HomeMy WebLinkAboutR-87-0924w
eT-87-981
10/21/87
RESOLUTION NO.
8'7--9024
A RESOLUTION OF THE CITY COMMISSION
RE-EVALUATING ITS POSITION EXPRESSED IN
MOTION NO. 87-882, ADOPTED SEPTEMBER 28,
1987, RELATIVE TO IMPLEMENTATION OF THE SMALL
BUSINESS DEVELOPMENT PILOT PROGRAM IN THE
MODEL CITY AREA; FURTHER APPROVING THE
OCTOBER 20, 1987 RESOLUTION OF THE MARTIN
LUTHER KING ECONOMIC DEVELOPMENT CORPORATION
(MLKEDC), IN THE FORM ATTACHED, RESULTING IN
THE IMPLEMENTATION OF THE SMALL BUSINESS
DEVELOPMENT PILOT PROGRAM IN THE MODEL CITY
AREA IN THE MANNER EXPRESSED THEREIN.
WHEREAS, the City Commission is oommitted to the eoonomio
development and the expansion of trade and commerce in the City
of Miami; and
WHEREAS, the City Commission is desirous of facilitating the
economic development and prosperity of small businesses, sole
proprietorships and minority business in general located within
the Model City Target area in the City of Miami; and
WHEREAS, the City of Miami is anxious to improve and better
the quality of life in the economically disadvantaged target
areas identified by various Community Development Programs
including Model City; and
WHEREAS, the City Commission is desirous of implementing the
incentive programs, guidelines and procedures promulgated by the
Martin Luther King Economic Development Corporation (MLKEDC), a
community based not -for profit service agency which has a
particular affinity and sensitivity to the needs of the Model
City merchants and businesses and who understands the goals of
the Small Business Development Pilot program; and
WHEREAS, the City Commission is desirous of reoeding from
the positions expressed in Motion No. 87-882, passed on
September 28, 1987, in order to faoilitate and assist a more
direct, grass -roots direction, supervision and management of the
Small Business Development Pilot Program by MLKEDC;
p'"fii'!
FIT"" y CO1 jMISSION
MEFTINC OF
OCT 22 1987
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NOW, THEREFORE, BR IT RESOLVED BY THE COMMISSION OF THE CITY
OF MIAMI, FLORIDAt
Seotion 1. The findings and recitals contained in the
preamble of this resolution are hereby adopted and incorporated
by reference herein.
Seotion 2. The City Commission hereby formally re-evaluates
the positions expressed in Motion No. 87-862, adopted on
September 28, 1987, relative to the Small Business Development
Pilot Program.
Seotion 3. The City Commission hereby formally approves and
expresses its oonsent of the attached resolution duly emoted by
the Board of Directors of the Martin Luther King Economic
Development Corporation (MLKEDC) on Ootober 20, 1987 whioh
implements the Small Business Development Pilot Program for the
Model City area.
PASSED AND ADOPTED this 22nd day of -October ,�� 1987.
XAVIER L . $UAREZ ,
ATT
NATTY HIRAI
CITY CLERK
PREPARED AND APPROVED BY:
RAFA B. SIIAREZ-R AS
ASSISTANT CITY ATTORNEY
APPROVED AS TO FORM AND CORRECTNESS:
�;I. ge"'.'ac
LUCIA A. DOUGHERTY
CITY ATTORNEY
RSR:rb:M648
YOR
87-924.
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k IN AMLKEDCO
MART IN I.Ul iit'k KING ECANUMK' vp%,utprMPN•I• CON PORA 1IUN
6116 N.W. 7th Annuc. Miami, noride 13127. Tilcrhonc: (303) 157•7632
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WHILREAS: MARTIN LUTHER KING E.D.A. WILL APPOINT THE SCREENING AND
LOAN COMMITTEE AND NAME REPLACEMENTS OF THESE
COMMITT M WHOM ARE ALL APPOINTEES SERVING AT
PLISASURE OF THE MARTIN LUTHER RING ECONOMIC
DEVELOPMENT CORPORATION AND
WHEREAS: THE CERTIFIED PUBLIC ACCOUNTANT'S REPORT WILL GO TO
Tl'M MARTIN LUTHER KING ECONOMIC DEVELOPMENT
CORPORATION AND
WREREASt THE LOAN COMMITTEE WILL MAKE THE FINAL RECOMMENDATION
WHETHER TO OR NOT TO PROVIDE FUNDS AND
WHEREAS: MIAMI CAPITAL WILL ACT AS CLOSING AGENT AS WELL AS
SUCH OTRER DUTIES AS LATER GIVEN TO THEM AND
WHEREAS: MARTIN LUTHER KING ECONOMIC DEVELOPMENT CORPORATION
WILL BE TIE ESCROW AGENT FOR THE DISBURSEMENTS OF
THE LOANS AND
WHEREASt MIAMI CAPITAL WILL BE THE TRUSTEE FOR ESCROW
DISBURSEMENTS OF LOAN AND
WHEREAS: MARTIN LUTHER KING ECONOMIC DEVELOPMENT CORPORATION
WILL PROVIDE FOR THE APPROPRIATE LOAN COLLATERAL
DOCUMENTS AND
WHEREAS: THE CONQK WTY [DEVELOPMENT DIRECTOR FOR THE CITY OF MIAMI
MUST CONCUR WrTH' THE RECOMMENDATION OF MARTIN LUTHER
KING ECONOMIC DEVELOPMENT CORPORATION AS TO WHETHER
THE BORROWERS ARZ TO RECEIVE OR NOT RECEIVE THE ESCROW
RETAINAGE ON THEIR LOANS DEPENDING ON WHETHER BORROWERS
ARE USING TIE MONEY APPROPRIATELY AS STATED IN THS
LOAN APPLICATION. AND TO COMPLY WITH THS REQUISITES
OF THE TECHNICAL ASSISTANCS PROGRAM AND
WHEREAS: MIAMI CAPITAL WILL ISSUE THE LOAN COMMITMENT LETTER
BASED ON THE ADVICE OF MARTIN LUTKER KING ECONOMIC
DEVELOPMENT CORPORATION AND THAT MIAMI CAPITAL WILL
BE CREDrTOR ON THE LOAN DOCUMENTS.
OiC�'1'-21 -pT WEb 02 G 22 r
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SE IT RKSOLVEDi THAT THE !BOARD OF DIRECTORS OV THE MARTIN LUTHER KING
ECONOMIC DEVELOPMENT CORPORATION IS COMMITTED TO ECONOMIC
DEVELOPMENT AND THE EXPANSION OF BUSINESSES IN THE
MODEL CrT'Y/LIBERTY CITY AREA FOR THE BETTERMENT OF
Tfm COMMJNITY
SIGNED AND SEALED THIS 2 NTH DAY OF
OOTOxiR , 19 87
A ;
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87*-924*