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HomeMy WebLinkAboutR-92-0390J-92-393 6/4/92 RESOLUTION NO. 9 2— 390 A RESOLUTION, WITH ATTACHMENT(S), AUTHORIZING THE CITY MANAGER 10 E!"ITER INTO AN AGREEMENT, IN SUBSTANTIALLY THE ATTACHED FORMt WITH MIAMI CAPITAL DEVELOPMENT, INC., (MCDI), TO PROVIDE $875,000 TO MCDI'S EXISTING REVOLVING LOAN FUND PROGRAM (RLF), $125,000 FOR MCDI'S ECONOMIC DEVELOPMENT ADMTNISTRATION (EDA) RECAPITALIZATION MATCHING GRANT, AND $250,000 FOR THE ADMINISTRATIVE OPERATIONS OF MCDI FOR THE PERIOD OF JULY 11 1992 TO JUNE 30, 1993; ALLOCATING FUNDS THEREFOR FROM THE EIGHTEENTH (18TH) 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 March 12, 1992, the City Commission approved Resolution No. 92-190.1, which included recommended allocation to Miami Capital Development, Inc. of $1,000,000 to its existing Revolving Loan Fund, and $250,000 for the administration of Miami Capital Development, Inc. from the Eighteenth (18th) Year Community Development Block Grant Program; and WHEREAS, the aforementioned funds will be available beginning July 1, 1992 through June 30, 1993; ATTACHMENTS) CONTAINED CITY COMMISSION MEETING OF J U N 1 1 1992 Recolution No. 92- 390 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 authorized to enter into an agreement, in substantially the attached form, with Miami Capital Development, Inc. (MCDI) providing $875,000 for MCDI's Revolving Loan Fund Program; $125,000 as MCDI's EDA Recapitalization Matching Grant, and $250,000 for the administrative operations of MCDI, with funds therefor hereby allocated from the Eighteenth (18th) Year Community Development Block Grant Program. Section 3. This Resolution immediately upon its adoption. shall become effective PASSED AND ADOPTED this llth day of June ATTEST NATTY HIRA CITY CLERK , 1992. XAVIER q&. fUAR.EZ, MAYOR -2- 92- 390 r COMMUNITY DEVELOPMENT REVIEW AND APPROVAL: FRANK M�TANEDPI, DIRECTOR DEPART NT OF COMMUNITY DEVELOPMENT BUDGETARY REVIEW AND APPROVAL: jM:AN0 SURANA, DIRECTOR T OF BUDGET FINANCIAL REVIEW AND APPROVAL: CARLO CIA, DIRECTOR DEPAR ENT OF FINANCE PREPARED AND APPROVED BY: ALHERTINE B. SMITH CHIEF ASSISTANT CITY ATTORNEY APPROVED TO FORM AND CORRECTNESS: CITY ATTO 92- 390 CITY OF MIAMI DEPARTMENT OF COMMUNITY DEVELOPMENT AND MIAMI CAPITAL DEVELOPMENT, INC. CONTRACT AGREEMENT FISCAL YEAR 1991 - 1992 = 1: 92- 390 TABLE OF CONTENTS ARTICLE I PAGE BASIC REQUIREMENTS 1 ARTICLE II RECORDS TO BE MAINTAINED 3 ARTICLE III PROCEDURES in 3.2 City AuthoriratiOn In 3.3 Entire Agreement 10 3.4 Obligation of Contractor 11 3.5 Pal ictes and Prncedures Manual 11 3.6 Obligation of City 11 3.7 Contract Modification I 3.8 Bonding and Insurance 12 3.9 Non-Delegability 12 3.10 Board of Directors 13 3.11 Level of Service 13 3.12 Loan Program Specifications 13 - 3.13 Other Program Requirements 14 3.14 Reports Audits and Evaluations 14 ARTICLE IV FUNDING 15 -_ 4.1 Revolving Loan Fund 15 4.2 Administrative Expenses 15 4.3 Covenants and Conditions 15 4.4 Financial Accountability 17 = 4.5 Recapture of Funds 17 - 4.6 Contingency Clause 18 4.7 Separation of Church/State l8 4.8 Environmental Review 18 4.9 Program Income 18 4.10 Reimbursements 19 4.11 Default Provisions 20 ARTICLE V GENERAL REQUIREMENTS 21 5.1 General Opportunity 21 5.2 Conflict of Interest 22 5.3 Indemnification 22 5.4 Level of Service 22 5.5 Disclosure of Funds 23 5.6 Purchasing and Inventory 23 5.7 Final Expenditure Report 24 5.8 Amendments 25 5.9 Ownership of Documents 25 5.10 Award of Agreement 25 5.11 Leveraging 25 5.12 Construction Agreement 25 5.13 Obligation To Renew 26 5.14 Termination of Contract 26 5.15 Reversion of Assets 26 5.16 General Conditions 27 5.17 Independent Contractor 28 5.18 Successors and Assigns 28 ARTICLE VI CONTRACTOR CERTIFICATIONS 28 -=- 92- 390 • I CITY OF MIAMI, FLORIDA �� �••� �' III AMT CAPITAL DEVELOPMENT, INC. THIS AGREEMENT entered into this %-� day of 19 Z, between the City of Miami, a municipal corporation of the State of Florida, (hereinafter referred to as the "CITY"), and Miami Capital Development, Inc., (MCDI) a Florida not for profit corporation, (hereinafter referred to as the "CONTRACTOR"). FUNDING SOURCE: Cummunity Development Block Grant Funds I Seventeenth (17th) Year TERM OF THE AGREEMENT: July 1, 1991 to June 3n, 1992 ADMINISTRATION. $250,000.00 REVOLVING LOAN FUND: $572,130.00 TAX IDENTIFICATION NO: VENDOR NUMBER: EXECUTIVE DIRECTOR: Mr. Tony Crapp, Sr. ADDRESS: 300 Biscayne Boulevard Way. Suite 614, Dupont Plaza Center, Miami, Florida 33131 TELEPHONE NO.: (305) 358-1025 NOW, THEREFORE, in consideration of the mutual covenants and obligations herein set forth, the parties understand and agree am follows: ARTICLE I BASIC REQUIREMENTS As a necessary part of this agreement, the following documents must be approved by the City prior to its execution, and must be on file with the Department of Community Development. V/11.I Corporate Resolution authorizing execution of Chia Agreement. 1.2 Work Program (approved by the CITY). The Work Program submitted by the CONTRACTOR to the CITY will become an attachment to this agreement and shall Include the following: 1. A description of the work to be performed; 2. A schedule for completing the work; and 3. A budget. These items shall be in sufficient detail to provide a sound basis for the CITY to effectively monitor performance by the CONTRACTOR under this agreement. 927 390 P i 1.3 Budget Summary, to include; completion of CONTRACTOR'S Program/Line-item Budget/Expenditure just IfiCat Ion, Tot ai Actual and Projected Funds DiscInsure , and Staff Salaries Schedule (on forms supplied by the CITY); budget for program -generated revenues; copies of all subcontracts and/or management services Agreements funded in whole or in part under this Agreement. V,4 Certificate of Insurance which reflects CONTRACTOR's current liability insurance, naming the CITY as primary or additional insured as determined by the Risk Management Division of the CITY; current Workers' Compensation insurance; current Fidelity Bond (applicable for all persons who are authorized to receive and disburse funds under this Agreement); and other coverage as deemed necessary, if applicable (i.e. automobile insurance). V. 5 CONTRACTOR's Corporate Seal (to be affixed to Signatory �Page, and Corporate Resolution). 6 Copy of CONTRACTOR's Article of Incorporation, Charter and Bylaws. 1.7 List of Present Principal Governing Board Officers and Members of the Board (names, addresses and telephone numbers). J1.8 List of Key Staff Persons, with their titles, who will carry / out this program. �1.9 Completion of Authorized Representative Statement. 1 10 Completion of Statement of Accounting System. V�I A letter from an independent Certified Public Accountant which expresses the opinion that the CONTRACTOR's internal controls are adequate to safeguard the organization's assets. 12 Copy of last Audit Report as performed by an independent C.P.A. "Z13 Corporate Personnel Policies and Procedures. 