HomeMy WebLinkAboutR-89-0513A
J-89-529
5/15/89
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RESOLUTION NO. �' _0513
A RESOLUTION AUTHORIZING THE CITY MANAGER TO
AMEND THE ECONOMIC DEVELOPMENT AGREEMENT'/
DATED DECEMBER 14, 1988, BETWEEN THE CITY OF
MIAMI AND MIAMI CAPITAL DEVELOPMENT, INC.
(MCDI); FOR THE PURPOSE. OF ALLOCATING
$190,000 FOR ITS ADMINISTRATIVE EXPENSES AND
$1 MILLION DOLLARS FOR ITS REVOLVING LOAN
FUND , FOR THE PERIOD OF JULY 1, 1988 TO JUNE
30, 1990 WITH FUNDS THEREFOR BEING ALLOCATED
FROM THE FIFTEENTH (15TH) YEAR COMMUNITY
DEVELOPMENT BLOCK GRANT FUND.
WHEREAS, the City Commission is committed to economic
development and the expansion of trade and commerce; and
described as follows:
WHEREAS, on May 11, 1989, the City Commission approved
Resolution No. 89--388 which included an allocation to Miami
Capital Development, Inc.; and
WHEREAS, $190,000 was allocated for administrative and
operative expenses; and
WHEREAS, it is in the interest of the City that Miami
Capital Development, Inc.'s Revolving Loan Fund activities should
be continued and expanded for the purpose of economic
development; and
WHEREAS, $1 million was allocated for the purpose of
implementing the Revolving Loan Fund Program;
NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE CITY
OF MIAMI, FLORIDA:
Section I. The City Manager is hereby authorized to amend a
contract'Uated December 14, 1988, in a form acceptable to the
City Attorney, with Miami Capital Development, Inc.
Section 2. The City Manager is hereby authorized to
allocate $190,000 to Miami Capital Development, Inc. from the
Fifteenth (15th) Year Community Development Block Grant Program
for said administrative operations.
1/ The herein authorization is further
subject to compliance with all re—
quirements that may be imposed by
the City Attorney as prescribed by
applicable City Code provisions.
CITY COMMISSION
MEETING OF
JUN 7 1989
RESOLUTION No. i3
Section 3. The City Manager i.s hereby authorized to
allocate $1. million dolI.ars to Miami Capital Development, Inc.
from the Fifteenth (15th) Year Community Development Block Grant
Fund for the purpose of continuing its Revolving Loan Fund
Program.
Section 4. Prior to the City disbursing any funds to Miami
Capital Development, Inc., it shall utilize principal income to
fund approved loans from the Revolving Loan Fund and interest
income shall be used to cover Administrative cost.
Section 5. It is further understood that all the terms and
conditions outlined under the original agreement will remain in
full force without modification except as herein stated.
I�l Section 5. This Resolution shall become effective
immediately upon its adoption pursuant to law.
PASSED AND ADOPTED this 7th day o Ju r
1989.
off.•
XAVIER L. Ze MAYOR
ATTE
t
MATTY HIRAI
CITY CLERK
i COMMUNITY -DEVELOPMENT REVIEW AND APPROVAL:
FRANK/'CA�TANEDA, DIRECTOR
DEPARTMENT OF COMMUNITY DEVELOPMENT
PREPARED AND APPROVED BY:
ROBERT F. CLARK
CHIEF DEPUTY CITY ATTORNEY
APPROVED AS TO FORM AND CORRECTNESS:
i
fi�40EL;j R EZ
CITYAT0RN Y
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CITY OF MIAMI, FLORIDA
INTER -OFFICE MEMORANDUM
Honorable Mayor and Members
To of the City Commission
C,
FROM: Cesar H. Odio
City Manager
RECOMMENDATION .
DATE : M All i 3 � 1989 FILE :
Resolution authorizing the City
SUBJECT Manager to amend the Miami
Capital Development, Inc. (MCDI)
Contract.Agreement
REFERENCES :
ENCLOSURES:
It is respectfully recommended that the City Commission approve
the attached resolution authorizing the City Manager to amend the
current agreement with Miami Capital Development, Inc. (MCDI) as
authorized by Section 2.4 of said agreement. The purpose of this
amendment is to allocate Administrative and Revolving Loan Funds
for the 1989-1990 program year. These funds are appropriated in
the Fifteenth (15th) Year Community Development Block Grant
(CDBG) Program Fund.
BACKGROUND:
The Department of Community Development (DCD) has analyzed the.
need to amend the current economic development agreement with
Miami Capital Development, Inc. in order to 'provide
Administrative and Revolving Loan Funds for the operation of its
functions as the City's quasi -public lending agency to provide
business development and loan packaging services, technical and
managerial assistance and loan funds to small and/or disadvantage
businesses located.in the City of Miami.
