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Yo. Cesar Odio
City Manager
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MIAMI, FLORIDA
:E MEMORANDUM52
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susJEcr:
Miami Capital Development, Inc.
/1lOIN: REFERENCES:
Rosario Kennedy
Commissioner ENCLOSURES:
Please place on the July 24 agenda as a discussion item
the Miami Capital Development, Inc.
cc% Mr. Al Ruder
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86-63
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FROM:
CITY
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Cesar 0dio
City Manager
Rosario Kennedy
Commissioner
IAMI, FLORICA
E MEMORANDUM'",'.' ' "" ". ' ;.. 52
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DATE: 7 117 18 6 FILL:
susJEcr:
Miami Capital Development, Inc.
REFERENCES:
ENCLOSURES:
Please place on the July 24 agenda as a discussion item
the Miami Capital Development, Inc.
cc: Mr. Al Ruder
#10TI aN
86-638
To:
FROM:
CI-M OF MIAML FLORIDA 52
IN-raR.OrFICE tAjgM0RANDUt4,",
v4m 7/17/86
Cesar odio
City Manager SUBJECT: Miami Capital Development,
Inc*
REFERENCES:
Rosario Kennedy FNCLOSURM
Commissioner
on the july 24 agenda as a discussion item
please place Inc.
the Miami Capital Development,
cc: Mr. Al Ruder
j"o j . to
86-11639
CITY OR MIAMI. FLORIDA
wran-oFFIce MEMORANDUM
Honorable Mayor and Members May 15, 1986
1O` of the City Commission CATeG
Cesar H. Odio
FROM: City Manger ko
Miami Capital Develop-
ment, Inc.
REFERENCEei: City Commission Agenda
June 12, 1986 Meeting
ENCLOSURES:
A resolution authorizing the City Manager
i to enter into a contract in a form accept-
able to the City Attorney with Miami
Capital Development, Inc. (MCDI) which
provides $500,000 in loan funds to in-
crease the existing Revolving Loan Fund
y (RLF) Program; further providing $120,000
for the administrative operations of MCDI
for the period of July 1, 1986 to June 30,
1987. Funds for said programs are avail-
able from the 12th Year Community Develop-
ment Block Grant Fund.
On April 22, 1986, the City Commission passed Resolution Number
86-296 approving the twelfth Year Community Development Block
Grant application, which included, as part of its proposed
activities for the 1986/87 fiscal year, approval of Miami Capital
Development, Inc.'s Administrative and Revolving Loan Fund kRLF)
Programs.
Miami Capital Development, Inc. (MCDI) a quasi -public lending
institution, serves as the City's financial arm to provide finan-
cial business development loan packaging services, and managerial
and technical assistance to its loan recipients.
In addition to providing the aforementioned administrative sup-
port to minority entrepreneurs, MCDI also administer's a Revolv-
ing Loan Fund Program which is used mainly to fill the gaps in
the existing financial markets for those entrepreneurs who have
had in adequate access to credit and business opportunities
generally required by private lending institutions.
During the 1986-87 fiscal year, MCDI will strengthen its program-
matic objectives, specifically in the following areas:
1. Providing increased technical assistance to it
loan recipients.
2. Networking and participating with local neighbor-
hood community -based organizations in identifying
t
kt'
of the City Commission
May 8, 1986
Page 2
and implementing commercial economic development
projects.
3. Creating linkages with private institutions to
assist MCDI in leveraging its available loan funds
as well as identify additional sources of revenue.
4. Work with the Rouse Company to dssist in the mi-
nority participation effort for the Bayside pro-
ject.
MCDI has also modified its RLF guidelines to allow the maximum
amount loaned for working capital to $75,000 and fixed assets to
$225,000 from $50,000 to $150,000 respectively.
MCDI will receive $120,000 for administration for fiscal year
1966/87.
The RLF program will be funded at a level of $500, 000 to assist
small businesses in attaining working capital and/or fixed
assets.
It -is recommended that the City Commission approve the attached
resolution authorizing a contract agreement with Miami Capital
Development, Inc. for the 1986/87 fiscal year.
CHO/EB/zi
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