1.14 Jnb Description and Resumes for all positions funded in whole or in part under this Agreement. - 2 - 92- 390 1.15 Acceptance of Office of Management and Budget (OMB) Circular A-I10, Attachments "A" (Cash Depositaries), "B" (Rondinx and Insuranr.e). " C " (Retention and Custodial Requirements for Records), "F" (Standards for Financial Management Svstems), "11" (Monitoring and Reporting Progress Performance), "N" (Property Management Standardn), and "0" (Prncurement Standards), as modified by 24 CFR Part 570.502(b), "Applicability of Uniform Administrative RequIremenr9," of the Community Development Block Grant (CDBG) Program regulations, Final Rule, and provided as an attachment to this Agreement (Attachment 1). ev T" 1.16 Copy of last' come Tax Return (IRS Form 990). ARTICLE 11 RECORDS TO BE MAINTAINED 1 2.1 CONTRACTOR shall establish and maintain sufficient records to enable the CITY to determine whether the CONTRACTOR has met the requirements of this part. At a minimum, the following records are needed: (a) Records providing a full description of each activity assisted (or being assisted) with CDBG funds, including its location (if the activity has a geographical locus), the amount of CDBG funds budgeted, obligated and expended for the activity, and the provision in 24 CFR Subpart C under the CDBG Program regulations which it is eligible. (b) Records demonstrating that each activity undertaken meets one of the criteria set forth in 24 CFR 570.208 of the CDBG Program regulations. Where information on income by family size is required, the CONTRACTOR may substitute evidence establishing that the person assisted qualified under another program having income qualification criteria at least as restrictive as that used in the definitions of "low and moderate income person" and "low and moderate income household" as set forth by 24 CPR 570.3; or the CONTRACTOR may substitute a copy of a verifiable certification from the assisted - 3 - -- 92 390 -- person that his or her family income does not exceed the applicable income limit established in accordance with 24 CFR 570.3; or the CONTRACTOR may substitute a notice that the assisted person is a referral from a state, to refer individuals it determines to be low and moderate Income persons based on HUD's crIterin and agrees to maintain documentation supporting these determinations. Such records shall include the following information. (I) For each activity determined to benefit low and moderate income persons, the income limits applied and the point in time when the benefit was determined. (2) For each activity determined to benefit low and moderate income persons based on the area served by the activity: (i) The boundaries of the service area: (ii) The income characteristics of families and unrelated individuals in the service area: and (ill) If the percent of low and moderate income persons in the service area is less than 51 percent (51%) (51%), data showing that the area qualifies under the exception criteria set forth at 570.208(a)(I)(ii); (3) For each activity determined to benefit low and moderate income persons based on the creation of jobs, the recipient shall provide the documentation described in either (i) or (11) below. (i) Where the recipient chooses to document that at least 51 percent (51%) of the jobs will be available to low and moderate income persons, documentation for each assisted business shall include: 4 92- 390 i (A) A copy of written agreement containing: CI) A commitment by the business that it will make at least 51 percent (51%) of the jobs available to low and moderate income persons and will provide training for any of those jobs requiring special skills or education; (2) A listing by job title of the permanent jobs to be created indicating which jobs will be available to low and moderate income persons, which jobs require special skills or education, and which jobs are part-time, if any; and (3) A description of actions to he taken by the recipient and business to ensure that low and moderate income persons receive first consideration for those gobs; and (B) A listing by job title of the permanent jobs filled and which jobs of those were available to low and moderate income persons, and a description of how first consideration was given to such persons for those jobs. The description shall include what hiring process was used: which low and moderate income persons were interviewed for a particular job; and which low and moderate income persons were hired. (11) Where the recipient chooses to document that at least Sl percent (51%) of the jobs will be held by low and moderate Income persons, - 5 - 92- - 390 I documentation for each assisted horsiness shall include: (A) A ropy of a written agreement containing: (I) A commitment. by the business that at least 51 percent (51%) of the ,jobs, on a full-time equivalent • basis, will be held by low and moderate income persons: and (2) A listing by job title of the permanent jobs to be created, Identifying which are part-time, if any; (B) A listing by job title of the permanent jobs filled and which jobs were Initially held by low and moderate income persons; and (C) For each such low and moderate income person hired, the size and annual Income of the person"s family prior to the person being hired for the ,job. (4) For each activity determined to benefit low and moderate income persons based on the retention of ,jobs: (i) Evidence that in the absence of CDBG assistance jobs would be lost; (1.0 For each business assisted, a listing by .job title of permanent .jobs retained, indicating which of those jobs are part-time and (where it is known) which are held by low and moderate income persons at the time the CDBG assistance is provided. Where applicable, identification of any of the retained jobs (other than those known to be held by low and moderate income persons) which are projected to become available to low and moderate - 6 - income persons through joh turnover wIthir. two years of the time CDBC assistance is providedinformation upon which the job turnover proiections were based shall also be included in the record; (tit) For each retained job claimed to be held by a low and moderate income person, information on the size and annual income of the person-s family; (iv) For jobs claimed to be available to low and moderate income persons based on j n b turnover, a description covering the items required for "available to" jobs in paragraph (5) of this section; and (v) Where .jobs were claimed to be available to low and moderate income persons through turnover, a listing of each Job which has turned over to date, indicating which of those jobs were either taken by, or available to, low and moderate income persons. For jobs made available, a description of how first consideration was given to such persons for those jobs shall also be Included in the record. (5) For each activity determined to aid in the prevention or elimination of slums or blight based on addressing one or more of the conditions which qualified an area as a slum or blighted area; (i) The boundaries of the area; and (it) A description of the conditions which qualified the area at the time of its designation in sufficient detail to demonstrate how the area met the criteria in 570.208(b)(1). (6) For each activity determined to aid In the prevention or elimination of slums or blight based - 7 - 92- 390 (C) 0 on the elimination of specific conditions of blight or physical decnv net located in a slum or blighted area: (i) A description of the specific conditinn of blight or physical decay treated; and (ii) For rehabilitation carried out under this category, a description of the specific conditions detrimental to public health and safety which were identified and the details and scope of the CDBG assisted rehabilitation by structure. (7) For each activity determined to aid in the prevention or elimination of slums or blight based on addressing slums or blight in an urban renewal area, a copy