HomeMy WebLinkAboutR-90-0902J-90-1030
11/21/90
RESOLUTION NO. y 0` 9 0 2
A RESOLUTION RECOMMENDING THE APPLICATION OF
THE COCONUT GROVE LOCAL DEVELOPMENT
CORPORATION TO THE STATE OF FLORIDA FOR
APPROVAL OF A COMMUNITY CONTRIBUTION TAX
CREDIT PROJECT FOR COMMUNITY REVITALIZATION
AND AFFIRMING THAT THE PROJECT IS CONSISTENT
WITH LOCAL PLANS.
WHEREAS, the Coconut Grove Local Development Corporation is
applying to the State of Florida, Department of Community
Affairs, for approval of a Community Contribution Tax Credit
Project in the City of Miami; and
WHEREAS, the City Commission of the City of Miami hereby
affirms that it recommends the approval of said application; and
WHEREAS, the City Commission hereby affirms that the project
is consistent with local plans;
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 Commission hereby recommends the
approval of the application of Coconut Grove Local Development
Corporation to the State of Florida for approval of a Community
Contribution Tax Credit Project for community revitalization.
Section 3. The City Commission further affirms that the
project is consistent with local plans for the area.
Section 4. This Resolution shall become effective
immediately upon its adoption.
CITY CombusSI01i
bummG OF
NOV 8 IM
lawmako— 902 1
1z
2
PASSED AND ADOPTED this 8th day of Xuvembe
ATTE :
a
NATTY HIRAI
City Clerk
PREPARED kND APPROVED BY:
RAFAEL i0 . DIAZ
Chief Assistant City At orney
APPROVED AS TO FORM AND
CORRECTNESS:
J0 4GE L. FERNPPDEZ
City Attorney/
ROD/pb/M1913
XAVIER L. SU
, 1990.
Z , MA)FUR
90-- 902
_2_
Grove Meft
42
L
�•'.�1'�"� if'tliOA
14930 OCT 2G
FM 2:
3582 Grand Avenue, P.O. Box 75, Coconut Grove, Ft 33133.
(305) 446-3095/6
0
o
s
c-1
October 24, 1990
N
'�
Mr. Caesar Odio, City Manager,
City of Miami,
=:.
M
3500 Pan American Drive,
Miami, Florida 33133
Dear Mr. Odio:
This letter is to request an appearance before the City Commission at the
meeting of November 8, 1990, to ask for a Resolution from the City Govern-
ment, required by the State of Florida, Department of Community Affairs,
in our application for a Community Contribution Tax Credit Project, for
community revitalization.
Under the Community Contribution Tax Incentive Program, CGLDC is requesting
approval of a project to solicit contributions from private sector financing
and other institutions, to address the decline of the Coconut Grove Target
Area. Our objective is to raise funds for the direct purchase of five com-
mercial buildings on Grand Avenue and Douglas Road. These buildings include
the former Credit Union Building and other buildings, which are currently
boarded up and are not contributing businesses and jobs to the community's
economic base.
We intend to solicit banks and other organizations to raise at least
$400,000, to acquire and begin to rehabilitate all these structures. The
Community Contributions Tax Credit Program, will allow the donor to apply
for a fifty percent Tax Credit against the Florida Corporate Income Tax,
Franchise Taxes or Insurance Premium Taxes, and in order to become a sponsor,
we are required to secure a City Commission Resolution stating that the
project is consistent with local plans and regulations.
Attached for your review is a brochure from the Florida Department of
Community Affairs, which describes the program.
Thank you for your co-operation and assistance, in this matter. We look
forward to meeting with you and the Commissioner on November 8, 1990.
Yours sincerely,
e
David J. A ander,
Executive Director
c.c. Mr. Aurelio Perez-Lugones
A Non -Profit Corporation for Economic Development
90- 902
lob
1%
The Community Contri-
bution Tax Credit is easy for
a business to receive. Corpo-
rations located anywhere in
Florida that make donations
to approved community
development projects may
receive a tax credit equal to
50 percent of the value of the
donation. Businesses may
take the credit on Florida cor-
porate income tax, franchise
tax, or insurance premium
tax.
Before making donation,
please be sure it will qualify.
THE
COMMUNITY
CONTRIBUTION
TAX INCENTIVE
PROGRAM
A list of eligible orgmiiza-
tions is available from the
Department of Community
Affairs. To receive approval,
a business donating to an eli-
gible project need only file a
simple form with the Depart-
ment of Community Affairs.
In order to claim the tax
credit, simply attach proof of
the approved donation when
you file your state tax re-
tirrn. More details on the ap-
proval process are contained
on page 3.
Non-profit organizations
-and units of state and local
government may apply to
become eligible sponsors and
solicit donations under the
prograin. Other eligibility
requirementsare outlined on
page 2.
3
90— 902
E
0
To QL .al 11 N .\5 \ SN)\',011,
YOLR 01?(,-\\17 \TIO\ IS
RLQL IRI 1) TO MI I 'f THI
Fott.o%\ 1 \(. 0\m t R I \:
■ Be a non-profit corporation or
a unit of state or local government.
