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CITY OF MIAMI. FLORIDA
INTER -OFFICE MEMORANDUM
�O Honorable Mayor and Members DATE
of the City Commission
SUBJEC'
Cesar H . Od i o REFERENCES
City Manager
ENCLOSURES
September 28, 1987"`E
Small Business Development
Pilot Program
As per your Instructions at the September 24, 1987 meeting with
members of the Liberty City Business Emergency Financial
Assistance Committee and other concerned citizens of Miami, I
have conducted an extensive review of Miami Capital Development,
Inc.'s loan guidelines and practices and have had Coopers and
Lybrand verify loan information in an attached letter.
_ We are recommending that $250,000 be earmarked for a pilot
program In the Model City Target Area that differs significantly
from the Miami Capital Development. Inc.'s proposal dated
September 24, 1987. This program emphasizes 1) more flexible
loan eligibility requirements; 2) the expeditious processing of
loan applications; and 3) a technical assistance program to
enhance the opportunity for the development of participating
businesses. If this program is successful in achieving Its
objectives, we will seek to expand It to other target areas of
the City of Miami by applying for additional Federal funds.
This program, to be known as the Small Business Development Pilot
Program (SBDPP), will feature the following innovative measures:
a) reduce length of loan application to two (2) pages;
b) reduce processing time of loan to a maximum of
fifteen (15) working days (from the time that
completed application Is approved by the Screening
Comma ttee) ;
c) streamline steps to be taken to process a loan;
d) provide for community Input from the Model City
Target Area in the loan process;
e) provide for a low Interest rate of 3 percent;
f) stipulate a six month moratorium on principal and
Interest;
g) reduce collateral requirements to the extent of
business assets only;
h) waive business Insurance requirements; and
1) provide for an extensive technical assistance
program (to Include market research) that
corresponds to the drawdown of loan funds and
assists the business to operate effectively.
L.-"
1
-a
_a
0
Honorable Mayor and Members
of the City Commission
4
Page 2 September 28, 1987
The loan guidelines that we have developed specifically for this
pilot program are attached. It should be noted that existing
businesses that satisfy the loan requirements of Miami Capital
Development Inc.'s (MCDI) regular loan programs will not be
eligible to participate In this program.
Once the loan application is completed, we are proposing a
significantly streamlined three (3) step procedure for the
processing of loans under this pilot program. As previously
mentioned, It is anticipated that the maximum length of time
required to process a loan (from the time that completed
application Is submitted to the Screening Committee) will be
fifteen (15) working days.
Finally, In order to effectively Implement this program
Immediately, the following actions are required at this time:
1) Authorization to adopt this pilot program, including
the proposed loan guidelines;
2) Authorization to designate $250,000 MCDI funds for
the purposes of establishing this program;
3) Allocation of an amount not to exceed $30,000 from
Community Development Block Grant Funds for the
purposes of: 1) employing an independent minority
CPA firm to assist in preparing and analyzing the
loan application package; and 2) employing
consultants that may be necessary for technical
assistance services that may be too specialized for
City of Miami staff to provide;
4) Selection by members of the City Commission of five
representatives to serve on the Loan Committee;
5) Authorization for City of M i am i to contact the "Big
8" CPA firms, local public/private agencies, private >=
businesses, etc. to assist in this effort. ='
r �►
SMALL BUSINESS DEVELOPMENT PILOT PROGRAM GUIDELINES
a) BUSINESS LOCATION: To be eligible, businesses must
be located within the City of Miami boundaries of the
Model City Target area;
b) PURPOSE OF LOAN: Inventory and/or physical
fixtures/equipment or any other business purpose which Is
satisfactory to the Loan Committee;
c) AMOUNT OF LOAN: 1) If business Is In existence
for at least 1 year will be eligible for a minimum loan
_ of $3,000 and a maximum loan of $20,000; 2) businesses
that have been In existence for at least three years will
be eligible for loans up to $76,000;
d) INTEREST RATE: Fixed at 3 percent;
e) TERM OF LOAN: 1) for businesses receiving loans
In amounts from $3.000 to $20,000, term Is 3-5 years; 2)
for businesses receiving loans from $20,000 to $75,000,
term is up to 10 years;
f) REPAYMENT: Loans to have six (6) month
moratorium on principal and Interest;
g) COLLATERAL: Business assets only. No loans
will be rejected on the basis of Insufficient collateral
only;
h) BUSINESS INSURANCE: If business can demonstrate that
It can not purchase Insurance at a reasonable price, this
requirement will be waived;
I) TECHNICAL ASSISTANCE: The loan will be conditioned on
the applicant consenting to receive the recommended
technical assistance to be provided by the City of Miami.
Department of Community Development. Those businesses
who do not meet the minimum screening criteria will be
referred to the proper technical assistance program and
once capable of meeting the screening requirements, may
-
be reconsidered should funds still be available In the
t
program;
7.
j) DISBURSEMENT OF FUNDS: To be determined. by l.oAn
Committee, and based on a schedule of programmed technical
4
assistance activities to be provided to buslness. Funds
will be deposited Into escrow account and will be:
disbursed as approved by the City of Miami Department of
Community Development In accordance with the recommended
technical assistance program.
;
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riy
5'�_ . .. ..... _ . .,-' .-. ., ... ...- .,. 1::,R . _ .... . . . , .,, e::_.,.k ,}. Ki . j •%X. .L`kri.:£hY°LI '9.ZS:Ir �e S- ��YK h
—
STREAMLINED THREE (3) STEP PROCEDURE OF PROCESSING OF LOANS FOR
SMALL BUSINESS DEVELOPMENT PILOT PROGRAM
STEP 1 -
of Miami
Ittee (to receive staff support from Cit:
a)
Composed of one (1) representative from each of the
following
Model City based organizations:
1)
Martin Luther King Economic Development Corporation
2)
Miami -Dade Community College Entrepreneurial Institute
3)
Mlaml-Dade Chamber of Commerce
4)
Liberty City Business Emergency Financial Assistance
Committee
5)
Edison Center Merchants Association
b)
Functions
to Include the following:
1)
Develop criteria to be used in screening loan
applicants
2)
Review application for completeness
3)
Interview loan applicant
4)
Issue recommendation on loan applicant based on
established screening criteria
5)
Submit recommendation to loan committee
STEP 11
-
Independent Minority CPA Firm
a)
Functions
to Include the following:
1)
Review of loan application package
2)
Perform site visit
3)
Issue recommendation on use of funds
4)
Issue recommendation on technical assistance required
by business
5)
Subm i t recommendation to loan commi ttee
STEP III - Loan Committee
a) Composed of five (5) Individuals to be selected by the
City Commission
b) Review loan package and decide award of loan. If
application Is not approved, business may reapply to this
program once they have fulfilled the technical assistance
recommendations.
