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HomeMy WebLinkAboutR-85-0753' O H -468 RESOLUTION NO, his � iik A RESOLUTION AUTHORIZING THE CITY MANAGER TO AMENO THE "GRANT PROGRAM FINAL STATEMENT OF COMMUNITY btVELOPMENT 09JECTIVE5 AND PROJECTED USE OF FUNDS" FROM THE CITY'S IiTH YEAR COMMUNITY 0EVELOPMENT HLOCk GRANT APPLICATION TO 1NCL01)E $109000,OOO hF COMMITTEO SLIT UNEXPENDED FUNDS FOR INTERIM >' FINANCING TO A85I51 THE CITY IN ITS COMMUNITY DEVELOPMENT ACTtVtttES, AND INCREASING PROGRAM INCOME BY THE SAME AMOUNT, WHEREAS, the City Commission adopted Ordinance 8719 on October 26q 1977, establishing resources and appropriations for grant funds anticipated by the City of Miami; and WHEREAS, the City Commission amended Section 1 of Ordinance { 8719, establishing a new trust and agency fund entitled Community Development' Block Grant (Eleventh Year) by Ordinance 9991 upon d:, its second reading on May 9, 1985 and WHEREAS, Ordinance 9991 anticipated that the Department of a�. Ek Housing and Urban Development would award the City of Miami a .A -grant of $14,040000 to provide community development activities F for the periodcommencingJune 16,1985, and ending June 15, 1986; s ri r= and , , WHEREAS,, $10,000,000 of the money allocated` to the City of f Miami within that 11th year application is committed but a 'a unexpended funds to be used as a Community Development float as interim financing to assist the City of Miami in its economic �N development activities; and �t WHEREAS, all 11th year application funds to be used by the �k City of Miami must be included in a "Grant Program final Statement of Community Development Objectives and Projected Use of Funds"'; and WKR£AS the City Ma4iager h_as submitted the 11th year :.° application "Grant Program Final. Statement, etc,," to the { Department of Housing and Urban Dovelo;pment (Resolution No, s 05-457; and 'WHF-,RfAS the $10,000,000 Community Development Float hap .not k yet bVpn ifneorp-+aratar! in th@ '"0rant Pfagrem Finpl 5tptb'mpht of a CITY COMMISSION MCIFTINO or �ti , 32 11 tdMMUhitY Development Objectives and ProjedLtd Use of rUhdb" , and WHLRtA5o it would be beneficial for the City of Miami to have these $101000�nao or interim fihgh-Cihg funds available for community development) Lb I supply additional tbVehOdS and expedite eligible tbffiMuhilty development projects by providing below-mdrktt rate interest NOW) tHLREFOREw BE It RESOLVED By THE COMMISSION Or THE CITY Or MIAMI) FLORIDA! Section J. The Commission Authatites the City Manager to amend the "Grant Program Final Statement of Community Development and Projected Use of Funds" from the City Of Miami's 11th Year Community Development Block Grant Application to Permit the City of Miami to use $10woonto00 of committed but unexpended (Community Development Float) funds for interim financing to assist the City in its community development activitiest and increasing program income by the same amount. PASSED AND ADOPTED this 18thday of JUIV 1985. ATTEST: Maurice A...Ferre MauF17—ceA. Ferreq Mayor RiKp—h G. Ongieq City erk PREPARED AND APPROVED BY; kRobert N. Sechen let, Assistant City Attorney APPROVED AS TO FORM AND CORRECTNESS; 1. I 4ciA:. aDgherty ift 'aft MtAMii ftbfff A 1NT1ffR4PP1C1t MEMORANDUM f15. The Honorable Mayor bAtt July 31 ftt`: and Metbers df Eire City d6mmissi0h subAcf $lo, o00, 000 CD Float from HUD filth year 080 Application, d6mmi aside Agenda :w�ts July 18, 1985 Sergio PL'reira City Manager ENc�iSsupS: (1j tt is recommended that the City Commission approve the attached resolution authorizing the City Manager to amend the "Grant ProgKam Final Statement of,. Community De.valopment ©b eet_ _ves ,and PYo". ected Use of Funds - root the C ty s ith Year community Development Block Grant application to include $_10,000, 000_-of committed but uneXpended or interim.inane ng to assist the City in its Comm sty development activitiest and increasing program income by the same amount. On October 26, 1977 the City Commission adopted Ordinance No. 8719 establishing resources and appropriations for grant funds anticipated by the City. On April 11, 1985 the Commission held its public hearing on the City's llthYear Community Development Block Grant (CDBG) appli-- cation to the U.S. DepartmentofHousing and Urban Development. Resolution No. 85-457 was subsequently passed and adopted on April_•18, 1985, authorizing the City Manager to submit a "Grant Program Final Statement, etc." to the U.S. - Department of Housing and Urban Development (HUD) requesting the $14,040#000 for the City's'FY 1985-1986 Community Development Program as required by HUD. Ordinance No. 9991 was ,then passed on May 9, 1985, amending Ordinance No. 8719 to reflect the $14 million llth year CDBG application