of the Urban Renewal Plan, as in effect at the time the activity is carried nut, including maps an supporting documentation. (a) Records which demonstrate compliance with 24 CFR 570.505 regarding any change of use of real property acquired or improved with CDBG assistance. (b) Records which demonstrate compliance with the requirements in 570.606 regarding acquisition, displacement, relocation. and replacement housing. Equal Opportunity Records containing: (1) Data indicating the racial/ethnic character of each business entity receiving a contract or subcontract of $25.000 or more paid, or to be paid, with CDBC funds, data indicating which of those entities are women-s business enterprises as defined in Executive Order 12138. the amount of the contract or subcontract, and documentation of recipient's affirmative steps to assure that minority business and women's business enterprises have an equal opportunity to obtain or compete for - 8 - 92- 390 contracts and subcontracts as sources of supplies, equipment, construction and services. Such affirmative steps may include, but are not limited to, technical assistance open to all businesses but designed to enhance opportunities f n r these enterprises and special outreach efforts to Inform them of contract opportunity. Such steps shall not include preferring any business in the award of any contract or subcontract solely or in part on the basis of race or gender. (2) Data on the extent to which each racial and ethnic group and single -headed households and ethnic group and single -headed households (by gender of household head) have applied for, participated in, or benefited from, any program or activity funded in whole or In part with CDAG funds. Such information shall be used only as a basis for further investigation as to compliance is required to attain or maintain any particular statistical measure by race, ethnicity, or gender in covered programs. (3) Documentation of actions undertaken to meet the requirements of 24 CFR 570.607(b) which implements section 3 of the Housing Development Act of 1968, as amended (12 U.S.C. 1701U) relative to the hiring and training of low and moderate income persons and the use of local businesses. (d) Financial records, in accordance with the applicable requirements listed in 24 CFR 570.502. (e) Records required to be maintained in accordance with other applicable laws and regulations set forth in Subpart K of 24 CFR. 2.2 As a necessary part of this Agreement, the CONTRACTOR shall provide the following documents to the Department of Community Development, in accordance with the requirements of the Agreement: - 9 - ---- .. - 9 2- 390 A. Final Expenditure Report to be suhmttted no later than thirty (3O) days after contract expiration. R. Certif.ted Independent Audit to be submitted sixty (60) days after contract expiration. CONTRACTORS receiving monies from the Department of Community Development must allocate in its budget sufficient funds to secure an annual independent audit which must include the expression of an opinion on the Contractor's financial statements, and a compliance letter stating whether the CONTRACTOR is in conformity with federal grant regulations (Office of Management and Budget Circular A -lie Attachment I). Said audit must be submitted no later than sixty (60) days after the expiration of the Miami Capital, Inc. agreement with the Department of Community Development. The City of Miami's Department of Internal Audits and Reviews shall have the authority to review CONTRACTOR's records, including programmatic records and books of account, for a period of up to three (3) years from the termination date of the Agreement. All books of account and supporting documentation should be kept by the Contractor at least three (3) years for audit purposes. ARTICLE III PROCEDURES 3.1 TIME OF PERFORMANCE .ti The term of this Agreement shall be from July 1, 1991, to June 30, 14. 3.2 CITY AUTHORIZATION For the purpose of this Agreement. the City of Miami Department of Community Development (hereinafter the "DEPARTMENT") will act on behalf of the CITY in the fiscal control, programmatic monitoring, and modification of this Agreement, except as otherwise provided by this Agreement. 3.3 ENTIRE AGREEMENT This instrument and its attachments constitute the only Agreement of the parties hereto relating to said grant and 92-, 390 correctly sets forth the rights, duties, and obit gat ions of each to the other as of its date. Any prior agreements. promises, negotiations, or representations not expressly set forth in this Agreement are of no force or effect. 3.4 OBLIGATION OF CONTRACTOR The CONTRACTOR shall carry out the services as prescribed in its Work Program (Attachment II), which is attached and Incorporated herein and made a part of this Agreement, in a lawful, and proper manner, satisfactory to the CITY, in accordance with the written policies, procedures, and requirements as prescribed in this Agreement, as set forth by the U.S. Department of Housing and Urban Development (HUD) and the City of Miami Department of Community Development. 3.5 POLICIES AND PROCEDURES MANUAL. CONTRACTOR is aware and accepts t::e Policies and Procedures Manual for Community Based Organizations as the official document which outlines the fiscal, administrative and Federal guidelines and which shall regulate the day-to-day operations of the CONTRACTOR, which is attached and incorporate herein and made a part of this Agreement. 3.6 OBLIGATION OF CITY To provide an additional $512,.I W In funds for the expansion of a City of Miami Revolving Loan Fund Program subject to the attached work program, further to provide funds not to exceed $250,000 for the CONTRACTOR'S administrative cost. 3.7 CONTRACT MODIFICATION The CITY or CONTRACTOR may, from time to time, request changes in the scope of services to be performed hereunder. Such changes, including an increase or decrease in the amount of CONTRACTOR compensation or in the Work Program, which are mutually agreed upon by and between the CITY and the CONTRACTOR, must be incorporated in written amendments to this Agreement, following approval thereof by the City Manager and City Commission. 92- 390 9 3.8 BONDING AND INSURANCE, - CONTRACTOR shall maintain insurance and bonding coverages acceptable to the CiTY"s Risk Management Division of the Personnel Management Department. Prior to commencing any activity under this Agreement, the CONTRACTOR shall furnish to the CITY original certificates of insurance and bonding Indicating that the CONTRACTOR is in compliance with the provisions of this article. CONTRACTOR shall provide the following coverages: (a) Insurance coverage that reflects sound business practices acceptable to the CITY's Risk Management - Division of the Personnel Management Department. (b) Fidelity bonding for all persons handling funds received or disbursed under this Agreement in an amount equal to or greater than the amount of the City grant. City shall be named as Loss Payee. (c) Current liability insurance shall be in amount of not less than $500,000 General Aggregate which shall include Fire Legal. City shall be named as Primary Additional Insured and there shall be no exclusions in such policies to override the CITY coverage. (d) Contractor shall provide the CITY with proof of Automobile Liability Coverage in an amount of not less than $100,000 Bodily Injury and Property Damage combined. if Contractor is to be reimbursed for mileage by the CITY. (e) The Contractor shall obtain Workers- Compensation and Employers' Liability coverage as per statutory requirement. Compliance with the foregoing requirements shall not relieve the CONTRACTOR of its liability and obligations under this section or under any other section of this Agreement. 