�yJtT
t
4 1 �yTi�'.
44
September 26, 1987
Mr. Cesar Odio
City Manager
City of Miami
3500 Pan American Drive
Coconut Grove, Florida 33133
Dear Mr. Odio:
U1
In response to the information requested at the September 24,
1987 meeting with representatives of the Liberty City Business
Emergency Financial Assistance Committee and other concerned
citizens, we are enclosing the following materials%
1. Schedule A - Summary of Loans by Ethnic Group.
2. Schedule B - Summary of Loans disbursed by Target Area.
3. Schedule C - Combined Summary of Loans disbursed by Ethnic
Group and by Target Area.
4. Schedule D - Summary of Loans Disbursed of $50,000 and over
and under $50,000 by Ethnic Group and by Target Area.
5. Detailed report by Target Area showing each individual loan,
including Borrowers' name, business address and other in-
formation.
6.
7.
Legal opinion issued by State Attorney Janet Reno (dated
12-2-86) on the $300,000 Garden Cove Loan.
Copy of Page Nos. 26, 27 and 28 of the September 30, 1985
General Accounting Office Report, entitled, "Federal Funds
Promised, Provided, and Used in Dade County, Florida, After
The May 1980 Civil Disturbances". It is important to note
that Page No. 26 stipulates, "We found that MCDI had loaned
out the entire $4,800,000 grant and was using repayments of
principal and interest to make additional loans. As of
February 28, 1985, 72 loans totaling $4,860,437 had been
approved".
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Fre/./ b,:
nnv
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Miami Caput
Development inc. 311 Nwh000 131h Torroa, Mkwa, f1mWo 33132,1621 Tel, PPSI 354.1025
a�- ass
h
,Nkfa�a`,
.. y.._.....,t ` ..,.... -,_ r 3:. :.r;E....tcv.......«✓ix�e:"sGSiri��Nn'�"�4..i'.
Mr. Cesar Odio
Page 2
September 26, 1987
We would be pleased to furnish you with any additional in-
formation that you may require.
Sincerely yours,
�_*- - XZ7-' r.
Pablo Perez -Cisneros
Executive Director
PPC; tpc
Enclosures
SCHEDULE A
MIA.MI CAPITAL DEVELOPMENT, INC.
SUMMARY OF LOANS BY ETHNIC GROUP
AUGUST 31 1987
No. of Loans
g
A.'nount %
BLACK
90
62.5
$ 4,590,739 44.0
HISPANIC
33
22.9
3,599,750
ANGLO
34.5
17
11.8
1,350,000
CHIVESE
12.9
-
2
1.4
100,000
OTHERS
• 9
2
1`4
Ea?,000* 7.7
TOTAL
144
100 $
$10,440,489
100 $
K-
�
^'}A
*2 Loans to
Insurance Exchange
multi-. ethnic
syndicates.
of America
which
h is comprised of
Ez
yd
s
ni'�
i
`u: Btiti
Y�
to k
- -._- y' ,....=w r7'�d'�"�1£•1-u?�a`Ji�lli" eve' 4....�.a. ._
SCHEDULE B
MIAMI CAPITAL DEVELOPMENT, INC.
SUMMARY OF LOANS DISBURSED BY TARGET AREA
AUGUST 31, 1987
Area
No. of Loans
$ By Area
Amount
$ By Amount
00
Coconut Grove
2
1.4
$ 50,000
0.5
_
01
Little Havana
1
0.7
300,000
2.9
02
Downtown
11
7.6
11707,000
16.3
7
4.9
365,000
3.5
03
Overtown
04
Wynwood
6
4.2
720,000
6.9
_
05
Allapatah
11
7.6
8358800
8.0
06
Model City
26
18.1
934,000
9.0
07
Edison Little
R. 31
21.5
1,628 439
15.6
'u
08
Carol City
11
7.6
372,000
3.6
4
09
Opa Locka
8
5.5
904,500
8.6
' w
10
West Little R.
29
20.2
2,548,750
24.4
13
Perrine
1
0.7
75,000
0:7
TOTAL
144
100.0
$101440,489
10001
.
f
h
�
s
M
9
_
.. .
.
-
1
d`
e►
. `
lk
SCHEDULE C
MIAMI CAPITAL DEVELOPMENT, INC.
COMBINED SUMMARY OF LOANS DISBURSED BY
ETHNIC GROUP AND BY TARGET AREA
AUGUST 31, 1987
Total Loans Black Hispanic Anglo Chinese other
No. Amount No. Amount No. Amount No. Amount No. Amount No. Amount
Oil Coconut Grove 2 50,000 2 50,000
01 Little Havana 1 300,000 1 300,000
R,.. 02 Downtown
11 1,707,000 5 354,500 4 552,500 2 800,000
7 365,000 7 365,000
03 -Orertown
M
Lynwood 6 720,000 1 150,000 3 400,000 2 170,000
,04
D5. �►llapatah
11 835,800 2 35,800 9 800,000
tl� yodel City 26 934,000 23 7090000 3 225,000
`-_
7 Hdfson Lithe R. 31 1,628,439 20 lt072,939 2 45,Soo 7 410,000 2 ioo,000
}v 11 372,000 8 350,000 3 22,000
Carol City
iD,p , ocka 904,500
$ 7 604,500 1 300,000
Y 29 2,5488750 15 899,000 10 1,4041750 4 2458000
fe
D at Little R.
i
75,000 1 75,000 -
*r
144 10r440,489 90 4,590,739 33 3,599,750 17 1,350,000 2 100,000 2 800',000
s
1D►T,A'L 100$ :100! 62.5% 44% 22.9$ 34.59$ 11.8$ 12.9$ 1.4$ 0.9$ I.4$ 7.7$
r �' lA*n.Yr� y'v `-r✓" 3 u w 90W ,z i u Fo
A
I
6 1
i
I V
$50,000 AND OVER
Coamut Grove
Kittle Havana
Downtown
(1)
Overtown
(1)
Wy mood
(1)
Allapatah
Model City
(3)
Edison Little R.
(8)
Carol City
(3)
SCHEDULE b
SE ' OF IDANS bISHUiSW OF
$50, 000 AND OVER AND U1= $500000
BY ETHNIC GROUP AND 9Y TARMT AVA
HISPANIC MGM C HINESE
(1) 300,000
225*000 (4) 5528500 (2) 800,000
260,000
150,000 .(2) 3750000 (2) 170,000
(7) 730,000
355,000 (2) 200,000
858,337 (1) 300,000 (2) 100,000
229,000
Opa Lodca
(5)
541,500
(1)
300,000
West Little R.
