HomeMy WebLinkAboutR-82-0595RESOLUTION NO. 8--k-'s-545
A AtSOLUTION RATIFYING, APPROVING AND
CONFIRMING THE ACTION OF THE CITY MANAGER
IN EXECUTING AN AMENDMENT TO AN AGREEMENT
ENTERED UNTO AUGUST 101 1901, BETWREN THE
CITY OF MIAMI AND MIAMI' tAPITAh ° DP VEDOPMtNT,
INC., WHEREBY THROUGH =CUTION OF SAID
AMENDMENT MIAMI CAPITAL btVEhOP1-WNT, INC.
IS AUTHORIZED TO CHANGE THE RATIO OF THE
CAPITALIZATION/AbMINISTRATI'VE COSTS PROM
$1000000/$2500000 TO $50000/$300000,
FURTHERMORE, AUTHORIZING THE CARRY-OVER
AMOUNT OF $11,775.12 FROM 6TH YEAR COMMUNI-
TY DEVELOPMENT FUNDS TO THE PRESENT YEAR OF
4 OPERATION, THEREBY MAXING THE CAPITALIZATION/
ADMINISTRATIVE COST RATIO $50,000/$311,775.12
a ,
WHEREAS, Miami Capital Development, Inc. has received
authorization from the Department of Community -Development to
re -program the use of the funding obtained through the original
agreement.entered unto by both parties on August 10, 1981; and
WHEREAS, Miami Capital Development, Inc. had the
unexpended amount.of $11,775.12 from its 6th Year Community
• Development allocation; and
WHEREAS, it is desirous that Miami Capital Development,
Inc:`be authorized to carry over the"aforesaid amount to the
present year of operation and that said amount be added to its
present Administrative Cost budget.
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NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION
OF THE CITY OF MIAMI, FLORIDA:
•4
Section 1. The action of the City Manager in executing
an Amendment to an agreement entered unto August 10; 1981, between
the City of Miami and Miami Capital Development, Inc, is hereby
CITY COMMISSION
MEETING OF
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rati:ftlad# approved and confirmed) wheteby through twecutidn
of said Amendment, Miami Capital bevelepm6ntj tne, it authorized
to change the ratio of the Capitalization/Administrative c6atr.
from $100#000/$250#000 to $50,000A3bDjD06, furthermore, autho-
rizing the carry=over amount of $11#775.12.from 6th Year Commufti-
ty Development ftnds to the present year of operation, thereby
making the Capitalizatim/Admilnistrative cost ratio $50,000/
$311*775.12o
PASSED AND ADOPTED this 24th clay of June 1982.
ATTEST%.
RALPh"V. ONGIEr CITY CLERK
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PREPARED AND APPROVED BY:
I . -
.0- 411
ROBERT F. CLARK, DEPUTY CITY ATTORNEY
APPROVED -AS TO FOUL AND CORRECTNESS:
GEORGE CITY:ATTORNEY
V&
Maurice A. Ferre
MAYOR
TO Howard V. Gary
City Manager
CITY OF MIAMI. FLORIOA
INTER -OFFICE MEMORANDUM
PATE
SU81EC1
C. 0all6gly, Director _ Ft I:; t� R E. N!- FS
Department of Trade an Com erce
eNc�osunr.s
June 16 r 1982 FILE,
Amendment to City/Miami Capital
DeiieloPMent, Inc. Agreement
"It is recommended that the attached
Resolution be presented to the City
Commission, whereby the execution of
an Amendment to the Miami Capital
Development, Inc. agreement is
ratified approved and confirmed."
Through the execution of the Agreement dated August 10, 1981
between the City of Miami and Miami Capital Development, Inc.,
the latter was allocated the amount of $350,000 for the purpose
of continuing a financial assistance program on behalf of
the City of Miami. Said allocation was originally to be
distributed in the amount of $100,000 for capitalization
purposes and $250,000 for administrative costs.
An Amendment to the above mentioned agreement was prepared by
the Department of Trade and Commerce, while under the
direction of the former Department Director, and executed prior
to the Commission adopting a Resolution. As a result, it is
now necessary to ratify, approve and confirm such action.
The Amendment authorizes Miami Capital Development, Inc. to
change their administrative capitalization ratio from
$250,000/$100,000 to $300,000/$50,000. In addition, it allows
Miami Capital Development, Inc.to carry over the amount of
$11,775.12 from Sixth Year Community Development funds to
their present year of operations thereby making their total
administrative allocation $311,775.12.
CG:es
Encs.
82•595