HomeMy WebLinkAboutR-86-0695A RESOLUTION AUTHORIZING THE CITY MANAGER TO
EXTEND THE TERMS OF THE NOVEMBER 6, 1985
AGREEMENT, IN A FORM ACCEPTABLE TO THE CITY
ATTORNEY, WITH MIAMI CAPITAL DEVELOPMENT,
INC. (MCDI); FURTHER ALLOCATING $30,000 FROM
TWELFTH (12TH) YEAR COMMUNITY DEVELOPMENT
BLOCK GRANT FUNDS FOR THE ADMINISTRATION OF
MCDI FOR THREE (3) MONTHS OR UNTIL THE
REQUIRED LOAN PORTFOLIO AUDIT IS COMPLETE.
WHEREAS, the City Commission is desirous of maintaining its
neighborhood revitalization and community development efforts in
the community target areas; and
WHEREAS, the agreement dated November 6, 1988 between Miami
Capital Development, Inc. (MCDI) and the City of Miami was
automatically renewed in accordance with Article 1.3 of the said
agreement; and
WHEREAS, on July 24, 1986, the City Commission passed Motion
No. 86-638 authorizing and directing the City Manager to obtain
the servioes of an independent outside auditor to conduct an
audit of the MCDI loan portfolio, intake and disbursement
process; and
WHEREAS, said motion further stipulated that only $30,000 be
allocated for MCDI administrative operations for a period of
three (3) months or until the above -cited audit is completed;
NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE CITY
OF MIAMI, FLORIDA:
Section 1. The City Manager is hereby authorized to
extend the terms of the November 6, 1988 agreement, in a form
acceptable to the City Attorney, with Miami Capital Development,
Inc. (MCDI) with funds therefor hereby allocated in the amount of
$30,000 from Twelfth (12th) Year Community Development Blook
Grant Funds for the administration of MCDI for three (3) months
or until the required MCDI loan portfolio audit is complete.
CON.W810M
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PASSED AND ADOPTED this llth dal Uf SEF _ 1986.
XAVTER
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CITY CLERK
PREPARED AND APPROVED BY:
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ROBERT F. CLARR
CBIEF DEPUTY CITY ATTORNEY
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APP S TO FORTS AND CORRECTNESS
LUCIA A. DOIIG TY
CITY ATTORNEY
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CITY Or MIAMI. FI-017113A
INITII_R-OFFICE
F+1EMORANE)UM
Honorabl Mayor and Mambers
September 11, 1986
DATE:
TO:
of the ty con17F1ission
SUBJECT: Miami Capital Development.
}
ino. (MCDI)
FROM:
Lu a A. Dougerty
REFERENCES: Agenda, 9/ 11 / 86 ; Item #46
City Attorney
ENCLOSURES: (10)
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Attaohed please find a revised
resolution whioh we believe more
aoourately refleots the City
Commission's intention by its
adoption of Motion No. 86-638 at
the July 24, 1986 meeting.
'
The resolution whioh was distributed in your agenda paoket
referred to funding for the "next three (3) months"; the attaohed
resolution merely states "three
(3) months" as the funding period
or until the required loan portfolio audit is oomplete.
LAD/RFC/rr/P272
oo: City Manager
City Clerk
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INTER -OFFICE MRMORANDUM
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TO; The Honorable Mayor and Members DATE: August 25,1996 FILL:
of The City Commission
SUBJECT: Miami Capital
Development, Inc.
FROMI Cesar Odio REFERENCES:
City Manager ENCLOSURES:
A RESOLUTION RATIFYING MOTION NO. 86-
638 AND FURTHER AUTHORIZING THE CITY
MANAGER TO EXTEND THE TERMS OF AN
AGREEMENT] IN A FORM ACCEPTABLE TO THE
CITY ATTORNEY, WITH MIAMI CAPITAL
DEVELOPMENT, INC. (MCDI); FURTHER
ALLOCATING $30*000 FOR THE
ADMINISTRATION OF MCDI FOR THE NEXT
THREE (3) MONTHS OR UNTIL THE REQUIRED
LOAN PORTFOLIO AUDIT IS COMPLETE; FUNDS
ALLOCATED WILL BE FROM THE TWELFTH
(12TH) YEAR COMMUNITY DEVELOPMENT BLOCK
GRANT PROGRAM.
On July 24, 1986, the City Commission passed Motion No. 86-638
Approving the allocation of $30,000 to Miami Capital Development,
Inc. (MCDI) for its administrative expenditures for the first
three (3) months of the 1986-87 fiscal year.
MCDI serves as the City's quasi -public lending institution whose
management objectives are to provide technical and business loan
assistance to small and/or minority owned businesses located in
the City of Miami Target areas.
As a result of the aforementioned motion, the City Commission
directed the City Manager to obtain the services of an
independent auditor to audit MCDI Is loan portfolio, and its loan
management intake and disbursement process and provide the City
of Miami with a detailed analysis and/or revised management
system if required.
The
above allocation was approved in order
to allow MCDI to
l'
maintain its administrative
and programmatic
objectives without
any
adverse transition on
the corporation's
daily operations.
-'
MCDI
will be allowed to
(1) Accept and
process new loan
`
applications, and (2) Grant
loans for the Bayside Project. MCDI
will
not be permitted to make any financial
commitments on new
_
loan
applications.
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The Honorable Mayor and Members
of The City Commission
August 25, 1986
Page 2
4
It is recommended that authorization be
granted to disburse the
approved $30,000 to MCDI for its administrative
operations. This
$30,000 will be disbursed in accordance
with an approved line -
item budget.
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