(9)
762,000
(8)
1,367,750
(4)
245,000
Perrine
(1)
75,000
_
TOTAL
(31)
3,380,837
(23)
3,400,250
(10)1,215,000
(2) 100,000
(2) 800,000
- UNDER $50,000
oxmut grove
(2)
50,000
Little Havana
DownboMn
(4)
129,500
Overbom
(6)
105,000
s.
WMuiood
(1)
258000
r
Allapatah
(2)
35,800
(2)
70,000
Model City
(20)
354,000
(1)
258,000
Edison Little R.
(12)
214,602
(2)
45, 500
(6)
110, 000
Carol City
(5)
1218000
(3)
22,000
Opa Lodca
(2)
630000
r;
West Little R.
(6)
137,000
(2)
37,000
'
Perrine
Tw`A1'+
(59)
10209,902
(10)
199, 500
(7)
135, 000
.,
Y,
�eel.v.s. ,_ .' .... .':... . :. ':.'y
'" - :�'
.. :. .:
':a:...._..
...___ •, ._..._. y_
..» ._ ,..z•.,,e=e-.Y 2"�bu._i.3 ..a r..... : ,tea ��r���•h3:.Ys 'L�{7,M�
,..
_
INC.
nIANI
STAT
Ai1°IXAL
g REPORT
DEYELOPNEK
AS OF &VO
C 21.. l$' $Z
Target
Area
Amount
of Loan
a
'..
1ta .,t:-,d Address .__
Ethnic
aa►.
Clasp
I-$2
IiidoDxy, . fit Hat B Q
8
Coc. ,rove
30, 000
3749. Grand Avenue
. S-iQ-82
Hidany Fit Bar 8 Q
B
Qx.Grave
20,000
3749 Grand A%%MM
3k,
�i.
'C
s
� t
K;V1,Lei
Source of Balance
Funds Outstanding Status
HUD 28,604 Atty.
19,585 Atty.
11
11
maw ..ana &acres*
',bi '`�'roer ,
Ethnic
Target
Awount
Source of
Balance
• 0. �n '
Close
Area
of Loan
Runde
Outstanding Statue
$ (buege
H
i. 1301 Sw l Street
Lit.IJay.
300,000
m!►i
265 94 s
S C�srent
•
i
S+ '.
7
i
4� ZY
1 Y
`
n
MI, AUZ-QUXAL-
DEVE1 AOM
uT *s--
.
BTATUB AIRPORT
AS OF AUg
sT 3 + UZ
4i
4 ter
of Loan
VDIMM `SMd' Addrfoo
of Borrower
Bthnio
Target
et
Amount
Source of
Balance
Class
Area
of Loan
Funds
Outstanding
Statue
Ofteber Club
B
1018 NW 2nd Avrinus►
Doamtwon
10 000
90727
AttDrney
24455tSE )At� of Ante�cion
Other
Downtown
5000000
COM. Dev.
360, 000
Current
- i BS
Ins�a�nq�e S�oohrnga of America
Other
DO ntoown
300, 000
.
245 Si let street
2490941
Current
Rayuell (blip.
B
460 M 2nd Avenue
Downtown
40,500
OIXd
42,168
Ctirrent
i4tewti Seafood and ear
H
401 KW-ayne 81vd., Suite 216
I95,000
Bayside
1950000
Current
408a,1ys8irds lvd. Suitte
5�� • 143
e
Downtom
35,000
Ba ide
Ys
35 000
current
t
,4irS7
Pete's Pint& n i Bar, Inc.
Biscye Blvd., Sate 112
B
44,000
eaysfee
44,000
Current
�
4,
IM An= hot70e, Inc.
oayn
401 eis• Blvd., Suite 210
H
69,50 0
Bayside
69,500
i
Current
� j0-!'7
8avat�nih
5�ntilea
4b1 Bisatyne alvr'!.. Suite 200
a
Downtown
225, 000
Ba yside
225,000
current
r
i
DwInts Wa Tmvsrn-on-
tI
Dvwntom
213• 000
Hayside
213,000
Ctirrent
:Si*aayn• Blvd., Suite 242
W{{
LL 3-30-V
I& Spaghetwia I=. H
401 Biscayne Blvd., Suite 212
tit: S-07T -W
YbC1dyS iielierS InC. H
401 Biscayne Blvd., Suite 236
use.°
t
Y
5
dkt x
066:, i, .a..YJ+
Downtown 75,000 Sayside 75,000 current
Downtown 25,000 Bayside -0- 03 mtitted not
Disbursed
11
11
'9•
�.
Date
of Lem
Memo and Address
of Borrower
Ethnic
Class
Target
Area
Amount
of Loan
ot=/82
Two Butchers Supermarket
a
Ovr.Twn
20,000
2060 NY 2nd Avenue
iI22/S2
TV* Butchers Supermarket
B
Ovr.Twn
10.000
2060 XV 2nd Avenue
10/22142
Pop's Cleaners
8
Ovr.Twn
20,000
13W MW 3rd Avenue
10122142
Pop's Cleaners
B
Ovr.Twn
10,000
1337 Hof 3rd Avenue
4129/83
14 Street Liquor i
Package,Storm
B
Ovr.Twn
20,000
148-138 NM 14th Street
14 Street Liquor i
Packages Store,-
8
Ovr.Twn
25,000
148-138 KM 14th Street
Super Save ` Supermarket
B
Ovr.Twn
260,000
1490 MM 3rd Avenue
Si191'6?
Moor** s. Orocery
B
Ovr.Twn
25,000
122 NM Loth street
1
Source Balance Status
of Funds Outstanding
8DA
9.562
Atty
jo
HUD
1,420
Atty
FDA
17,116
Atty
HUD
7,161
Atty
HUD
20,000
Current
HUD
25,000
Current
COf!
239,767
Atty
COM
-0-
Approved
not. diet.
MhAhI INCH
C+I,�PI?AL�D_EYELOP_UE T. ,
STATUS REPORT AS OF AUGUST 31, 19A7
Date Name and Address Ethnic Target Amount
`'' Hof' Loan of Borrower Clams Area of Loan
u
1+/7l�1
Terminal Fabrics Co.
A
120 NW 25th Street
713/65
Purpleheart Manufacturing
8
SS NE 24th Street
-
WAG/"
Seminole Awning Co.
