HomeMy WebLinkAboutR-88-0905J-86-936
8/24/88
RESOLUTION NO. F38 %% &S
A RESOLUTION AUTHORIZING THE CITY MANAGER TO
UTILIZE FIVE HUNDRED SIXTY-FIVE THOUSAND
DOLLARS ($565,000) OF THE. MONIES APPROPRIATED
VIA THE, ECONOMIC DEVELOPMENT/PHYSICAL
IMPROVEMENT PROJECT POOL FUND, AND ALLOCATED
FROM THE SECOND ROUND OF THE TWELFTH (12TH)
YEAR COMMUNITY DEVELOPMENT BLOCK GRANT FUND
AND THE FIRST ROUND OF THE THIRTEENTH (13TH)
YEAR FOR THE PURPOSE OF OBLIGATING FOR A SIX
(6) MONTHS PERIOD FUNDING FOR ECONOMIC
DEVELOPMENT PROJECTS IN ACCORDANCE WITH THE
GUIDELINES SET FORTH, WITH THOSE
ORGANIZATIONS NAMED BELOW, WHOSE PROJECT
PROPOSALS WERE SELECTED BY THE ECONOMIC
DEVELOPMENT/PHYSTCAL IMPROVEMENT PROJECT
COMMITTEE, AND SUCCESSFULLY MEET THE SCORING
REQUIREMENTS AND LEVERAGE AMOUNTS.
WHEREAS, the City Commission is committed to economic
development and the expansion of Trade and Commerce; and
WHEREAS, Resolution No-s. 86-296, 86-636 and 87-411
established an Economic Development/Physical Improvement Funding
Pool, with funds allocated from the second round of the Twelfth
(12th) Year Community Development Block Grant and the first round
of the Thirteenth (13th) Year Community Development Block Grant
Fund in the amount of five hundred sixty-five thousand dollars
($565,000); and
WHEREAS, funds awarded during this round was on a
competitive basis in which each project/program was scored and
evaluated on its neighborhood/commercial impact of job creation,
business development and aesthetic enhancement; and
WHEREAS, the City Commissions authorization of the financial
coamitments to each of the projects listed below shall enable
each organization to secure and finalize other financing
commitments, contingent upon the terms specified; and
WHEREAS, the City's commitment shall be for a six (b) •oggh
period; and
L-1
WHEREAS, the City'R financial commitment will he +subject to
contract approval by the Commission prior to clnsing;
NOW. THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE
CITY OF MI AMI , FLORIDA-
Section 1. The City Manager is hereby authorized to
obligate for a six (6) month period funding for economic
development projects, with the following organizations, for the
amount specified for each, for the purpose of implementing it
approved Economic/Physical Improvement projects in accordance
with the conditional requirements and terms set forth with funds
allocated from the Twelfth (12th) Year Community Development
Block Grant:
ORGANIZATION: Tacolcy Economic Development Corporation,
Inc. (TEDC)
TOTAL COST: $1.5 million
TERM: City's allocated amount of one hundred fifty
thousand dollars ($150,000). The ter4s for
said loan will be moratorium of principal and
interest from years one (1) through five (5);
interest for year six (6) through ten (10)
will be at three percent (3%); years eleven
( 11 ) through twenty-five (25) at six percent
(6Z). Said loan will be amortized over
thirty (30) years and all lenders will have a
shared first position.
ORGANIZATION: Allapattah Business Development Authority,
Inc. (ABDA)
TOTAL COST: $584,860
TERM: City of Miami (Loan) - One hundred ninety
thousand dollars ($190,000). This
preliminary commitment will enable ABDA to
secure other public/private funds. At that
time will come back to the Commission for
approval of contract once all funding is
secured.
ORGANIZATION: Latin Quarter Cultural Arts Center
TOT" COST: Approximately $700,000
TERM: City allocated amount of one hundred fifty
thousand dollars ($150.000) is contingent
upon all funding being secured. At which
time will come back to the Commission for
approval of term of City loans. This
commitment is for six (6) months from date of
Commission approval.