3.9 NON-DELEGABILITY It is understood and agreed that the obligations undertaken by the CONTRACTOR pursuant to this Agreement shall not be delegated to any other person or firm unless the CITY shall - 12 - ---- 92- 390 -- I first consent In writing to the performance of such services or any pnrt thereof by another person or firm. 3.10 BOARD OF DIRECTORS The CONTRACTOR's Board of Directors, in accordance with Its reviser) Articles of Incorporation, shall contain a majority membership who represents the civic and business sectors of Metro -Miami private sector. In accordance with the Bylaws of the CONTRACTOR, the Board of Directors and Executive Committee shall ear.h meet on a half yearly and quarterly basis respectfully or when needed, to set policy and renew the implementation of policy. 3.11 LEVEL OF SERVICE Should start-up time for a program be required or any delays In service occur, the Department of Community Development is to be notified in writing, immediately, giving all pertinent details and indicating when service shall begin and/or continue. It is understood and agreed that the level of services, activities, and expenditures by the CONTRACTOR, in existence prior to the initiation of services hereunder, shall be continued and shall not be reduced in any way as a result of this Agreement. Programs funded through this Agreement shall not result in the displacement of employed workers, impair existing contracts for services, or result in the substitution of funds allocated under this Agreement for other funds in connection with work which would have been performed in the absence of this Agreement. 3.12 LOAN PROGRAM SPECIFICATIONS In Administering the Loan Program that is a part of the CONTRACTOR's Work Program Specifications, the CONTRACTOR agrees to the following covenants and conditions; 1. To disburse loan funds within thirty (30) days after or as expeditiously as possible after the Loan Committee has approved a loan. 2. To establish and implement a Work -Out Program to formulate policy pertaining to past due loans. This policy would encompass the establishment of collection, - 13 - 92- 390 114 extension, and for ecIocure procedures f n r defautted loans. 3.13 OTHER PROGRAM P.EQUTREMENTS (a) CONTRACTOR shall comply with its obligations ns described in its Management By Objectives (MBOO (Attachment TV) which is attached and Incorpnrated herein and made a part of this Agreement. (h) CONTRACTOR shall carry out its Wnrk Program In compliance with a I I Federal laws and regulations described in Subpart K of the CDBG Program regulation ( 2 4 C F R 5 7 0.6 0 0- 61 2) ,( (c) CONTRACTOR shall not assume the CITY's environmental responsibilities described at 24 CFR 570.604 of the CDBG Program regulations, and the CITY's responsibility for initiating the review process under Executive Order 12372 3.14 REPORTS. AUDITS AND EVALUATIONS The CONTRACTOR shall comply with the Federal Directive required by the U.S. Department of Housing and Urban Development (USHUD) to document that program activities are provided for the benefit of low to moderate income persons. In accordance with the Code of Federal Regulations 24 CFR Part 570.506, records shall be maintained for each activity to determine that services benefit low and moderate income persons. At the request of CITY, CONTRACTOR shall transmit to CITY written statements of CONTRACTOR's official policy on specified issues relating to CONTRACTOR's activities. CITY may carry out monitoring and evaluation activities, including visits and observations by CITY staff; CONTRACTOR shall ensure the cooperation of its employees and Board members in such efforts. Any inconsistent, incomplete, or inadequate information either received by the CITY or obtained through monitoring and evaluation by the CITY, shall constitute good cause for the CITY to terminate this Agreement at any time thereafter. - 14 - 1 92- 390 ARTICLE. IV FUNDING 4.1 REVOLVING LOAN FUND: The total aggregate funding for the City of Miami Revolving Loan Fund Program shall not exceed the maximum sum of — $5,835,975. This sum includes $Sy2,130 1n new funds allocated under this contract. The CONTRACTOR further • agrees that it shall not expend these funds as administrative expenses. 4.2 ADMINISTRATIVE EXPENSE: The total compensation for this contract shall not exceed_ $250,000 for CONTRACTOR's 1991-1942 budget. Funds not used for administration during the contract will revert back to CITY. 4.3 COVENANTS AND CONDITIONS Funds paid under this Agreement are paid to the CONTRACTOR for the purposes set forth in this Agreement and shall be used solely therefore. The followi nit covenants and conditions apply thereto: A. Revolving Loan Fund 1. Whenever money drawdown and intended to be loaned to disbursed pursuant to a loan/grant program approved under this Agreement is not so loaned or disbursed, it must be returned to the CITY within seventy-two (72) hours. 2. When loans are repaid by the borrower, funds may be used solely for new loan agreements unless approved for other purposes by the Departments of Community Development. 3. The principal loan repayment amount received from the aggregate $t,835,975 RLF Program. and any and all other loan fund monies provided or issued to MCDI by the CITY, whether currently in possession of the CONTRACTOR or to be provided in the future by the CITY, should be used only for new RLF Loans. Any intereat received from the -�-. 92- 390 - 1 J aforementioned amounts, shall be used by the CONTRACTOR to cover administrative cost only. 4. Upon termination and/or final disposition of assets, interest on loans made by the CONTRACTOR and accruing to the CONTRACTOR shall be deemed to be part of the funds allocated to the CONTRACTOR by the CITY and shall belong to the CITY. S. The CONTRACTOR shall request loans funds after it has P. scheduled date for loan closing and within seven (7) working days prior to the date of closing. B. ADMINISTRATIVE EXPENSES 1. CITY shalt have the right to review and audit the time records and related records of CONTRACTOR pertaining to any payments by CITY. 2. All payments shall be reimbursements for expenditures incurred only during, the term of this Agreement, and in compliance with the previously approved Line -item Budget. Such written request shall contain a statement declaring and affirming that all expenditures were made in accordance with the approved budget. All documentation in support of such request shall be subject to approval by CITY at the time the request is made and all invoices are required to be paid by CONTRACTOR prior to submission. All reimbursements must be 1n line -item form and be in accord with this Agreement. All expenditures must be verified by original invoice with a copy of the check which was used to pay that specific invoice. Within 60 days of submitting reimbursement request,, copies of the cancelled checks shall be submitted. In the event that an invoice is paid by various funding sources, a copy of the invoice may be submitted but must indicate the exact amount paid by various funding sources equaling, the total of - 16 - 92- 390 the invoice. No miscellanenus categortes shall he accepted as a line item in the budget. Request for line -item changes are allowable, with prior review and approval by the CITY. All line -item changes must be made prior to the end of the term of the Agreement. 