HomeMy WebLinkAboutR-85-075407/03/85
RESOLUTION Nn.µ���►"_`7154 ._
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A RESOLUTION E5TAHL15HING GUIDELINES TO Ot USED OY THE CITY MANAGER IN ALLOCATING THE
$1090000000 COMMUNITY OLVELOPMENT FLOAT
INCORPORATED WITHIN THE'11fiH YEAR COMMUNITY
0EVLLOPMENT BLOCK GRANT PROVIDED AY THE UPS,
h, DEPARTMENT Or HOUSING AND URBAN DEVELOPMENT;
FURTHER AUtHORIZ ING THE. CITY MANAGER TO
-' LSTAOLISH PROCEDURES AND GUIDELINES FOR THE
ALLOCATION OF FUNDS AND NEGOTIATE THE
NECESSARY CONTRACTS AND AGREEMENTS TO
IMPLEMENT THE LOAN PROGRAM US1NG SAID
COMMUNITY DEVELOPMENT FLOAT FUNDS.
3
WHEREASt the Commission authorized the City Manager to amend
` the "Grant Program Final Statement of Community Development
Objectives and Projected Use of Funds" from the City of Miami's
11th Year Community Development Rlock Grant Application to allow
^` the City of Miami to use $10,000,000 of committed but unexpended
(Community Development Float) funds for interim financing of
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community development activities (Resolution No85-753); and
WHEREAS, in order to allocate those funds it is necessary to
establish-guidelines'and'standards for the City Manager to
determine eligible projects
NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE CITY
q OF MIAMI, FLORIDA:
Section 1. The
Commission authorizes the City Manager to
use the $10,000,000
Community Development Float Funds as an
interim financing tool
(less than one year) for eligible projects
as defined and established
by Sections 2 and 3 of this
resolution.
Section 2. To
be eligible to receive Community Development
Float Funds, a project must be located within a community
development target
area, must have a developer provide an
irrevocable letter of credit guaranteeinq the funds, and must
benefit the public as
defined in Section 3, herein,
Section 3. T1ae
following items are co,f sidored hopofits to
the ub i
CITY COMMISSION
(a) Removal 4f slum
4n4 bligbts
MECTINO OF
JUL, to 1905
RFSQLyitpfY e�!
�a
G
eltT Ok WAMI, PL$AFBA
MIR MONAWOUM
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The Honorable Mayot and cAfitJuly 3, 1985
Members of the City C61fimi§sidh
susitct
Guidelines and Standards for
Allocatihq cb float Funda
ik$iW
Sergio Pereira OVrPthtNdtbCitY COffimi to idh Agenda
July M 1985
"Manager
City
}
ENCLOSURES
Resolution el_
stablishinuidelnes to be used
by the Cit�r Manager in a1loCsting the
10� 000, 000 Gotmunit
__ y Develapmen - Ploat
incorporated within the llth Year community
Development Mock Grant
provided by the U.S.
Department of Housing and urban bevelopment;
further authorising_ the:., City. Maria er to
establish
_._ _ procedures _and uidel nes the
.or
allocation o ands _ alnd ne of ate the
„
Y. -
ncesser contracts an agreements to
iIMP lement the loan program -using said
Community Development Float Funds.
In :order to use $10,000#000 in Community Development Float
Funds available to the City, the City must
establish guidelines
and standards for their allocation. The attached
resolution
establishes guidelines to be employed by the City Manager in
determining projects
eligible to use the CD Float Funds. It
further authorizes the City Manager to
establish specific
guidelines and procedures for the allocation of those funds and
to
negotiate contracts andagreementsnecessary to implement 'a
loan program using the`$10 million.
I
R
A.