2350 NW 2nd Avenue
3120167
T i R Store Fixtures
H
2700 Miami Avenue
�}
<N.
31201417
T i R Store Fixtures
H
2700 N.,Miami Avenue
"
3iii+/S7
Pinelli, Ina.
H
2626 MW 2nd Avenue
;
S/20/89
Miami Power Boat Inc.
A
2101 NW Miami Court
y 4
ttx,• i
'a1
*iiltla
tt, }}
A '
i
� I III I ' Y Fj..�����'I' I'! Iyyli�ti `41°l l i g? 33,�{t 4 1 it ['. 'i 'at'.b.`rF'+4E A.. '!d'S•7r.!+> >r ., -. .. _
it �iV,l.•,.I, .�'l� ��Ialfi��Muf�i'II��R§F�'idi.L i$.�,i�,� '+ rx4S a ,
Source Balance Statue
of Funds Outstanding
WynMood 100,000 HUD 72,137 Current
WynMood 1500000 con 93,732 30
WynMood 70,000 COM 68,924 Current
WynMood
250,000
COM 230,000
Current
WynMood
23,000
COM 25,000
Current
WynMood
125,000
COM 123l
Current-
wynwood
3001000
COM _0
not Disb.
t ''
3 MIAMI COITAL DEvc_r.na .ENT. INC.
M:
STATUS REPORT AS OF AUQUST 32. 1987
fRi• Date Naae and Addreea Ethnic Target Amount
Of Loan of Borrower Class Area of Loan
at10
11120/81
Charles May P. A.
B
(16580 SW 103 Plea*) Res.
1400 NM 36th St. • 207
11/20/81
Charles Kay P. A.
B
116580 SW 103 Place) Res.
1400 NM 36th St. ♦207
'
6/9l82
Atlantic Wholesale
H
1161 NM 36th Street
9124f82
Eno Flooring t Furn. Inc.
N
3408 NW 17 Avenue
b0�
' W2 M
Eno Flooring i Furn. Inc.
H
3408 NW 17 Avenue
6✓6!$3
AIA Paint A Auto Shop
H
2005 NM 10th Avenue
7.`29183
Construction Catering
H
2472 NM 21ot Terrace
il'9�/84
Trujillo t Bonn
H
1260 NM 22 Street
VfVW85
American Fruit a Produce
H
�
1344 RW 23rd Street
` s
4�►"24187
Hairstyles by Mr. Ralph
B
3731 NM 17th Avenue
7,
NOW11ne Products
H
.10370,SM,184tA Terrace
Source Balance Status
of Funds Outstanding
Allop. 11,500 EDA 6,881 Current
Allap.
24,300
HUD
68
Current
Allap.
75,000
HUD
55,432
Atty
Allap.
70,000
HUD
50,100
Atty
Allep.
45,000
EDA
37,351
Atty
Allop.
25,000
EDA
10,179
60
Allep.
130,000
EDA
A2, 080
Current
Allap.
200,000
CON
157,067
Current
Allap.
50,000
CON
33.146
Current
Allep.
50,000
COM
-0-
Approved
not diab.
Allap.
220,000
EDA
-O-
Approved
not dieb.
I
I
■
} y
i
�►Z/87 American Saving Machine H
Alinp. • 130.000 HUD 130,000 Curran
� 2295 NM 20th Street
i 7120#4117 American Sewing Machine H
Allap. 75# 000 HUD 75, 00o Currant
I
r 2293 NM 20th Street
- f
Y
L
a
S
ti Ss„➢ nt.`rrx' '
t
y!}
1
ICI
I II i r
II I I i
rt�rt• ��etTAL DC1YfrL.QPMf�,MT.
• .....T..8 gCpOgT As or AUGUST 31. 19g7 ,
t
Ethnic Target Amount Source of Balance
das+rr . Mase .nd� Addr*0 Statue
!r.:.
of 6orrorer Class Area of Loan Fund. Outstanding
A,n�Diy/�1 Entertain*ent Galore
g Mod, Cty 20v 000 EDA lA, 041 Atty
2 .. 62r2S' *W . 7th Avenue
,i1►�i/i g Mod. city
Eddie's Drugs 20, 000 EDA
Paid oft
lOD1 Nw 34th Street
131��#3 g Mod. Cty 30, 000 HUD 21,743 Atty
Crewack
760 jww street'
g hod. cty 7,000 HUD
5,149 Atty
,,�'.�,�►� .:Robbie. a Discount
Nwnue
kk' g Mod. Cty 5,000 HUD 5,000 Atty
Ml+1~, itobbi•' s Discount
'10' .NM 7th 'Avenue
,Robb,W e Discount
8 Mod. C* V 10.000 Atty
r
f 7� 1 Nw 7tb4venue
Aberty Flovers by Tullis 8 Mod. Cty 20, 000 HUD 1i, 326 Atty
NM ' 17th` Avenue
g Mod. Cty 9, 000 EDA -0- Paid off
Daniel Ross,
9tf . NN "'tl► `Avenue
r � niel Mdas
g
iMod. Cty 25,000 EDA -0- Paid off
h 1►venue
{� ' Paid off
�3 g�►s Dsv� A Mod. cty 2s, o0o HUD -0-
�itreet
1i.� Fi lrw
III I �, ;� 1 I � Ky I i!. F�t'.. • • _.
}
I
i � ��I I !I r „i ��'Nlil 191��'�`,, 1�TaiJq.����!"r`6�i��i��P•r�Y�d�u'�+�ac��4�w��.,sre..� ;� E; •'_ _ — — . i -- - ,_, ..
�"
►�
Jeckeoe►'s ,;ltsrkeR
Avenue
B
Had. Cty
20,000
;:NM .12th •
rim -• :
8
Mod. Cty
15,000
Oil
3m :NM 12th Avenue,
:'.p13
h �/!a.
iiel�lltt.�ii at Mi+3Mli .
a
Mod. Cty
10,000
10d3 7flt 34th, Street
114
Debric Inc.
B
Mod. Cty
40,000
{;
46s0 NM 7th Avenue
7126143
Creole Fried Chicken
B
Nod.Cty
230,000
6700 to 7th Avenue
7✓2g/$3
Creole Fried Chicken
0
Mod. Cty
35,000
6700 NN 7th Avenue
1143
Robbie•s Discount
B
hod.Cty
13,000
7101 NM 7th Avenue
&WO/M
Jackson's Market
B
Mod. Cty
15,000
3M MM 12th Avenue
3laiW►34
Porter Oil Inc.
8
Mod. Cty
16,500
1073 MN 34th Street
W44 ,
Porter, :011 Inc.