During the 1989-1990 program year, $190,000 will be allocated for
Miami Capital Development, Inc.'s administrative expenses.
$1 million dollars will be allocated for the continued
implementation of the agency's Revolving Loan Fund program.
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AMENDMENT NO. 1
MIAMI CAPITAL DEVELOPMENT, INC. (MCDI)
An Amendment to the Agreement dated December 14, 1988,
between the City of Miami, herein after referred to as the "CITY"
and CONTRACTOR (MCDI) hereinafter referred to as the
"CONTRACTOR".
WHEREAS, the City Commission approved Resolution No. 88-641
on July 14, 1988 for provision of economic services and loan
fund activities, and
WHEREAS, Article 2.4 of said Agreement authorizes the
modification of said Agreement in a form mutually agreed upon by
the CITY and the CONTRACTOR; and
WHEREAS, Article 4.2 Item 2 of said Agreement stipulates the
amount of administrative funding allocated to the CONTRACTOR
during the current contract period; and
WHEREAS, Article 2.3 of said Agreement stipulates the amount
of loan funds allocated to the CONTRACTOR during the current
period; and
WHEREAS, Article 6.1 entitled General Assurances and
Certifications is amended to include a tenth item outlining the
CONTRACTOR'S adherence to addition Federal Regulations; and
WHEREAS, Article 4.2 entitled Method of Funding is amended
to add a third clause which defines the expenditure and income
received from payment of loans; and
WHEREAS, Article 7.2 allows the automatic renewal of the
aforementioned dated Agreement; and
WHEREAS, the CONTRACTOR is in good standing with the CITY.
THEREFORE, IN MUTUAL CONSIDERATION OF THE COVENANTS MADE
herein and in the Agreement of which this is an Amendment, the
parties hereto understand and agree as follows:
El
ri
Section 1. That Articles 2.3 and 4.2 Item 2 respectively of.
this Agreement between the parties, above stated, is hereby
_i amended to allow for the following provisions: a) administrative
funds in an amount not to exceed $190,000 be allocated to the
={{ CONTRACTOR for the Fifteenth (15th) Year Community Development
Block Grant year beginning July 1, 1989 through June 30, 1990; b)
$1 million dollars be allocated to the CONTRACTOR for the
continuation of its Revolving Loan Fund program.
Section 2. The CITY and CONTRACTOR mutually agree to the
continuation of said Agreement as outlined in Article 7.2 for a
_j period not longer than June 30, 1990
l
!` Section 3. Article 6.1 is amended to include provision
®'. Number 10 stating the following:
}
It will comply with the requirements and standards of
®' OMB Circular No. A-87, "Principles of Determining Costs
Applicable to Grants and Contracts with State, Local
and Federally recognized Indian Tribal Governments";
®` OMB Circular No. A-128, "Audits of State and Local
1
Governments" (implemented at 24 CFR Part 44); OMB
Circular No. A-122 "Cost Principles for Non -Profit
Organizations, with Sections of 24 CFR Part 85 "Uniform
Administrative Requirements for Grants and Cooperative
i
a?
N Agreements to State and Local Governments, and with
attachments to OMB Circular No. A-110 listed at 24 CFR
i
Part 570.502 "Community Development Block Grant" Final
Rule (Page 3-3 and J-4) Federal Register, September 6,
1988.
Section 4. The CONTRACTOR shall use its principal
rt
f' income for any new loans approved prior to requesting a loan
drawdown from its City allocation. Further, the CONTRACTOR
i
shall use its interest income to cover a percentage of its
administrative expenses during the 1989-1990 fiscal period.
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Section 5. It is further understood that all terms and
conditions outlines under the original Agreement will remain in
full force and effect without modification except as herein
stated.
IN WITNESS WHEREOF, the parties hereto have caused this
instrument to be executed by the respective official thereunto
duly authorized.
WITNESS our hands and seals on this
, 1989.
ATTEST.
MATTY HIRAI
CITY CLERK
ATTEST:
CORPORATE SECRETARY
d ay of
CITY OF MIAMI, a municipal
Corporation of the State
of Florida
BY:
CESAR H. ODIO
CITY MANAGER
CONTRACTOR:
MIAMI CAPITAL DEVELOPMENT, INC.
BY:
PRESIDENT
(CORPORATE SEAL)
APPROVED AS TO FORM AND CORRECTNESS:
JORGE L. FERNANDEZ
CITY ATTORNEY
5/15/89
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