HomeMy WebLinkAboutM-85-0059r► -
January 21, 1985
H% Walter Pierce
Assistant City Manager
City of Miami
3500 Pan AlTeri can Drive
Miami, Florida 33133
Dear Mr. Pierce:
In reference to our conversation on Miami Capital Development, Inc.'s funding gap,
provoked by not having received Dade County's allocation for Fiscal Year 1983-84 and not being
included in the Fiscal Year 1984-85 period; the actual status is as follows:
1) Dade County is withholding our Fiscal Year 1983-84 allocation for $56,204.00 as stated
in Mr. J.A. Ojedas' letter (See Enclosure).
2) In respect to our 1984-85 Fiscal Year allocation, in a meeting with Dr. Ernie Martin,
representing Dade County and Mr. Samuel H. Pierce, II., representing City of Miami Departrent
of Economic Development; Dr. Martin stated that Miami Capital had not been included in the
County's budget for Fiscal Year 1984-85, so those funds would not be forthcoming.
3) This creates a deficit in Miami Capital's budget for the above mentioned Fiscal Years
of an aggregate amxnt of $112,408.00 which is placing Miami Capital in a mire than critical
situation.
4) Miami Capital is requesting that the City of Miami, upon approval of City Manager and
City Commission, allocates the amount of $88,989.62 to cover the up-to-date deficit for the
twelve (12) month period of Fiscal Year 1983-4 and the seven (7) months period of Fiscal Year
1984-ffi.
5) This allocation can be approved as a loan for gap financing to be repaid as follows:
a) the $56,204.00 for Fiscal Year 1983-84 will be collected by the City upon release
of those funds by Dade County.
b) the seven (7) month allocation for Fiscal Year 1984-ffi for the amount of $32,785.62
will be repaid to the City by Miami Capital no later than June 30, 1985, upon
approval by the City Commission of the use by Miami Capital of interest income
from the City of Miami Revolving Loan Fund and the $960,000 HUD Gant as Adminis-
trative funds.
This will also enable Miami Capital to begin the process mandated by the City CoTmission
of freeing the City of Miami Capital's budgetary burden by Fiscal Year 1987.
nm 2 O %_�Q M iV
Miami Capital tvJr - S9
Development Inc. 100 North Biscayne Boulevard, Suite 906]Miomi, Florida 33132/Tel. (305) 358.1025
)P
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W. Valuer Pierce
Assistant City tanager
Ref.# M/85
January 21, 1995
Page two...
If you require mre infortnation on this matter, please do not hesitate to call.
Sinoerely"
AlfrecioIlz
Acting Exe^utive-f
4-1
Encl .
AI/ttg
cc: Mr. Randolph Rosencrantz, City Manager, City of Miami
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METROPOLITAN DADE COUNTY, FLORIDA
METRO DARE ;
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January 9, 1985
Mr. Juan A. del Cerro
President and Chairman of the
Miami Capital Development Inc.
100 North Biscayne Boulevard,
Miami, Florida 33132
Dear Juan:
Board
Suite 906
OFFICE OF COUNTY MANAGER
911 COURTHOUSE
MIAMI, FLORIDA 33130
(305) 375.5311
CtI''ilF :�' I; �•� ?'�
: �r Li'�,.��� t, ,�U.
Thank you for your letter of December 21, 1984, regarding your
concerns for the County's reimbursement to Miami Capital Develop-
ment Inc. for fiscal year 1983-1984.
First of all, I would like to clarify that the reason why we are
withholding the reimbursement has nothing to do with the EDCO
investigation. The County is withholding your payment subject
to the concerns which we have regarding the current investigation
now under way of your organization.
You will understand our concern for caution. Should we be satis-
fied that the reimbursement is consistent with appropriate
expenses incurred, we shall go to the Board of County Commissioners
to process this payment. Until that time we will continue to
withhold these .funds.
I am aware of the inconvenience this may cause your agency, but
I believe this is the best way to proceed at this time.
Sincerely,
J. A. P3eda, %Tr.
Assistant to County Manager
cc: Honorable Maurice Ferre, Mayor City of Miami
R. Rosencrantz, Actinq City Manager
E. Martin, Director Office of Community &.Economic Development
A. Vazquez, Director Internal Auditing
106.01.25 Rev. 504