0
Mod. Cty
16, SOO
873 NM 34th Street
91!'i:1/i4
Jey'+r 1 Drugs Ina.
A
Mod. Gty
l3O, 000
1426 MM 34th Street
' M
*Tlp Draw, Ina.
A
Nod. Cty
50,000
1+498 -1t11 ' 3+4th Street
'
Alx it *al Press Ina.
8
Mod. Cty
so, O00
y
x;�
34th Street
a
F ,lonrors ,by Tullis.
B
Mod. Cty
10,000
; 4 iiP 17t'A" Avenue
CDA
20,000
Atty
HUD
15.000
Atty
HUD
-0-
Paid off
HUD
40,000
Atty
HUD
-0-
Paid a!t
HUD
-0-
Paid off
EDA
13,542
Atty
EDA
150000
Atty
HUD
11,427
Current
con
11,426
Current
CON
122,252
Current
CON
24,742
Current
con
46,378
Atty
HUD
7,376
Atty
U
ot,: MAIAM , Ina.
6
Mod. Cty
20, 000
708 MW .6 ►d , !root
Illi7 E. so Inc. .
6
Mod. Cty
30,000
708 KV : 6i" ttiredt
7�I1W r ;, Ioternatioaal Car Mash
8
Had. Cty
172,357
2498 NN;51 Street •
a Y
-
e� 5
!4
r� f
IMMUNE
EDA -O- Feld •tt
EDA 28.704 Current
COM -O- Coee tted, not
dleburwed
P]
Fm
10/1♦82 Lou Cousins Book/Record Shp B Ed. Lt. Riv 12,850 EDA 6,308 Atty
7858 NM 2nd Avenue
I -11/19/82 ICayard ' Enterprines B Ed. Lt. Riv 50,000 HUD 26,544 Current
6220 M. Miami Avenue
1"f 12/9/82 General Furniture Mtq. H Ed. Lt. Riv 20,500 HUD 19,074 Current
7125 NM 6th Avenue
5/13/83 AA Coffee Service A Ed. Lt. Riv 25,000
356 ME 80th Street
9
7/28,/83
Cart Parts Inc.
A
Ed. Lt. Riv
15,000
378 ME 56th Street
8/31/83
Michelle Shoe Repair
B
Ed. Lt. Riv
10,000
4734 HE 2nd Avenue
9
11/1,7183
Lemon City Market
H
Ed. Lt. Riv
25,000
6212 HE 2nd Avenue
w:
D `
11130/83
Belafonte Taooloy Ctr.
B
Ed. Lt. Riv
250,000
645 KM 62nd Street i 300
1219163
Leasa Industries
CH
Ed. Lt. Riv
50,000
6103 AM 6th Court
1219 /83
Lea Iwa Industries
CH
Ed. Lt. Riv
50, 00
6103 NM 6th Court
+
}
213184
Clinic 54/Dr. H. Hall
B
Ed. Lt. Riv
50,000
ix t
54. NB 54th Street
Z/17�1!
Sabir Converting Co.
B
Ed. Lt. Riv
34,202
m +
7245 SIC. 4th Avenue
x i
'�.ii'9i'�
Alpha Business Service
B
ird. Lt. Riv
89,837
}
6270., i1C . 2nd Avenue
i sysn �".rs Yi�.aL
�� � ������I ��,i ,�'P�+�� I .'������I��`���i, .����r'�, q G�+�!'SI�R�� IF'hbfl!'+�i5�p"�r��4��'��ta#� .•r�rza;�� r _ i_ I�s�
i
HUD
HUD
EDA
EDA
EDA
EDA
EDA
EDA
HUD
EDA
r
14,414
3, 496
9,544
-0-
200, 227
28,662
35,331
27, 483
17,920
87,137
Current
Current
Atty
Paidoff
Current
Current
Current
Current
Atty
Atty
I
I
».
i� Date
i 41c.�a1t�
NIANT CAPITAL
$ZAT S REPORT
Nave and Address
of Borrower
DEVELOPMF,
AS
Ethnic
Class
L INC.
OF AUGUST 31, 1987
Target Amount
Area of Loan
Source
of Funds
Balance
Outstanding
»
Status
30'':�i#1
Cheryl •r Day Care
8
Ed. Lt. Riv
40,000
EDA
8,278
Current
200'NM'47th Street
. _
2l51$2
Cayard Enterpririme Inc.
®
Ed. Lt. Riv
105,000
EDA
53,685
Current
6220 N. Miawi A-.enue
'
310042'` '
n1chellw Shoe Repair
B
Ed. Lt. Riv
7,000
EDA
5.526
Atty
4734 HE 2nd Avenue
Y
31*9082-
Michelle Show -Repair
B
Ed. Lt. Riv
13,000
HUD
10.805
Atty
4734 HE 2nd Avenue
3i/ M2
Clean' Envtronuent
B
Ed. Lt. riv
7,000
HUD
-0-
Paidoff
150 MW 68th Terrace
3i 'ii►82
Ciean Environsent
B
Ed. Lt. Riv
3,000
EDA
-0-
Paid off
130 NM 68th Terrace
8113�82
Football Sandwich Co.
A
Ed. Lt. Riv
18,000
EDA
6,032
Current
8484 HE 2nd Avenue
If
61131412
Football Sandwich Co.
A
Ed. Lt. Riv
7,000
HUD
-0-
Paid off
8484 HE 2nd Avenue
r.
�123/82
Joel Polliard
8
Ed.Lt.Riv
20,400
EDA
-o-
Paid off
3062 HE 2nd Avenue
8125/82
Joel Polliard
8
Ed. Lt. Riv
40,000
HUD
-O-
Paid off
5062 ME 2nd Avenue
fs� 1' #�►
SS
Cheryl's. Day Care
8
Ed. Lt. Riv
15,000
HUD
3,347
Current
roy5
a
2M NM 47th ' Street
it ii82
L*o Cousins Book/Record Shp
B
Ed. Lt. Riv
12.150
HUD
5,678
Atty
7858 AW 2nd Avenue
11119184
Innocent Fabrique
g
Ed. Lt. Riv
158.500
.,
6999 NE 2nd Avenue
' 312185
Radiator 'King
A
Ed. Lt. Riv
30, 000
.,;
..
201 W..37th Street
l'i7/86
Cecile Day Care Ctr
6
Ed. Lt. Riv
60, 000
_ ...... _.-
183 -HE 57th - .Street
316186 -
-Gordon Cove Properties
A
Ed. Lt. Riv
300,000
6281 HE 2nd Avenue
s:.