and HUD grant program. Included in the $14,040,000 award earmarked for the City of Miami was $10,000,000 of committed but unexpended funds, available for interim financing of community' development projects. These funds are available for use by the City as a low -interest, short-term loan. With development of much of Phase I of the Southeast Overt,own/Pair% West Project proceeding over the next year, these funds will be helpful in ensuring the success of that project and, concurrently, other City sponsored projects that require additional public support, 8553 L Y Mayor and City C6MMis9ion ,u i 5 The "Grant Program Pinal Statement, etc=" submitted to xvD in April did not Include the provisions for a $10,n00000 community b6vel6pttteHt Float pund to be used this fiscal Year, ` to order to have the option to attach these funds and make them available for this year, it thug becomes neceasaty to amend the "grant Program Final Stateiient, etc. "_ In doing so the $10,000,000 Community bevelopment Moat will then be available for the City to disperse as a shortteYtit, low -interest Than within eligible community development areas. k h t ti ` { Y c c }, Cl" OP MIAMI, PLOR10A INTER-OPPICE McMORANDUM 84 y s to fine Honorable :Mayor bAtk: Juiy 10, 1985 PILI: and �te�bets �� ttip City Cor�mis pion suajecr 81%000,000 Cb Float told Hot) 11th teat CDBG application; Cd m issibn Agenda Ilk 5er0io 'Pe r4i f.. FNc�osuR s: i ty anager 1t is recommended that the City Commission approve the attached resolution authorizing V, the City Manager to amend the 1111th Year CD80 r.�grara Final Statement f CommuDevelop- ment Ob;ectiveS and Projected Use of Funds' to inciuie . 10,OOO U00 of committed but unaxpen�iet3 funds for interim financing to _ _. assist the City in its community development i activities, and increasing program income by V the same amount. On October 26, 1977 the City Commission adopted Ordinance No. , 8719, establishing resources _and _appropriations for grant funds anticipated by the City. ' On April 11, 1985 the Commission held its public hearing on the City''s llth Year Community Development Block Grant (CDBG) program- application to the U.S. Department of Housing and Urban Develop- r„ ment. Resolution No. 85-457 was subsequently passed and adopted on April ' 18, 1985, authorizing the City Manager to submit ,_a "Grant Program Final Statement, etc." to the U.S. Department of Housing and Urban Development (HUD) requesting the $14,040,000 i:. for the City''s FY 1985-1986 Community Development Program as required by HUD. Ordinance No. 9991 was then passed on May 9, 1985, amending Ordinance No. 8719 to reflect the $14 million 11th year CDBG application and HUD grant program. M. Staff is recommending to include as an amendment to the 11th year Community Development application a $10 million Community Devel- opment Float. This Float consists of encumbered but unexpended CDBG funds currently available in the City's U.S. HUD letter of credit, The float Would provide interim financing to assist the City in its economic development ectiviti.es, Since the float y would be repaid within a year's time, it will reflect a $10 million injectivn of program income to be used to fund other eligible CDBO wtivitica, The use of Community Development funds for interim financing allows the City to offer ;prospective 4Wh g61 5 4 N c r' I kk Mayaf: Arid City comfni ss iori .duly ld, l9$5 developer g financing at highly dof[lpetitive rates and terms, Wit} develodment of much of Phase 1 3i the S�ut'neast Jvdr�d�Jn ar ►�1e5E project proceeding that over the .Iegt year► thz C"D F :oat Will be `ne�pful In ensuring the �ucces5 <�.L t;iat iroject 3ti�7, cOtl�tirrent� other Cit,I-tdonscred pr-jests that require Additional dublic support. �' ' 0 F r v to the City ` s C6 Yes ram would Unde.. til� CC loaf, pis,. � P g be nbn­e.-Itistadt, eince all pro juts to be assisted would have appropriate permanent` financing and irrevocable letters of Credit arranged with the city' as the beneficiary of the, letters of Credit. i .. '� ' , " W OL/�► Vvo Milli {i���lYi� The "Grant program Final Statement, etc submitted to HUD Diin April did not include the provisions for a $ ► Development Float to be usert this fiscal year. A. h file —e f W�lf.io aj j ,",1ake them to order to have the 010'On �0 3tt3cn available for this year, it thus becomes n`cess3=y } ame ld the ".sir nt �rOgran Final -tatenlenI, f etc." In doing so the $10, 000, 000 of the llth year entitlement amount of $1�}► 040, 000 awarded to the City for its Community Development dock Grant program will then be available for the City to disperse as a short-term, low -interest loan to eligible community development activities within designated community development target areas; I