A
PASSED AND ADOPTED this 6th day of October , 198
ATTEST:
NATTY HIR
CITY CLERK
AVIER SUA
MAYOR ,
COMMUNITY DEVELOPMENT REVIEW AND APPROVAL:
RANK A ANE A. DIRECTOR
DEPARTMENT OF COMMUNITY DEVELOPMENT
FINANCE REVIEW AND APPROVAL:
(22--
CnOS GARCIA, DIRECTOR
DEP RTMENT OF FINANCE
MANAGEMENT b BUDGET REVIEW AND APPROVAL:
OSOA� ff -
MANOHAR S. SURANA, DIRECTOR
DEPARTMENT OF MANAGEMENT & BUDGET
PREPARED AND APPROVED BY:
64a 1'e
RO ERT F. CLARK
CHIEF DEPUTY CITY ATTORNEY
APPROVED AS TO FORM AND CORRECTNESS:
IN4L,11.,
. ERNA EZ
CITY ATTORNEY
-3-
L7
CITY OF MIAMI. RLORICA
INTER.OfrFICE MEMORANDUM
.o Honorable Mayor and Member,; DATE -n -7 00 FILE
of the City Commission Z.-
' - + 1900
SUNJECT Economic Development/
Physical Improvement
Contract Selections
rRoM Cesar H. Od i o s RfRERENC[S:
r
City Manager
w ENCLOSURES.
RECOMMENDATION!
It is respectfully recommended that the City Commission adopt the
attached resolution obligating for a six-month period funding for
economic development project between the community based
organization identified below and the City of Miami, for the
purpose of implementing the approved project and/or program as
selected by the Economic Development/Physical Improvement (EDPI)
Project committee, in accordance with the terms and conditions
set forth herein.
BACKGROUND:
The Department of Community Development (DCD) has analyzed the
need to obligate funding for economic development proiects for
organizations stated in the attached resolutions, pursuant to
City Commission approval of Resolution No's. 86-296,86-636 and
97--411 which approved the Economic Development/Physical
Improvement Fund, with funds allocated from the second (2nd)
round )f the Twelfth (12th) Year Community Development Block
Grant (CDBG) funds and the first (lst) round of the Thirteenth
(13th) Year fund in an amount totalling five hundred sixty-five
thousand dollars ($565,000).
Proposed projects were solicited from both not -for -profit and/or
for -profit entities and evaluated by the established committee.
Programs And/or projects submitted for funding via said pool were
evaluated and scored on established criteria as set forth in the
Economic Development/Physical Improvement guidelines. A total of
nine (9) projects were submitted totalling one million tour
hundred thirty-four thousand five hundred dollars ($1,434,500)
for this round. The projects proposals submitted, along with a
description of the project and project cost are attached.
( Attachment "A") .
Of the nine (9) proposals submittal the following projects bay*
been selected by the committee and are being recolssso4ed for
funding via Commission approval. They are as follows:
Honorable Mayor and Members
of the City Commission
Page 2
ORGANIZATION:
Tacolcy Economic Development Corporation,
Inc, (TEDC)
PROJECT TITLE/
The Marketplace at Edison/S1.5 million
-TOTAL COST:
PROJECT DESCRIPTION:
This project entails the renovation of
property at the corner of N.W. 1th
Avenue and N.W. 62nd Street into a
retail convenience and shoppers
mall. The total development cost of
said project will total approximately
$1.5 million dollars.
Approximately eighty (80) new permanent
full and tor part-time jobs will be
created. The City is proposing to
allocate one hundred fifty thousand
dollars $1 0,000 to TEDC as a loan in
this project. Commitment is contingent
upon securing all funding. No funds
will be disbursed until all funding is
secured and we will require a joint
closing among all the lenders. These
funds will be available for six (6)
months from date of Commission approval.
Staff will submit the contract for
execution and loan disbursement to the
City Commission for final approval
before closing.
TERM: City of Miami (Loan) - One hundred fifty
thousand dollars ($150.000). The terms
for said loan will be a moratorium of
principal and interest from years one
(1) through five (S); interest for year
six (6) through ten (10) will be at
three percent (3%); years eleven (tl).
through twenty-five (25) at six perco*t 3
(6%). Said loan will be amortised ays
thirty (30) years and all leadors
have a shared first position.
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Honorable Mayor and Members
of the City Commission
Page 3
Local Initiative Support Corporation
(Loan) - One hundred seventy-five
thousand dollars ($175,000) at five
percent (5%) interest amortized over ten
(10) years. In addition, seventy-five
thousand dollar ($75,000) - Grant.
