HomeMy WebLinkAboutR-92-0169J-92-194
2/24/92
RESOLUTION NO. 9 2 — - D 9
A RESOLUTION AUTHORIZING THE CITY MANAGER TO
SUPPORT MIAMI CAPITAL DEVELOPMENT, INC.'S
PROPOSAL TO THE STATE OF FLORIDA, DEPARTMENT
OF COMMUNITY AFFAIRS WHEREIN MIAMI CAPITAL
DEVELOPMENT, INC. IS SEEKING TO BECOME
CERTIFIED AS A COMMUNITY CONTRIBUTIONS TAX
INCENTIVE SPONSOR THUS ENABLING MIAMI CAPITAL
DEVELOPMENT, INC. TO SOLICIT CORPORATE
DONATIONS TO SUPPORT A MANAGEMENT AND
TECHNICAL ASSISTANCE COORDINATION PROGRAM
TARGETED TO PROMOTE ENTREPRENEURSHIP IN THE
TARGET AREAS OF THE CITY OF MIAMI.
WHEREAS, the City Commission is committed to economic
development and the expansion of trade and commerce; and
WHEREAS, the promotion of economic revitalization in the
neighborhoods of the City of Miami is an important part of the
City's economic development strategy; and
WHEREAS, since its inception in 1980, Miami Capital
Development, Inc. has made over 252 loans totalling approximately
$17.4 million and has been instrumental in attracting matching
funds (public and private) of nearly $13.0 million; and
WHEREAS, Miami Capital Development, Inc. seeks designation
as a Community Contribution Tax Incentive Sponsor; and
WHEREAS, corporate donations will be used to support Miami
Capital Development, Inc.'s Management and Technical Assistance
CITY COP.2NiISSION
P•iEETING OF
MAR 1 2 1992
Resolution No.
92-,
Coordination Program targeted to promote entrepreneurship in the
Community Development Block Grant (CDBG) target areas in the City
of Miami; and
WHEREAS, Miami Capital Development, Inc.'s objectives in the
aforementioned proposal are consistent with the City's local
objectives and regulations;
NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE CITY
OF MIAMI, FLORIDA:
Section I. 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 support
Miami Capital Development, Inc.'s endeavor in seeking designation
by the State of Florida, Department of Community Affairs, as a
Community Contributions Tax Incentive Sponsor.
Section 3. This Resolution shall become effective
immediately upon its adoption.
PASSED AND ADOPTED this 12th day
ATTES
MATT HIRAI
CITY CLERK
2 - 92-- 169
COMMUNITY DEVELOPMENT REVIEW AND APPROVAL:
FRANK C; TAN,,DA, DIRECTOR
DEPARTMENT OF COMMUNITY DEVELOPMENT
PREPARED AND APPROVED BY:
Z�2r�
ALBERTI E SMITH
CHIEF ASSISTANT CITY ATTORNEY
APPROVED AS TO FORM AND CORRECTNESS:
A. QUZWN Jqzmps, III
CITY ATTO
ABS/gfa/M2826
3 - 92- 169
' CITY OF MIAMI. FLORIDA
INTER -OFFICE MEMORANDUM QAw9
TO: Honorable Mayor and Members DATE F`(J, Z i 1g92 FILE
of the City Commission
SUBJECT Miami Capital Development,
Inc. - Community Tax and
Incentive Sponsor
FROM . Ce s a r H. Od i o REFERENCES .
City Manager
ENCLOSURES.
RECOMMENDATION:
It is respectfully recommended that the City Commission adopt the
attached Resolution supporting Miami Capital Development, Inc.'s
(MCDI) proposal to the State of Florida, Department of Community
Affairs to become designated and certified as a Community Tax
Incentive Sponsor.
BACKGROUND:
The Department of Community Development (DCD) has analyzed the
need to approve the attached Resolution supporting Miami Capital
Development Inc.'s (MCDI's) application to the State of Florida
seeking approval to become a Community Tax Incentive Sponsor.
MCDI, a private nonprofit community development corporation, is
the City's quasi -public -lending agency. Since MCDI's inception
in 1980, the organization has been operated as a partnership of
the public and private sectors, governed by a Board of Directors
made up of public officials, bankers, business leaders and
community representatives.
A quasi -public lending institution, MCDI has played a very
prominent and significant role in facilitating the economic
development and revitalization of Greater Miami's neighborhoods.
Since its founding, MCDI has made over 252 loans totalling
approximately $17.4 million and has been instrumental in.
attracting matching funds of nearly $13 million. This economic
investment has impacted the creation of an estimated 2,142 new
jobs and the preservation an estimated 1,326 existing jobs which
are important in the development of this community's depressed
neighborhoods.
/gjd