3. Requests for payment should be made at least on n monthly basis. Reimbursement requests should be submitted to the CITY within thirty (30) calendar days after the indebtednens has been incurred. Failure to comply may result in the rejection for repayment of Chose invoices within the reimbursement package which do not meet this requirement. 4. CONTRACTOR must submit the final request for payment to the CITY within 30 calendar days following the expiration date or termination date of this Agreement. If the CONTRACTOR fails to comply, all rights to payment are forfeited and the CITY shall not honor any request submitted after the aforesaid agreed upon period. 4.4 FINANCIAL ACCOUNTABILITY CITY reserves the right to audit the records of CONTRACTOR at any time during the performance of this Agreement and for a period of three years after final payment is made under this Agreement. CONTRACTOR agrees to provide all financial and other applicable records and documentation of services to CITY. Any payment made shall be subject to reduction for amounts included in the related invoice which are found by CITY, on the basis of such audit, not to constitute allowable expenditures. Any payments made to CONTRACTOR are subject to reduction for overpayments on previously submitted invoices. 4.5 RECAPTURE OF FUNDS CITY shall reserve the right to recapture funds when the CONTRACTOR shall fail (i) to comply with the terms of this - 17 - 92— 390 a Agreement or (I I) to accept conditions Impnsed by CITY at the direction of the federal, state and local agencieq. 4.6 CONTINGENCY CLAUSE. Funding for this Agreement is contingent on the availability of funds and continued authorization for program activities and is subject to amendment or termination due to lack of funds or authorization, reduction of funds, and/or change in regulations. 4.7 SEPARATION OF CHURCH/STATE In accordance with First Amendment Church/State principles, CDBG assistance may not be used for religious activities or provided to primarily religious entities for any activities, including similar activities, as directed by 24 CFR 570.200(j). CONTRACTOR shall comply with this provision when entering into subcontracts. 4.8 ENVIRONMENTAL REVIEW CONTRACTOR, shall not assume the CITY's environmental responsibilities described at 24 CFR 570.604 of the CDBG Program regulations. and the CITY's responsibility for initiating the review process under Executive Order 12372 (Attachment I). 4.9 PROGRAM INCOME Program income means gross income received by the CONTRACTOR which has been directly generated via the use of CDBG funds. When such income is generated by an activity that is only partially assisted with CDBG Funds, the income shall be prorated to reflect the percentage of CDBG funds used. Program income generated by CDBG funded activitien shall be retained by CONTRACTOR and shall be used to only undertake those activities specifically approved by the CITY on the Work Program. The CONTRACTOR shall utilize all interest payments received on its City's loan for administrative cost prior to requesting reimbursement from the Department of Community Development. All monies received on the principal amount of the loan shall be deposited into the CONTRACTORS revolving - 18 - 92- 390 loan fund account and used for anv approved loans prior to requesting a draw from the Department of Community Development. All provisions of this Agreement shall apply to such activities. Any program Income on hand when the Agreement expires or received after such expiration shall he paid to the CITY, as required by 24 CFR 510.503(b)(8) of the CDBG Program regulation. CONTRACTOR shall submit a Program Income Report on a monthly basis along with the required monthly Work Program Status Report. The Program Income Report will identify CDBG activities in which income was derived and how income has been utilized (See attachment). 4.10 REIMBURSEMENT 1. Request for payment shall be made on a monthly basis. Reimbursement request for expenditures incurred during the term of this Agreement shall not be honored unless received by the CITY within thirty (30) days following the invoice date. In addition. the CITY shall make reimbursement to the CONTRACTOR within ten (10) working days after receipt of reimbursement package. 2. The CONTRACTOR agrees to submit to the CITY reports as may be required by the U.S. Department of Housing and Urban Development (USHUD) and/or the Secretary of Labor and/or Department of Community Development, along with reports to the CITY on the Work Program and reports comparing loans approved, closed and disbursed. The reports that the CONTRACTOR will transmit to the CITY, in writing, shall include a Monthly Loan Portfolio Status Report, Monthly Past Due Loan Report, as well as, Cash Position. Bank Reconcilement and Grantee Performance Report. Summary of Income, which is due within thirty (30) days following the appropriate period. The CONTRACTOR further agrees to develop and transmit to the CITY comprehensive manuals outlining all of the CONTRACTOR"s operating procedures, unless previously submitted. — 19 — 92-- 390 The CONTRACTOR also agrees to prepare, retain and permit the CITY, in con i+inction with Federal and State nfIIcIaIs, to inspect as it deems necessary for grant purposes, records that may be relevant to Federal and State grants or directives (i.e., EDA. RLF, HUD RLF, and CD RLF). At the request of the CITY, CONTRACTOR will transmit to the CITY written statements of CONTRACTOR's official policy on specified Issues relating to CONTRACTOR's activities. The CONTRACTOR further agrees that the CITY may carry out quarterly programmatic and fiscal monitoring activities by the CITY staff and will effectively ensure the cooperation of the CONTRACTOR's employees and board members in such efforts. All reports and evaluation either submitted to the CITY, or acquired through ongoing monitoring and evaluation will be thoroughly reviewed by the CITY. Any material discrepancies, incomplete or inadequate information either received on a monthly basis or through monitoring and evaluation, will give the CITY just the legal cause to terminate this Agreement at any time thereafter, as hereinafter provided in Section 7.6. 