Metropolitan Dade County (Loan) - One
hundred seventy-five thousand dollars
($175,000) at five percent (5%) for
first ten (10) years, ten percent (10%)
for remaining fifteen (15) years. Tn
Addition, one hundred forty thousand
dollars ($140,000) - Grant.
Office of Community Services (Grant) -
Four hundred. thirty-five thousand
dollars ($435,000).
Business Assistance Center - Two hundred
fifty thousand dollars ($250,000) at ten
percent (1n%) for twenty (20) years. In
addition, Business Assistance Center
will make an equity injection of ninety
thousand dollars ($90,000) in the
project as part of its financing.
ORGANIZATION:
411apattah Business Development
Authority, Inc_. (ABDA)
PROJECT TITLE/
Ralpheal's Plaza/$564,960
TOTAL COST:
PROJECT DESCRIPTION:
The construction and development of so
11,400 square foot comstercist
retail/office complex, that will house
nineteen (19) businesses and crest+e
approximately fifty-four (54) new uRw
subsidized ut�i t �RN"�, employment o �
pp0 tt
This project will be a
p � public/R'�Z��i�
mow-,
,
partnership between the local aoABbtp'
based or anization and a
: PrA, t*
developer.
e
a1
X
6:
Honorable Mayor and Members
of the City Commission
Page i
No funds will be disbursed until all
funding is secured and we will require a
joint closing among all the lenders.
These funds will be available for six
(6) months from date of Commission
approval.
TERMS: The proposed terms of financing for the
Ralpheal's Plaza Project is as follows:
City of Miami (Loan) - One hundred
ninety thousand dollars ($190,000).
This preliminary commitment will enable
ABDA to secure other public/private
funds. At that time we will come back
to the Commission for approval of
contract once all funding is secured.
Office of Community Services - Two
hundred thousand dollar ($200,000) -
(Grant). Application is pending; it was
submitted August 29. 1988.
Capital Sank (Loan) - Capital Bank is in
the process of receiving their
application" for two hundred eighteen
thousand dollars ($218,800). These
funds will be used for construction
financing which will be rolled over into
permanent financing.
ORGANIZATION:
Latin Quarter
Cultural Center, Inc.
PROJECT TITLE/
Latin Quarter
Culture Center, Tac./
TOTAL COST:
Approximately
$700,000
PROJECT DESCRIPTION:
This project entails the rehabilitation
of a vacant
and deteriorated buil4log
located at 1508 S.W. gth Street. The
facility will
be used to coordiaatt
national and
international minority
performances,
musical and viouel Kati f.t£
events for
presentation wit% s
multtlinsual performance+.
r
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Honorable Mayor and Members
of the City Commission
Page S
Approximately twenty-four (24) new
permanent employment opportunities will
be created for low/moderate - incnme
persons. The private and foundation
funds will be sought to complete funding
of said project. Because of the
projects cultural nature, it needs
initial financial commitment in order to
obtain additional funding. This project
is in its infancy but when completed it
will have a tremendous impact on the
Latin Quarter. We will come back to the
Commission for approval of contract once
all funding is secured for project.
The City of Miami's -funding commitment will be for The Market
place at Edison, Ralpheal's Plaza and the Latin Quarter Cultural
Center for six (6) months. No funds will be disbursed until the
City Commission approves contract documents and all funding
commitments are issued and a closing of all the tending parties
occur concurrently.
All of the aforementioned projects were determined to be the most
suitable within the respective target areas, met the scoring
requirements, and will have a significant economic impact in
their respective target areas. Each of the above projects will
result in a significant number of jobs being created and the
leverage of additional public/private investment in the City of
4iami neighborhoods.
Attached for your review is a copy of each project proposal
submitted for review by the Economic Development/Physical
Improvement Project Committee.
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PtOPOSED ECONOMIC DEVELOPMENT PHYSICAL IMPtOYEMENT PROJECT
CITY
TOTAL
PROJECT COST
OtGANIZA?IO//PtOJEC? DESCRIPTION
Z�R= AM►MOUNT
[&QUESTED
MATCHING FUNDS
$150,000 (Grant)
$ 550,000 $ 700,000
Latin Quarter Cultural Center, Inc.