1130187
Cart Part• Inc.
A
Ed. Lt. Riv
15,000
378 HE 56th Street
4122/87
Comprehensive Health Ctr.
B
Ed. Lt. Riv
95,000
w
185 HE 84th Street
j2O/87
Meireke Discount Muffler
H
Ed.Lt.Riv
95,000
625 HE 79th Street
A
Ed. Lt. Riv
42,000
'71_13 f&7 Radiator King
201:NM 37th Street
t
s
� s
-rrx t � II
X 1
i I
COM
811839
Current
con
24,970
Current
EDA
53,380
Current
COM
300,000
Atty
HUD
13,755
Current.
EDA
94.134
Current
COM -0- Approved
not dab.
COM -0- Approved
not dieb.
I
STATUS
�(j� E'APITAL
REPORT
DEVELOPMENT,
AS OF AUGUST
INC.
31. 1987
•
ftaasr"and Address
Ethnic
Target
Amount
Loan
Source of
Funds
Balance
Outstanding
Status
of Borrowor
Class
Area
of
_.
1�dversai market
B
Carol city
10,000
EDA
16,384
Attorney
U020 W 37 Ct.
Siam& Fish Market
I1
Carol Citj
10,000
7,871
Attorney
4605 IN 199 Street
CarOl City
64,500
EDA
39,690
Current
F - B- 2
power Grocery
3602 NW 183 St
II
Carol City
8,000
EDA
Paid Off
Paid Off
`
Hydm Cleaners
3460 NW 171 Terr.
i 3-�6,82
Cleaners (same as above)
H
Carol city
4,000
ITUD
Paid Off
Attorney
i y:1.4;isa=pea
�nbezarises
B
Carol City
20,000
2M
19,728
Attorney
10587 NW 27 Avenue
rpServioes
B
Carol City
94,500
DA
74,433
Current
i7475 NW 27 Avenue
1on 1l�e Os] large
B
Carol City
40,000
EC4L
34,345
Attorney
rtt3
18379 NW 27 Avenue
B
Carol City
70,000
EDA
20,421
Current
3
K i H amoety
36t)0 Zlt+t 191 ` Street
B
Carol Cibf
28,000
MA
28,000
Attorney
-8-N2
R 6-P, Inc.
3613 NW 191 Street
y
Cau+o1 ty Produce
Ci
B
Coral City
35,000
EDA
11,791
Current
36'l'4 :�1W 183 Street
1 - t
.. y ., i.. N � 4 •rtu 5 � .l
+a •••• aa..t�i�]�'ii�rivF�.:att`.n':{n3A.M ..J'�rt 1
-
-
:.: ......'.. .....
'. r*art .�•�s•T�� DEyEL&P-HE! . IN4L
An or AHOUSI 21-
c.
source of Balance
Ethnic Target Amount
use& and Addrees, statue
:�rii.; .• Claaa' Area of Loan Funds
outstanding
o of Morro+� r
Lodca 50,000 47,945 Attorney
E,--��ei
s Opa- EDA
14310 NW 22 Avenue 214, 610 Attorney
Opa-Lxka 216,500 �►
1431.0 NM 22 Avenue paid off
g Opa-I�oc3c3 50, 000 EDA -0-
14eav W Autmwdve
1635S NW 27 Avenue 9, 845 Current
8undu park' tutu
8 �-�a 32,000 E.
16nQ NW 27th XVNIue 200, 227 Current
6~-316 ► 2 { 300, 000 E
aq S,pe�iul tt
A Opa-j=ka DA
236p iA! i50'Street 101,724 Attorney
�,..„
8 pI,ocka 125, 000 EDA
2155-S9 !fit 16a'st rest Current
t: < e �-� 31,000
EnA 13, se2
2190 Ali' earn lwMM...
r mA 100,000 AttorneY
H Opa_,� 100, 000
163SS Nd 27 `�►ve�e
d. i
Yyg
j1o''
MIAMI C PITAL DEVELOPMENT. INC.
sTATo u poffiff AS OF AUGUST 31. 1987-
MaND and Address Ethnic Target Amount
ea►;�,_ -' Class Area of Loan
: 8 of,*. Borrower
Source Balance Status
of Funds Outstanding
'
11I?i/Si
AMrican Genluna Auto Parts
H
w. Lt. Riv
70, 000
EDA
52,350
Current
27" 11w 34th Street ,
l +tr 2
'To 'Tell the Truth Inc.
8
w. Lt. Riv
30, 000
EDA
26,482
Atty
3525 Mw 79th Street
i�0y8
Montpollier Printing Co.
N
w. Lt. Riv
175, 000
EDA
68, 518
Current
350 NM 54th Street
.
2�2
e.''W.T,andsoaping
B
W.Lt.Riv.
15,000
EDA
-0-
paid off
2330 VN 56th Street
a
21119182
Uniwr�'sal Osn. welding Co.
B
w. Lt. Riv
50, 000
EDA
38, 138
30
Z3gp Nw 78th Street
B
w. Lt. Riv
50,000
EDA
33,146
Atty
3+iZ6/tZ
William Fine Co.
2300 Mw 79th Street
My Place Fish' i Poultry
8
w. Lt. Riv
iS, 000
EDA
10, 408
Atty
ar�lis2
23M Mw 79th Street
N
W. Lt. Riv
255, 000
EDA
119,956
Current
Csieteluw'Transamerioa
T
3553 NM 44st Street
°«
B
w. Lt. Riv
40, 000
EDA
3.710
Atty
Orr
�yrtr. Man.geaent
:r
sGW Mw 27th Avenue
t ' s
g
w. Lt. Riv
60,000
EDA
49,250
Current
_
r l►
tlnligi4t" Indoor- Outdoor
t
Z469 •Mw 76th Street
r
w. Lt. Riv
20, 000
EDA
-O-
Paid off
1r4.4 Truck
N
33"s:'Mw ..49th Street
�} +
H
w. Lt. Riv
295# 000
EDA
200, 818
Curren!
"Avenue
tf
f,
w. Lt. Riv
17, 000
EDA
12, 046
Atty
III
M
1'� Ikip Tj'tli"�Y3Srf�J%�'J,✓
.. ;.r .,":;=.
_ ..
y
_
616162
Mullings Electric.