■ Have a project to construct,
improve, or substantially rehabili-
tate housing, commercial, indus-
trial, or public facilities, or to pro-
mote entrepreneurial or job devel-
opment opportunities.
■ Be willing to receive contribu-
tions from eligible corporate do-
nors.
■ Be located in one of the follow-
ing areas:
! A slum and blighted area, as de-
fined in Section 163.355, Florida
Statutes
• A Neighborhood Housing Serv-
ices Area
• An Historic Preservation District
• An Enterprise Zone
• A Communitv Development
Block Grant (CDBG) target area
• A Conservation Community
(among the 20 percent most dis-
tressed in the state). The Depart-
ment of Community Affairs has a
list of qualifying areas.
• A Housing Authority site
How To BECOME
A COMMUNITY
CONTRIBUTION
TAX INCENTIVE
SPONSOR
• An Urban Development Action
Grant (UDAG) "packet of pov-
erty" area
• A Housing; and Urban Develop-
ment (HUD) "area of chronic eco-
nomic distress"
To BLCONtt. A SPONSOR, YOL R
ORGANIZATION SL BMITS A
PROPOSAL TO THt_ DLI'ART-
MLNTOl COMMUNIT) AFFAIRS
CONTAINING THL FOLLOWING
INFORMATION:
■ A copy of your organization's
by-laws, articles of incorporation,
charter, or other documentation of
non-profit status.
■ A project narrative describing
the eligible activity and listing the
t\'pes of contributions to besought
and their intended use.
■ Documentation of the eligihil-
ity of the area. This can be a map
showing the eligible area and an
approval letter documenting the
area as eligible.
■ A resolution from the local
government stating that the proi-
ect is consistent with local plans
and regulations.
Once your project has received
written approval from the Depart-
ment of Community Affairs, you
may begin accepting eligible con-
tributions. Project approval e\-
piresJune 30ofeach near. Aspon-
sor must be recertified for each
subsequent year of eligibility.
90- 902
v
1Z
WHO IS ELIGIBLE?
Anv corporation paying Flor-
ida corporate income tax, franchise
tax or insurance premium tax is
able to receive a tax credit equal to
50 percent of the value of dona-
tions to approved community de-
velopment projects. Corporations
must earn more than $3,000 to take
advantage of the credit.
WHAT IS AN ELIGIBLE
CONTRIBUTION?
Cash, property, and goods
donated to approved sponsors are
eligible for the credit. Dues and
services are not eligible donations.
A list of all approved sponsors is
available from the Department of
Communitv Affairs.
An organization must be ap-
proved as a Communitv Contribu-
tion Tax Incentive Sponsor before it
receives a donation.
How MUCH CREDIT CAN I
RECEIVE?
Businesses are eligible to re-
ceive credits of up to $200,000 each
fiscal vear. Unused credits may be
carried over for up to 5 years.
There are 3 million dollars in
state tax credits available each fis-
cal vear. i
10.
HOW TO BECOME
A COMMUNITY
CONTRIBUTION
TAX INCENTIVE
DONOR
TO CLAM A 50 PERCENT TAX
CREDIT YOUR BUSINESS
NEEDS TO DO THE
FOLLOWING:
1. Contact the Department of
Communitv Affairs to ensure that
the contribution qualifies for a tax
credit.
2. Send a completed Business
Application to the Department of
Communitv Affairs, accompanied
by all of the information outlined
below:
■ A copy of the contribution
check, invoice, or deed and ap-
praisal
N\ i
■ A copy of the sponsor's ap-
proval or recertification letter for
the vear in which the contribution
was made
■ Proof that the donation was re-
ceived by the sponsor, which can
be one of the following things:
• A copy of the cancelled check
• A receipt
• A letter from the sponsor stat-
ing that the contribution was
received
• A notation in Section 1, Item7
of the business application,
next to the amount of the con-
tribution, which indicates
that the sponsoring organiza-
tion's officer has entered:
"received"
the date
His or her initials
• A copy of the itemized in-
voice for ne%%, goods
• A copy of the real estate deed
and an appraisal for property
3. Include the approved business
application and the letter approv-
ing your donation when you file
vour state tax return.
�a.ra
\R r\tf\•si..r.-'c►as. �i:•+���,�iis:i+�is*��iii�•
aliee...••a•.war ••.a
t
90- 902
STATE OF FLORIDA
DEPARTMENT OF COMMUNITY AFr-AIRS
APPLICATION FOR A COMMUNITY CONTRIBUTION TAX CREDIT
Under the provisions of Section 220,183 and Section (1) A copy of the check, itemized invoice, or deed.
624.5105. F.S., application for tax credit is hereby made. (2) Proof that the donation was received (See
The following information is given in support of this Instructions, Item 7).
application. Please attach the following to this application: (3) A copy of the Department's sponsor approval letter.
