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HomeMy WebLinkAboutR-86-0914i J-86-946 RESOLUTION NO, 86-914 A RESOLUTION ALLOCATING $730,000 OF TWELFTH (12TH) YEAR COMMUNITY DEVELOPMENT BLOCK GRANT FUNDS TO CREATE AN ECONOMIC DEVELOPMENT AND PHYSICAL IMPROVE.ME.TNT FUNDING POOL, FOR THE PURPOSE OF IMPLEMENTING ECONOMIC DFVE?LOPFIENT AND PHYSICAL I► PR.OVEF1ENTS PROJECTS THROUGH CONTRACTUAL AGREEMENTS IN THE FORK; OF A GRANT OR LOAN, SAID PROJisCTS TO BE LOCATED IN THE CITY OF MIAMI COMMUNITY DEVEI.,OPMENT TARGET AREAS WITH PRO,IECT FUNDING BEING AWARDED BY THE CITY COMMISSION IN THE FOLLOI.IING MANNER: PROJECTS WITH A TOTAL COST NOT EXCEEDING $50,000 WILL, RE FUNDED FOR FIFTY PERCENT (50%) OF THE TOTAL COST, PROJECTS COSTING $50,001 AND ABOVE WILL REQUIRE MATCHING FUNDS AT A MI14IMITM PATIO OF TWO (2) TO ONE (1); AUTHORIZING THE CITY MANAGER TO EXECUTE COMMISSION —APPROVED AGREEMENTS, FOLLOWING THE APPROVAL BY THE CITY COMMISSION, THE CITY MANAGER ►,'ILL BE AUTHORIZED TO EXECUTE AN AGREEMENT IN A FORM ACCEPTABLE TO THE CITY ATTORNEY, WITH THOSE NOT —FOR PROFIT AND/OR FOR —PROFIT ENTITIES SEEKING SAID GRANT/LOAN WHOSE PROJECTS SUCCESSFULLY MEET THE SCORING REQUIREMENTS AND LEVERAGE AMOUNTS AS SET FORTH HEREIN IN THE ATTACHED MEMORANDUM. WHEREAS, the City Commission is committed to economic development and the expansion of Trade and Commerce; and WHEREAS, the promotion of economic revitalization in the City of Miami commercial districts is a part of the City's economic development strategy; and WHEREAS, $730,000 is available from the Twelfth Year Community Development Block Grant Program for the purpose of implementing and developing strategic commercial economic development and/or physical improvement projects in the City of Miami target areas; and WHEREAS, the Department of Community Development is responsible for commercial business activities and physical improvement projects at the neighborhood level; and CITY COMMISSICIBi MEETING OF NOY 13 1986 WHEREAS, the City of Miami's economic development objectives Include, but are not limited to, promoting growth in City target areas through public/private partnerships; and WHEREAS, the Department of Community Development has designed a neighborhood commercial business development and Physical Improvement Projects program; and WHEREAS, the allocated sum of $730,000 would provide financial assistance in the form of a grant/loan for the aforementioned types of projects; and WHEREAS, funds will be awarded on a competitive application basis in which projects will be subject to a scoring and evaluation process that will objectively measure the proposed project impact of job creation/retention, business development, aesthetic enhancement; and WHEREAS, these monies will be made available in two (2) competitive scoring and evaluation rounds with an allocation of $365,000 for each round; and WHEREAS, financial assistance for said projects will be made in the form of matching grant/loan funds up to fifty percent (50%) for eligible projects with a total cost not exceeding $50,000; and WHEREAS, for those eligible projects whose total cost is $50,001 and over, these monies will provide matching grant/loan funds at a leverage ratio of at least 2:1; NOWITHEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE CITY OF MIAMI, FLORIDA: Section 1. $730,000 of Twelfth Year Community Development Block Grant Program Funds are hereby allocated to create an Economic Development and Physical Improvement Funding Pool for the purpose of providing loan/grant funds to for -profit and not - for profit entities whose proposed economic development and/or physical improvement projects will clearly impact on the It 4, community's needs and meet the scoring requirements and leverage amounts as set forth in the attached memorandum. PASSED AND ADOPTED this 13th 1986. jp�p- MA TY HIRAI, CITY CLERK PREPARED AND APPROVED BY: te cAde �t ROBERT F. CLARK CHIEF DEPUTY CITY ATTORNEY APPROVED As,/T,6 FORM AND CORRECTNESS: LUCIA A. DOUGHERTY CITY ATTORNEY day of November , AVIER L. SUAREZ, MAYOR A CFTY OWt�fn nor. R f.t�epf«As At AM a The Honorable Mayor b Members of the City Commission NOVtl Mlc: suNUECr: Creation of an Economic Development & Physical Improvement Funding RClM: REF£RENCEf pool Cesar H. Odio City Manager ENCLOSURES: RECOMMENDATION: It is respectfully recommended that the City Commission adopt the attached resolution in substantially the form attached hereto, authorizing the utilization of seven hundred and thirty thousand dollars ($730,000) as appropriated in the Twelfth (12th) Year Community Development Block Grant Program Fund. The allocation of said funds will be used for the purpose of implementing economic development and/or physical improvement projects, in accordance with the terms and conditions as set forth therein. BACKGROUND: The Department of Community Development (DCD) has analyzed the need to identify a new comprehensive approach to economic development. The DCD has several proposed projects from both not -for -profit and/or for -profit entities whose plans clearly show an impact on the target area's priority needs. Project will be evaluated and scored based on the following minimum criteria: "% i 0 The Ronorable Mayor & Members of the City Commission Page 2 All projects will be reviewed consisting of City administrators: by an evaluation committee 1) Director of Community Development or his/her designee; 2) Director of Planning or his/her designee; 3) Director of Development or his/her designee; 4) Assistant City Manager for Community Development or his/her designee. Funding from the City of Miami will be awarded by the City Manager on the following basis and will be available in two (2) rounds of three hundred and sixty-five thousand dollars ($365,000). 1) Projects whose total cost is less than $50,000 will be matched up to fifty percent (50%) of the total cost; 2) Projects whose total cost is $50,000 and above will be matched on a leverage ratio of at least 2:1. In addition, for every $3.00 of funds expended on a project, no more that $1.00 will be Community Development funds and no less that $2.00 will be other funds (private and/or public). Scores awarded under each of the aforementioned criteria area's will be added and the sum shall constitute the total score for that project. Those projects determined feasible and receive a score of fifty-one (51) and above will be funded in the order received until all available funds are exhausted.