S
W.Lt.Riv
20,000
EDA
8,005
Atty
9600 RW 27th.Avenue
W244F42
19ddie•s. Tavern i. Rest.
a
W. Lt. Riv
75,000
EDA
75,000
Atty
2433 RM 34th Street
10l1M2
Seabreeze Hosiery
A
W. Lt. Riv
70,000
EDA
46,690
Atty
a
6700' XW 37th* Avenue
10122,*62
Sip tight
S
W.Lt.Riv
70,000
EDA
70,000
Atty
2700 NW79th Strut
11110M
Trade Litho
H
W.Lt.Riv
50,000
EDA
-4-
Paid off
3201 Nit 37th Avenue
aIifAO/62
Trade Litho
H
W. Lt. Rl.v
122,750
EDA
-0-
Paid off
3201 RW 37th Avenue
I.
11Z3163
Design Decor by Sort Lerner
A
W.Lt.Riv
73,000
EDA
36,691
30
3330 MW 67th Street
1119183
Design Decor by Sort Lerner
A
W.Lt.Riv
50,000
EDA
-b-
Paid off
3330 MW 67th Street
` ..
3111M
Ted's Hip Shop
8
W.Lt.Riv
60,000
EDA
51,191
Current
g_ .,..
3079 MW 79th Street
IQ/ll/63
Tropicana Paper i Printing
H
Wrirt.Riv
17,000
HUD
16,379
Atty
2801 MW 33th Street
1i►l:3/63
Tempo Heavy Hauling Inc.
B
W.Lt.Riv
112,000
EDA
102,058
Current
2W KW 76th Street
f41�
American Not. Mg. CO.
N
W.Lt.Riv
230, 000
EDA
197,173
Atty
38M MW 32nd Avenue
J,
A
W. Lt. Riv
50,000
BOA
19,806
41291M
SA
r�ot uStreet
30"
XM9th
g
M. Lt. Riv
IOS, 000
BOA
102,132
"
11l2fila4
NullinQr i Son
9i00•KW,.27tb Avonue
.`
leper Auto Shop
g
M.Lt.Riv
180,000
£OA
90,78?
1311ilN
23&1- RW 72nd Street
K
W. Lt. Riv
130, 000
BOA
149. 219
l�'ir187
Crlatslua Tranosaerios
2SSS'- *W, 41at Street
g
W. Lt. Riv
40,000
£OA
'0
7/lif/i7
xaparial Auto Shop
2S8i MW 72nd Street
.
ut
k
y
4.f
G
mil
994.
Current
Atty
Current
Current
Approved.
not Blob.
MiSM4 CAPI?A�- ncv�G_OPR4'riT.- IltCL
- �' s�'PQ S AQ OF At�GIS? 31 1'98Z
Source of Balance
Nome anClose Area of Loan d Address Btbnio Forgot Amount Funds outstanding
�. �Di►N
O Loan of Sorrover
H Perrino 75,000 EDP► 19,791
status
Current
RI
it
n
.
,.cvr r:i.No .
61A,s A110+evCV
,,.. i1
MUNI. ROWDA 33125 C1
December 2, 1986
11:1-FJ'1 OM! 0111) X •. A
.
The Honorable Miller J. Dawkins /
Vice Mayor
The City of Miami
P. O. Box 330708 �•
Miami, Florida 33233-0708
Dear Vice Mayor Dawkins:
Pursuant to your letter dated October 22, 1986
reference Miami Capital Development Incorporated (M.C.D.I.),
please be advised of the following.
Ile have reviewed the controls and evaluation report
prepared by the accounting firm of Sharpton, Bruson and Company,
the internal audit report on M.C.D.I. prepared by the City of
Miami, Department of Internal Auditing, dated July 21, 1986,
and Mr. Pablo Perez-Cisngros` response to the City Manager
dated October 24, 1986.
We have found no evidence that requires further
investigation by our office, nor the filing of criminal charges.
The matters addressed by the audit, including excessive
tX��!'t•�liUt'4S 'lor c.;oiri-1 si:Lvi-:rs; use of l:.�l::�`;,nrS, :•di�ll'�
to complete job objectives, improper separation of accounting
functions and inconsistent financial data provided by loan
PP recipients are administrative violations that should be
addressed by M.C.D.I. Directors and the City of Miami.
f' 'The conflict of interest issue •listed as . fir•�iry
'o. • 9 on ?Sr. 'OiI .ibris `• July 21; 1986 Widiolranduia to* the'Cl y `
1,rrasor was addressed ,gn• Page 5 of 1•Sr. Juan del 'Ce'rro`s
response to the City Manager dated October 24, 19860 and we
find no violation of Florida Statutes, nor City of Miami
ordinances. `
r,
Cox f
oOM is
• 3
CA lraL
It
� I
y '
e.+g'".f«r.t:.MM
t r—a 4x
n
e appreciate ►our bringing this ;natter qo��r
Ik
attention and should you have Ally questions or reuire .any
additional information, pleaSe feel free to contact us.
Sincerely,
JANET RENO
State Attorney
G'�:OAGE R. HAVENS, Clef
Criminal Investigations Division
State Attorney's Office
GRH/ms cc: {iSr:_.p31j],o..P.e,cQ71 :��.��c�.C'.s
M
•i
•
w
• '� fad
t�
i Yf
.•yet- i.�
s
�NZr•
{ S � (j �y,t+y'.t���y'��;}j�2y1 �� ( "
7
RE, 17T BY THE U S.
neral Accounting Office
�F deral Funds Promised, Provided, And Used
In Dade County, Florida, After The May 1980
Civil Disturbances
In May 1980, widespread rioting erupted in Dade
County. Florida. resulting in considerable damage in
several black communities. In June 1980. President
'
Carter said that the federal government would help
rebuild the areas most heavily damaged. GAO tried to
i
determine the exact amount of federal assistance
_
promised, provided, and spent.
Considerable confusion existed in 1980--and still exists
--concerning the exact amount of federal funds pro-
mised to the Dade County area for riot relief. Announce-
ments about federal commitments were made at
different times in different places by different officials.
Some commitments were based on anticipated actions
—such as congressional appropriations, receipt of
eligible loan applications, and reprogramming funds
from other areas —which did not take place or which
resulted in lower amounts being available than antici-
pated. Furthermore. I I officials and residents did
_ not always clearly u �erstand what was being pro-
mised, the amounts svolved. and the purposes for
which the funds were intended.
GAO estimates that about $116 million in federal funds
y
was promised and about $70.6 million spent after the
riots,
Y L
. 1
n-
Y
SEPT
EMBER 30.1906 ; #
-'Y
4 fie_
,r _
APPENDIX V APPENDIX V
In March and April of 1981, EDA approved grants totaling
$5 million to MCDI to establish a direct revolving loan fund.