Rehabilitation of a vacant and
Little Havana
deteriorated building located at
1508 S.W. 8th Street to coordinate
national and international minority
performing, musical and visual arts
events, for presentation at the
Latin Quarter Cultural Center of
Miami, Inc. A key intent is
multilingual performances.
African American Chamber of
Citywita
$125,000 (Grant)
$ 50,000
(Membership Dues)
Commerce, Inc.
trade between Florida
To promote
and Africian States by informing
and educating businesses in how to
conduct trade with Africa thereby
increasing import/export
Sales -Vend -All Enterprises, Inc.
Cityw1do
$ 25,000 (Grant)
$ 2525,Services)
A for -profit company that will
(in -Kind
place the "Wishing Well" device in
locations, that will generate
fonds. The device can ba rented
out and/or leased to ocher
organisations for extensive reveaoe
collection.
FACE 2
CITY
TOTAL
OEC�Ii�TIOS/TEOJECT 1EiCE1tT1O0
TAVAMT ALMA
AMODET [EQOESTEE
KATCRINQ ADS
?EOJECT COST
$ 1,690,000
$ 1,840,000
Tacolcy Economic Development
Inc.
Edison Center/
$100,000 (Loan)
$ 50,000 (Grant)
Corporation,
The rehabilitation and development
Model City
of the 28,000 square foot OIC
Building located at the corner of
N.W. 62nd Street and A.W. 7th
Avenue in a retail multi -vendor
marketplace. This project will
create 133 permanent jobs, 40
temporary construction jobs and 38
entrepreneurship opportunities for
area residents.
Gabriel Security Corporation, Inc.
$ 10,000 (Grant)
$ 6,000
To provide training and jobs to ity
Citywide
of Miami residents as security
guards both armed and unarmed.
Overtown/Downtown $464,500
$19,068,869 $19,533,369 New
Washington Heights Community
Development Conference, Inc.
$19,533,369
New Washington Heights Community
ovorteva/
$464.500
$19,068,869
Development Conference, Iuc.
Miami Arena/State Ylasa Project.
'fit=
This project involves the
reinforcement of a parking garage
structure so that a hotel can be
built in the above sir rights
space. The garage will create new
job opportunities.
xC -
Tics 3 Tso=ici
r►ti�inio0
T=itlDi Isc.
t oic sl" yauadt7+
t0�' r e f Ott f p04 iap
T1oJz COi Itopi a s hcDontedQvsrto+n gbopp be
1
WC T�D$ �b0,0p0 io opts
in th facility ~i1sbtYt
CiTI atED S r e s -The „ a i t t,
�� S 290.000 Center• asini sac up strwict
detect son17 be ralk" insist
To pa=chtse consi Kill loittrioi arouad
t 1T0,000 (Grant) franchise) tbeT�py prevta c i e is and is,tell
th teducin8 ApptQs rise
Cnesite a fill sad/°ere Create
tWeaty (2b) Will be
ptrsaneot jobs
flevelopstat
ab Business of an
All part a
a o
tity, Inc ct
Autbo and Co foot
coarercial
g60 sent foOC that will
Dev400 sq"atecosplex, es and
tss
� 394.s60 ietail/office en t19) busi tell OUT
$190,p00 (9,0a0) house Ulu apptol-l"Idised esploy�ill
c11,
teatenew un_s"DsTbis PrOjitu ersblp
&12atatts� oppor! "n, blic/pr 0 guaity wntt aatd
bet ben tiOan and private o
orb
I
?ACE 4
CITY TOTAL
TAR= Rtia AMOUNT RZQQRSTZD !MATCHING "WDS ?ROJZCT COST
Overtowa $150,000 (Loan) $ 300,000
(Foundation)
$150,000
(Rehab. Loan)
ORGANIZATION/PROJZCT 99SCRIPTIN
Carver Hotel Development
Corporation
Restoration of the Carver Hotel,
located at 900 X.N. 3rd Avenue,
which will house the Hotel, provide
affordable rental housing and other
hotel amenities. The restoration
of the Carver Hotel will create ten
(10) permanent full-time jobs.
Income from said project will be
from Hotel rental's, adult care
program.
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