4.11 DEFAULT PROVISIONS 1. Funds may be withheld by the CITY for any of the following reasons: a) if the CONTRACTOR makes any substantial misrepresentation of any material fact in any of Its periodic reports. b) If there is litigation pending with respect to the performance of the CONTRACTOR which adversely affects the operation of the CONTRACTOR. c) If the CONTRACTOR is in substantial breach of any of the provisions of its Agreement with the CITY. d) If reports as required by the CITY have not been submitted within the time required or reasonable cause shown for such delay. - 20 - iil 92-- 390 e) Failure, for any reasnn, of the CONTRACTOR to fulfill in a timely and proper manner Its obligations under this Agreement, Including substantial compliance with the approved Work z Program and attached conditions, the budget and such directives such as may become generally applicable at any time; submission by the CONTRACTOR to the CITY, of reports that are substantially incorrect in any material; and ineffective or improper use of funds provided - under this Agreement. I 2. Upon dissolution of the CONTRACTOR, termination of this Agreement by either party, or its Inability to 1 materially comply with the approved work program, all e of its rights, title and interest in said monies and all assets of the CONTRACTOR related to the $i.,835,975 -_ IRLF program, and any and all other monies provided or r - issued to CONTRACTOR by the CITY, whether currently in possession of the CONTRACTOR or to be provided in the =--z� future by the CITY, shall immediately accrue to the -- I City of Miami and shall be transferred within five (5) =� days by the CONTRACTOR to the City of Miami. This ;f would include unused or unencumbered funds deposited jwith any lending institution, which shall also be i returned to the City. GENERAL REQUIREMENTS 5.1 EQUAL OPPORTUNITY - 9 The CONTRACTOR agrees that there will be no discrimination ` against any employee or person served on account or race, color, sex, religious creed, ancestry, physical handicap or - national origin in its performance of this Agreement; and it - is expressly understood that upon the receipt of evidence of l such discrimination, the CITY shall have the right to v - i terminate this Agreement. - i - 21 - - s 92— 390 5.2 CONFLICT OF INTEREST No official Or empinyee of the CONTRACTOR may he admitted directly or indirectly to any share or part of this contract e or to any benefits to art se from the same, nor own or — acquire any persanaI interest in any property, contract or proposed contract which would conflict with or relate to the — performance, their duties or responsibilities under this — contract. If any such person presently or in the future I r acquires, owns or controls any such share, benefit, or a personal interest, he shall Immediately disclose such -- Interest to the CITY and other appropriate agencies. Upon such disclosure, such person shall not continue his participation unless it is deternined by the CITY that his participation is not contrary to public interest. The e f i CONTRACTOR will comply with all Federal, State and local conflict of interest laws and requirements. i 5.3 INDEMNIFICATION -s CONTRACTOR, shall pay on behalf, and save the CITY harmless e from and against any and all claims, liabilities, losses, and causes of action which may arise out of.CONTRACTOR's =` activities under this Agreement, including all other acts or omissions to act on the part of the CONTRACTOR, including �t any or any of them, including any person acting for or on its behalf; from and against any relevant orders, judgements or decrees which may be entered against all costs attorney's a; fees, expenses, and liabilities incurred by the CITY in the defense of any such claims or in the investigation thereof. — i 5.4 LEVEL OF SERVICE It is expected that funds are provided to insure quality service to City residents. Should start-up time for a - ; = 1 program be required or any delays in service occur, the - Department of Community Development is to be notified in - writing immediately giving all pertinent details and - i indicating when service will begin and/or continue. - 22 - --�.- 9 2- 390 'J It is understood and agreed that the level of services, activities and expenditures by the CONTRACTOR, in existence prior to the initiation of services hereunder, shall be continued and not be reduced in any was as a result of this Agreement except for reductions unrelated to the provision or purposes herein stated. It is further understood and agreed that the program funded through this Agreement will not result in the displacement of employed workers, impair existing contracts for services, or result in the substitution of funds allocated under this Agreement for other funds in connection with work which would have been performed even in the absence of this Agreement. 5.5 DISCLOSURE OF FUNDS The CONTRACTOR shall disclose all sources (Public and Private) and amounts of funds reflecting the total budget whether they be real or in -kind at the commencement of the contract period, as well as any changes in the amount of funds through program income or other sources received during the terms of agreement, within thirty (30) days of such changes. Examples of in -kind funds to include free rent, labor, office equipment, etc. 5.6 PURCHASING AND INVENTORY The CONTRACTOR agrees to use its best efforts to obtain all supplies and equipment for use under this Agreement at the lowest practicable cost and must obtain three (3) bids for the purchase of capital equipment to accompany all requests and, agrees to pursue the procurement of sources available to 1t to the extent applicable to all Federal, State and local laws. All non -expendable property acquired for the program with City funds will revert to the CITY at the end of the CITY's funding of the program, non -expendable property being properties which will not be consumed or lose identity. The CONTRACTOR shall establish and maintain a property control system and shall be responsible for maintaining a current inventory on all capital items purchased with CITY funds. It should be clearly understood - 23 - 92- 390 ■! 01 that all Capital Expenditures over Five Hundred Dollars (S500) must be approved by the CITY prior to purchase. It should also be noted that all items purchased remain the property of the CITY and should be inventoried as such. This will include tasting on a property record by description, model serial number, date of acquisition and cost. Such property shall be inventoried annually and nn inventory report submitted to the CITY. The CONTRACTOR shall permit designated CITY staff access to the premises where property is kept for the purpose of performing, inventory monitoring functions on an annual basis. The CONTRACTOR shall not dispose of real or personal property purchased with CITY funds through sale. use, loan or relocation without the written permission of the CITY. The CONTRACTOR shall be subject to and comply with the City's current Minority Procurement Program. The CONTRACTOR, in the procurement of supplies. equipment, construction or service to implement this project, shall make a positive effort to utilize small business and minority owned business sources of supplies and services, and provide these sources the maximum feasible opportunity to compete for contracts to be performed pursuant to this Agreement. To the maximum extent feasible, these small business and minority owned business sources shall be located in or owned by residents of the Community Development Target Area(s) designated by the City of Miami in the Community Development Grant application approved by the U.S. Department of Housing and Urban Development. 5.7 FINAL EXPENDITURE REPORT A final budget report shall be submitted to the CITY within sixty (60) days after the expiration of the contract period. This report should reflect actual expenditures, by line - items, versus proposed expenditures submitted at the beginning of the Contract year. All persons employed and paid pursuant to this Agreement should be listed by name, - 24 - 92 390 title. Social Security numher , date hired or terminated, ethnic background, and total salary reflecting both City and other funding sources. 5.8 AMENDMENTS The CITY and the CONTRACTOR mav, at their discretion, amend this Agreement, to conform with any contingencies which may require such amendment. Amendments, if required, sha11 be Incorporated, in writing, to this Agreement upon approval and concurrence of the CITY and the CONTRACTOR. 