The fiscal year 1980 supplemental appropriations act provided
EDA $5 million for direct loans in areas of south Florida
affected by the civil disturbances. Subsequently, at EDA's
request, the House and Senate Appropriations Committees approved
the reprogramming of these funds to provide $4,8000000 as a
revolving loan fund grant and $200,000 in a technical assistance
grant. The first grant was used to establish a revolving fund
to provide loans for working capital, fixed assets, and
guaranteed loans to businesses already in or willing to locate,
reestablish, or expand in the communities affected by the May
1980 riots (target areas as defined by local officials).
Repayments of principal were to be recycled into the fund for
use in making additional loans. Interest collected could be
used for making additional loans or for administrative expenses.
The technical assistance grant was used for MCDI's
administrative expenses related to the revolving loan fund.
Additional administrative expenses were covered by interest
collected and contributions from local governments.
Special targeting criteria
and financing policies
The administrative plan for the EDA Revolving Loan Fund
Grant Program, dated March 1984, outlines elements of the
program. MCDI concentrates its efforts on minority areas with
high unemployment as well as underemployed rates. The
administrative plan stipulates that the average size of a loan
should be about $50,000 and that no individual loan should be
for more -than $2400,000.
Analvsis of the loan portfolio
We analyzed MCDI's EDA Revolving Loan Fund Portfolio as of
February 28, 1985, to determine how the funds were distributed
by ethnic group, amount of.1oan, and status;of loan amounts and
whether funds_wer* spent in:the_target_areas. Ne_found.thgt,,
Our':analysts' showed that blacks, received 50 (690) of the
loan, totaling $2, 641, 687 ;- (569) , Hispanics tece1ved 14 . (19t)
totaling $1,555,750 (31i), whites'=eceived'6 (80) totaling
$563*000 0 21), and other ethnic groups received 2 (30) totaling
$100#000 (2t). The average loan to blanks was $52#8340 to
Hispanics was $111,125, to whites was $930833, and to other
ethnic groups was $50#000. (See table v.2.)
APPENDIX V
V
Taber
M®I EDA Revolving Loan Fund Portfolio --
APPENDIX V
Summary
of Loan Amounts by Ethnic Groups
(Feb. 28, 1985)
Number of
loans
Ethnic group
Number Percent
Total value
Average
Maximum
Minimum
White
6
(8)
$ 563,000
$ 93,833
$300,000
$18,000
Black
50
(69)
2,641,687
52,834
250,000
3,000
Hispanic
14
(19)
1,555,750
111,125
295,000
81000
Other
2
(3)
100,000
50,000
50,000
501000
Zbtal
7M
(M
$ . 860, 437
67,506
.
Of the $4,112,672 total outstanding balance as of
February 28, 1985, 37 loans totaling $2,401,962 were current and
35 loans totaling $1,710,710 were delinquent. The loan
delinquency rate was 56 percent for blacks, 50 percent for '
whites, and 29 percent for Hispanics. (See table V.3.)
Tal" V.3
H= tap MWIVLM tam Pend Porcfol3a—
Stmo of DAsU .Um tam Ammmts by 2thntc Grvtx
(Fab. 28. 1989)
ELM& Ruin
CUMMt
D:litigueot
TOW
ilabar
Mae of 16 a
Suba"I
Awavy hmdoan
ltinla of lam
Subtotal Maim ?odes
!Caro
Nabar
of )ors Qwunc
tints 3
5 L%,-92
$43,&% S 75.09D
512,SU 3
$ 359.616 $119,V2 $259,926
$19.690
6 $ 01,20b
USA .22
-1,=,A%
51.9 7 2i ,=
0 26
1.00,W4 37,339 214,610
5.5i6
30 - 2,2%,90B
dapdc 10
976.3U
97,11A253.799
1.1?6 6
305,5M . 76.396 245,V3
•7,V1
li 1X9,9n
Odra 2
lb.%3
49.272 N.570
42M . 0
0 .0 0
0
2
Further anslysis,showed that.26 of the total loans (36
percent) had. been transferred to MCDI's attorneys for collection
attempts or foreclosure. Also, 16 of the borrowers (22 percent)
had gone out of business.
Based on' -Information provided by MCDI, we determined that
all of the loans were approved for.,borrowers establishing.or,
having .businesses' in the `target area., However, one .borrower
moved outside the, target' area after''receivia % a $40,000 loan.
s,. 1
27 h
xi
1r
k•
i
, :: ram-
APPENDIX V APVDE3t IZ V
Development of an economic
adjustment plan
In September 1980, EDA approved a $100,0®® grant to the
City of Riamii to prepare an economic adjust plan In response
to the May 1980 riots. '1hloe total project cost, Including local
contributions, was $125,000. 21m' City used the EDA funds, to
hire a consultant, Janus Assw iates of lhashningtton, D.C., tto
develop a plan.
In MW 1981, Janus provided a detailed economic adjustment
plan for the City of Miami and Dade County. This plan provided
information on the economic and demographic profile of the
entire area and a community assessment including barriers to
development, opporttunities, and challenges of the target areas
affected by the riot. The report identified goals, objectives,
strategies, and recommendations that the City of Miami and Glade
County used to develop project proposals for funding with aM%
grantts.
In June 1981, the City of Miami and m►aide dices mtty submitted mittted as
preapplicatio . for economic adjustment fundto ML. The
preapplication listed 14 projects that could be funded with an
EDA grant of $5 nillion. The IML Atlanta Regional staff
reviewed each recawmended project and concluded that two had
merit for future funding consideration. 2bese were the
industrial part and a shopping center project. The firstt
project involved constructing a sever system, water lines, amd
street paving for an industrial part. The second involved
renovating and developing a deserted Pantry Pride shopping
center. Three of the projects had received EDL anal for
funding before EWs rewlcw of the preapplication document.
These were the $5 =illiiou revolving loan food, a bond guarantee
fund, and the Overtotm Shopping center project. aOL officials
said the remaining nine projects could be funded by other
federal agencies, local governments, or the private sector.
"M city of Mimi and Dade Counnntty submitted grant
applications fat the industrial part and the Pantry Prfale
rmow
called ®disom Plaza) projects, which were fuondedl by =A.
Zs_tablishmen =of Contractors Trafafnr9 aa"
m p - w I ont, lnc. ,, Revolving Won IVW
In Septsaber 1980, ZM appzoved a ¢400,000 grant to Daft
Coontty totestanhliisfn h a wori9 capital and bona guaramnt�e=
pswguaan
foot ninwritty contractoCs. 2be total cost of the project was
$83i,p08, iuluding local city and county watching fosds
total" "364r000.
22
k
_