY cmi-ft%SSION
or
Resolution No.
July 30, 1994, and to provide $500,000 for the RLF Program
administered by MCDI;
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.
Section 2. The City Manager is hereby authorizedI/ to
enter into an agreement, in a form acceptable to the City
Attorney, with Miami Capital Development, Inc. (MCDI) to provide
$157,500.01 for the administrative operations of MCDI for the
period of October 1, 1993 through June 30, 1994, and to provide
$500,000 for the Revolving Loan Fund Program administered by
MCDI, with funds therefor hereby allocated from the Nineteenth
(19th) Year Community Development Block Grant Program for said
purposes.
Section 3. This Resolution shall become effective
immediately upon its adoption.
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.
PASSED AND ADOPTED this 27th
ATTEST
MATTY HIRAI, CITY CLERK
COMMUNITY DEVELO- 161T R ,SEW :
FRANK TAN PA RECTOR
DIRECTOR OF COMUNITY DEVELOPMENT
BUDGETARY REVIEW:
MANOHAR S.
ASSISTANT CT;rA
ANAGER
PREPARED AND APPROVED BY:
CARMEN L. LEON
ASSISTANT CITY ATTORNEY
APPROVED AS TO FORM AND CORRECTNESS:
I
A. QU N JO E, I I I
CITY ATTORNEY/
BSS:M3846
day of September 1993.
r
VIER L. UARE , MAYOR
93- 575
CITY OF MIAMI. r-LORIDA 6
INTER -OFFICE MEMORANDUM
Honorable Mayor and Members
To: of the City Commission
FROM :
Ces dio
Ci t61,019
er
RECOMMENDATION:
DATE SFP 171993 FILE
Re soLution authorizing the
SUBJECT Ci ty Manage r to Execute a
Contract Agreement with Miami
Capital Development, Inc.
REFERENCES (MCI) L )
Commission Agenda Item
ENCLOSURES S e p t e m b e r 7, 1993
It is respectfully recommended that the City Commission approve
the attached resolution authorizing the execution of an
agreement, in a form acceptable to the City Attorney, between
Miami Capital Development, Inc. (MCDI) and the City of Miami for
the purpose of maintaining its Revolving Loan Fund (RLF) and
Administrative/Operational expenditures.
BACKGROUND:
The Department of Community Development (DCD) has analyzed the
need to execute an agreement with Miami Capital Development, Inc.
The proposed agreement will be for the period of twelve (12)
months, commencing on July 1, 1993 and terminating on June 30,
1994.
Miami Capital Development, Inc. (MCDI) a quasi -public lending
institution, serves as the City's financial arm to provide
financial business development loan packaging services and
managerial/technical assistance to its loan recipients.
In addition to providing the aforementioned administrative
support to small and/or disadvantaged 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.
A total of $250,000 is allocated to cover administrative
expenditures and $500,000 for the continuation of its Revolving
Loan Fund Program during the Nineteenth (19th) Year Community
Development Block Grant year. 64
/gJd
93- 0 5