5.9 OWNERSHIP OF DOCUMENTS All documents developed by CONTRACTOR under this Agreement shall be delivered to CITY by said CONTRACTOR upon completion of the services required pursuant to this Agreement and shall become the property of CITY, without restriction or limitation on Its use. CONTRACTOR agrees that all documents maintained and generated pursuant to this contractual relationship between CITY and CONTRACTOR shall be subject to all provisions of the Public Records Law, Chapter 119, Florida Statutes (Attachment I). It is further understood by and between the parties that any document which is given by CITY to CONTRACTOR pursuant to this Agreement shall at all time remain the property of CITY and shall not be used by CONTRACTOR for any other purposes whatsoever without the written consent to CITY. 5.10 AWARD OF ACREEHENT CONTRACTOR warrants that it has not employed or retained any person employed by the CITY to solicit or secure this Agreement and that it has not offered to pay, paid, or agreed to pay any person employed by the CITY and fee, commission percentage, brokerage fee. or gift of any kind contingent upon or resulting from the award of tit la Agreement (Attachment I). 5.11 LEVERAGING The CONTRACTOR agrees to seek additional supportive funding from other sources. This will allow, to the greatest extent possible, the leveraging of Community Development Block - 25 - 92- 390 Grant funds. Proposals to other agencies will he made in writing and a copy of such provided to the Department of Community Development. 5.12 CONSTRUCTION OF AGREEMENT — This Agreement shall be construed and enforced according to the laws of the State of Florida. 5.13 OBLIGATION TO RENEW • Upon expiration of the term of this Agreement, CONTRACTOR agrees and understands that CITY has no obligation to renew this Agreement. 5.14 TERMINATION OF CONTRACT CITY retains the right to terminate this Agreement at any time prior to the completion of the services required pursuant to this Agreement without penalty to CITY. in that event, notice of termination of this Agreement shalt be in writing to CONTRACTOR, who shall be paid for those services performed prior to the date of its receipt to the notice of termination. In no case, however, shall CITY pay CONTRACTOR an amount in excess of the total sum provided by this Agreement. — It is hereby understood by and between CITY and CONTRACTOR that any payment made in accordance with this Section to CONTRACTOR shall be made only if said CONTRACTOR is not in default under the terms of this Agreement. If CONTRACTOR is in default. then CITY shall in no way be obligated and shall not pay to CONTRACTOR any sum whatsoever. It is also understood that in accordance with 24 CFR 85.43- 44 of the CDBG rules and regulations, suspension or termination may occur if CONTRACTOR fails to comply with any term of this Agreement, or if the CITY deems it convenient to terminate it. 5.15 REVERSION OF ASSETS Upon expiration of this Agreement, the CONTRACTOR shall transfer to the CITY any CDBG funds on hand at the time of expiration any accounts receivable attributable to the use of CDBG funds. .� Any real estate property that was acgofred or improved by CONTRACTOR in whole or in part with CDRG fends In excess of $25,000 shill be either! A. Used to meet one of the three (3) CDBG National Objectives set forth by 24 CFR 570.208 of the CDBG Program regulations, until five (5) years after expiration of this Agreement, or such longer period of time as determined appropriate by the City: or B. Disposed of in a manner resulting in the CITY being reimbursed in the amount of the current fat market value of the property less any portion thereof attributable to expenditures of non-CDRG funds for acquisition of, or Improvements to, the property. 5.16 GENERAL CONDITIONS A. All notices or other communications which shall or may be given pursuant to this Agreement shall be in writing and shall be delivered by personal service, or by registered mat addressed to the other party at the address indicated herein or as the same may be changed from time to time. Such notice shall be .deemed given on the day on which personally served; or, if by mail, on the fifth day after being posted or the date of actual receipt, whichever is earlier. CITY OF MIAMI CONTRACTOR Miami Capital Development, Inc. 3500 Pan American Drive 300 Biscayne Boulevard Way Miami, Florida 33133 Suite 614. Dupont Plaza Center Miami, Florida 33131 B. Title and paragraph headings are for convenient reference and are not a part of this Agreement. C. in the event of conflict between the terms of this Agreement and any terms or conditions contained in any attached documents, the terms in this Agreement shall control. D. No waiver or breach of any provision of this Agreement shall constitute a waiver of any subsequent breach of the same or any other provision hereof, and no waiver shall be effective unless made in writing. - 21 - 92- 390 E. Should any provisions, paragraphs, sentences, Words or phrases contained in this Agreement be determined by a court of competent jurisdiction to be invalid, illegal or otherwise unenforceable under the laws of the State of Florida or the City of Miami, such provisions, paragraphs, sentences, words or phrases shall be deemed modified to the extent necessary in order to conform with such laws, or if not modifiable to conform with such laws, then same shall be deemed severable, and in either event, the remaining terms and provisions of this Agreement shall remain unmodified and in full force and effect. 5.17 INDEPENDENT CONTRACTOR CONTRACTOR and its employees and agents shall be deemed to be independent contractors and not agents or employees of the CITY, and shall not attain any rights or benefits under the Civil Service or Pension Ordinances of the CITY or any rights generally afforded classified or unclassified employees; further, they shall not be deemed entitled to the Florida Worker's Compensation benefits and an employee of the CITY. 5.18 SUCCESSORS AND ASSIGNS This Agreement shall be binding upon the parties herein, their heirs, executors, legal representatives, successors, and assigns. ARTICLE VI CONTRACTOR CERTIFICATIONS CONTRACTOR certifies that: It possesses the legal authority to enter into this Agreement by way of a resolution, motion, or similar action that has been duly adopted or passed as an official act of the CONTRACTOR's governing body, authorizing the execution of the Agreement, including all understandings and assurances contained herein, and directing and authorizing the person identified as the official representative of the CONTRACTOR to act in connection with the Agreement and to provide such additional information as may be required. — 28 92---390 CORPORATE RESOLUTION WHEREAS, MIAMI CAPITAL DEVELOPMENT, INC. desires to enter into an agreement with the City of Miami for the fiscal period beginning July 1, 1991 and ending June 30, 1992; and WHEREAS, the Executive Committee of the Board of Directors at a duly held corporate meeting has considered the matter in accordance with the By -Laws of the corporation; NOW, THEREFORE, BE IT RESOLVED BY THE EXECUTIVE COMMITTEES OF THE BOARD OF DIRECTORS that the president and secretary are hereby authorized and instructed to enter into a contract in the name and on behalf of this corporation with the City of Miami upon the terms contained in the proposed contract to which this resolution is attached. DATED this 31st day of July 0 19 91 SECRETARY cum �-- BOARD OF DIRECTORS CHAIRPERSON 92- 