1. APPLICANT'S NAME
2. FEDERAL EMPLOYER I.D. NUMBER
3. ADDRESS
4. PHONE NUMBER
5. SPONSOR'S NAME AND APPROVAL NUMBER
6. PURPOSE OF THE CONTRIBUTION
7. TYPE AND VALUE OF THE CONTRIBUTION:
TYPE OF CONTRIBUTION
Check
Real Estate
�j Equipment and/or Supplies
Other
8. Business Tax Year: From
(Name)
SECTION 1
'19
SECTION 11
ACTUAL OR APPRAISED VALUE
m
(Title)
W
(Name of firm)
hereby certify that this application has been examined by me and, to the best of my knowledge and belief, the information is
true, correct and complete.
Date of certification
Signature
SECTION III
(Name of Officer) (Title)
oil
m
(Name of sponsoring agency)
hereby agree to accept the terms and conditions as set forth in this application and in Section 220.183 and Section 624.5105,
F.S. I hereby express my acceptance of the contribution in the name of the above -referenced sponsoring agency.
Date of Certification Signature
Application Number
A tax credit in the amount of $ —
FOR DEPARTMENT USE ONLY
Project Approval Number
___------------._--- - _ is hereby approved.
Approving Authority
r�
90-- 9042
IQ
ro
INSTRUCTIONS
WHO MUST FILE: In order to obtain a tax credit authorized under Section 220.183 or Section 624.5105, F.S.,
business firms must submit this application for approval.
WHEN TO FILE: This application may be filed at any time. However, contributions made prior to the approval of
the project will not qualify for the tax credit per Rule 913-17.007, Florida Administrative Code. Please note that tax
credits are granted on a first come, first served, basis until the maximum amount of credits allowable per state
fiscal year has been exhausted.
SIGNATURE AND MAILING: This application must be signed by an authorized official of the firm making the
donation. Also attach the following: a copy of the check, itemized invoice, or deed; proof that the donation was
received (see Item 7 below); and a copy of the Department's sponsor approval letter. Submit the original copy to
the Department of Community Affairs, Division of Housing and Community Development, 2740 Centerview Drive,
Tallahassee, Florida 32399-2100.
CLAIMING TAX CREDIT: You will receive a signed copy of this form upon approval of a donation. Attach the
form and the Department letter approving the donation when filing your tax return to the Florida Department of
Revenue.
HOW TO COMPLETE THE BUSINESS APPLICATION FORM:
Section I: Section I is to be completed by the business making the contribution.
Item 1: Indicate the exact name of the business firm.
Item 2: Indicate the firm's Federal Employer Identification Number,
Item 3: Indicate the address where correspondence regarding this application should be directed.
Item 4: Provide the firm's telephone number.
Item 5: Indicate the name of the sponsoring agency and the sponsor's approval number, as
provided on the Department's sponsor approval letter. Attach a copy of the letter.
Item 6: Describe the purpose of the contribution by giving a brief explanation of the way in which
this contribution will assist the sponsor.
Item 7: Indicate the type and value of the contribution and provide proof of the donation by attaching
one of the following.
(a) Cash Contributions: A photocopy of the cancelled check made payable
to the approved project; a receipt signed by the sponsor; a letter signed by the
sponsor acknowledging receipt of the donation; or a notation in Section I, Item
7 of the business application (next to the amount of the contribution) which
indicates that the sponsoring agency's officer has entered "received," the date,
and his or her initials.
(b) Real Estate Contributions: A copy of the deed and an appraiser's report.
(c) Equipment and/or Supplies: Copies of the itemized invoices and receipts.
Valuation of goods or supplies must be calculated in a manner consistent with
U.S. Internal Revenue Service rules. The donor must provide supporting
documentation of the fair market value of the claimed donation.
Item 8: Indicate the business firm's fiscal year for tax purposes for the year in which the donation was
made.
Section II: Section II is to be completed by an authorized official of the business making the donation.
Section III: Section III is to be completed by the sponsoring agency's officer.
SPECIAL INSTRUCTIONS
It is incumbent upon the sponsor to inform any prospective contributor that the contributing business may not
have any financial interest in the sponsor to which the donation is being provided.
If there are any questions by either the sponsor or the contributing business concerning the eligibility, appropriate-
ness, value or timing of the donation, the issue should be raised with the Department of Community Affairs prior to
making the donation. Businesses making non -cash contributions are particularly advised to verify their donations.
90-- 902
Nk
FOR FURTHER INFORMATION, PLEASE CONTACT:
THE DEPARTMENT OF COMMUNITY AFFAIRS
DIVISION OF HOUSING ANDCO1AMUNITY DEVELOPMENT
ECONOMIC ASSISTANCE SECTION
2740 CENTERVIEIV DRIVE
TALLAHASSEE, FLORIDA 32399-2100
(904)488-3581
THIS PUBLICATION WAS PROMULGATED
AT A COST OF S2081.00 OR S.69 PER COPY
TO INFORM THE PUBLIC OF THE
COMMLNITI CONTRIBUTION TAX
INCENTI\ E PROGRAM.
Photo Credits:
Page Two:
Mahaffey Theater
St. Petersburg, Florida
C Steve Hogben
Architectural Photographics
Atlanta, Georgia 30340
Page Three:
Ba_yfront Medical Center
St. Petersburg, Florida
90-- 90,E