390 IN WITNESS WHEREOF, the parties hereto have caused this instrument to be executed by the respective officials thereunto duly authorized on the first date above written. CITY OF MIAMI, a municipal Corporation of the State of Florida ATTES AT TY A[ CESAR ti. ODIO CITY CLERK CITY MANAGER ATTEST: CONTRACTOR: ADDRESS CITY STATE ZIP �� ,, . , .c `►•- �` `''�—�C-cam--e �`=-�'QJ'� _ C RPORATE SECRETARY PRESIDENT WITNESS: SEAL APPROVED AS TO INSURANCE REQUTREMENTS: SEGUN PERE INS ANCE DINATOR APPROVED AS TO FORM AND CORRECTNESS: 0 - 1 e i (-L- G�CITY ATTOR V — 29 — 92- 390 ■ J-91-447 5%24/91 _ , RESOLUTION 110. �) 12 V A RESOLUTION AUTHORIZING THE CITY MAIJAGER TO ENTER INTO A CONTRACT, IN A FORM ACCEPTABLE TO THE CITY ATTORNEY, WITH MIAMI CAPITAL DEVELOPMENT INC. (MCDI) • WHICH PROVIDES $572,130 TO THE EXISTING REVOLVI14G LOAN FUND; AND PROVIDING $250,000 FOR THE ADMINISTRATIVE OPERATIONS OF MIAMI CAPITAL DEVELOPMENT, INC. FOR THE PERIOD FRO14 JULY 1, 1991 TO JUNE 30, 1992, FROM THE SEVENTEENTH (17TH) YEAR COMMUNITY DEVELOPMENT BLOCK GRANT. WHEREAS, the City Commission is committed to economic development and the expansion of trade and commerce; and WHEREAS, on May 9, 1991, the City Commission approved Resolution No. 91-365 which includes an allocation to Miami Capital Development, Inc. in the amount of $572,130 to its existing revolving loan fund and an allocation in the amount of $250,000 for the administration of Miami Capital Development, Inc. from the Seventeenth (17th) Year Community Development Block Grant; and WHEREAS, the aforementioned funds will be available beginning July 1, 1991 through June 30, 1992; 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 authorized to enter into a contract T/in a form acceptable to the City Attorney, with Miami Capital Development, Inc. (MCDI) which provides $572,130 to the existing revolving loan fund and providing an allocation in the amount of $250,000 for the administrative operations of Miami Capital Development, Inc. for the period from July 1, 1991 to June 30, 1992. 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. CITY COMMISSION . MEETING OF JUN 20 1991 91.- ereaaioa so...�... 92- '390 Section 3. The City Manager is hereby authorized to disburse $250,000 to Miami Capital Development, Inc. from the Seventeenth (17th) Year Community Development Block Grant Program for administration as set Forth -in the herein authorized agreement. Section 4. The City Manager is hereby authorized to disburse $572,130 from the Seventeenth (17th) Year Community Development Block Grant Fund for Miami Capital Development, Inc.'s Revolving Loan Fund Program as set fortis in the herein authorized agreement. Section 5. This Resolution shall become effective immediately upon its adoption. PASSED AND ADOPTED this 20th day of ne , 1991. 1 ATTE : XAVIER L. SO REZ, fOR MATTY FIIRAI CITY CLERK COMMUNITY DEVELOPMENT BUDGETARY REVIEW AND APPROVAL: REVIEW AND APPROP�L: FRANK CA AN DA, DIRECTOR MANOH S. SURANA, DIRECTOR DEPT. 0 COMMUNITY DEVELOPMENT DEPAR MENT OF BUDGET FINANCE REVIEW AND APPROVAL: CARLO 'ARCIA, DIRECTOR DEPAR'1'NEIV OF FINANCE PREPAREDD AND APPROVED BY: APPROVED TO FORM PD CORRECTNESS: ALBERTINE B. SMITH JO E L. FER ANDEZ CHIEF ASSISTANT CITY ATTORNEY CI' ATZQRNYY M2240/gjd -2- 51. - 4 2 G 92- '390 RN MANAGEM&T 3-91-447 AUG 5 19915/24/91 _ 5 2 6 RESOLUTION NO. CITY OF MIAr1I 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 $572,130 TO THE EXISTING REVOLVING LOAN FUND; AND PROVIDING $250,000 FOR THE ADMINISTRATIVE OPERATIONS OF MIAMI CAPITAL DEVELOPMENT, INC. FOR THE PERIOD FROM JULY 1, 1991 TO JUNE 30, 1992, FROM THE SEVENTEENTH (17TH) YEAR COMMUNITY DEVELOPMENT BLOCK GRANT. WHEREAS, the City Commission is committed to economic development and the expansion of trade and commerce; and WHEREAS, on May 9, 1991, the City Commission approved Resolution No. 91-365 which includes an allocation to Miami Capital Development, Inc. in the, amount of $572,130 to its existing revolving loan fund and an allocation in the amount of $250,000 for the administration of Miami Capital Development, Inc. from the Seventeenth (17th) Year Community Development Block Grant; and WHEREAS, the aforementioned funds will be available beginning July 1, 1991 through .June 30, 1992; NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE CITY OF MIAMI, FLORIDAt 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 a contracts/in a form acceptable to the City Attorney, with Miami Capital Development, Inc. (MCDI) which provides $572,130 to the existing revolving loan fund and providing an allocation in the amount of $250,000 for the administrative operations of Miami Capital Development, Inc. for the period from July 1,� 1991 to June 30, 1992. t � lit .i • . , 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. DO NOT DETACH THIS DOCUMENT _ PROC. • MGMT. CITY COMMISSION MEEMIG OF JUN 20 1991 91.- 42Z Munma ft - 92- 390 r Section 3. The City Manager is hereby authorized to disburse $250,000 to Miami Capital Development, Inc. from the Seventeenth (17th) Year Community Development Block Grant Program for administration as set forth in the herein authorized agreement. Section 4. The City Manager is hereby authorized to disburse $572,130 from the Seventeenth (17th) Year Community Development Block Grant Fund for Miami Capital Development, Inc.'s Revolving Loan Fund Program as set forth in the herein authorized agreement. Section 5. This Resolution shall become effective immediately upon its adoption. PASSED AND ADOPTED this 20th day of Pwe , 1991. ATTES XAVIER L. U REZ, WOR MATTY HIRAI CITY CLERK • COMMUNITY DEVELOPMENT REVIEW AND APPRO A , FRANK CA AN DA, DIRECTOR DEPT. OF COMMUNITY DEVELOPMENT BUDGETARY REVIEW AND APPROVAL: MANO S. SURANA, DIRECTOR DEPAR ENT OF BUDGET FINANCE REVIEW AND APPROVAL: CARLO 'ARCIA, DIRECTOR DEPAR E OF FINANCE PREPARED AND APPROVED BY: APPROVED TO FORM PD CORRECTNESS: ALBERTINE B. SMITH JO E L. FER ANDEZ CHIEF ASSISTANT CITY ATTORNEY CIIT A ORN M2240/gjd -2- 91.- 426 390 F'� T. O. FLORTV,— INTER-OFFICE MEMORANDUM The Honorable Mayor and DATE `'% Members of the City Commission MF�f L f�'ti7L SUBJECT Resolution authorizing the City Manager to execute a contract agreement with REFERENCES Miami Capital Development, Cesar H. Odio Inc.(MCDI) City Manager ENCLOSURES Commission Agenda Item June 11, 1992 RECOMMENDATION: It is respectfully recommended that the City Commission approve the attached resolution authorizing the execution of an agreement, in substantially the attached form, between Miami Capital Development, Inc., (MCDI) and the City of Miami for the purpose of maintaining its Revolving Loan Fund (RLF), Administrative expenditures, and matching funds for an EDA Revolving Loan Fund Recapitalization Grant. 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, 1992 and terminating on June 30, 1993. 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. Of the $1,000,000 appropriated for MCDI in the 18th Year CDBG Program for its RLF, $125,000 will be allocated specifically as matching funds for the EDA Revolving Loan Fund Recapitalization Grant. This grant will enable MCDI to expand its services in the development of small and/or disadvantaged businesses which are located within the RLF's targeted lending areas. The remaining $875,000 will be for the continuation of the existing RLF. In addition, a total of $250,000 will be allocated to cover 7 expenditures for MCDI during the next fiscal year. t Attachment: (1) Proposed Resolution 92- 390 r