HomeMy WebLinkAboutSummary Form' AGENDA IJEM SUMMARY FORM Law Department
�`�. _ PH.
1 Matter ED No.
IM. FILE ID:
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Date: Q6/Q2/2_009 Requesting Department: Comznuni� Development
Commission Meeting Date: 06/11/2009 District Impacted: 1 2,3,,45
Type: R Resolution ❑ Ordinance F1 Emergency Ordinance [] Discussion Item
D Other
Subject: APPROVAL OF REPAYMENT PLAN TO U.S. DEPARTMENT OF HOUSING AND
URBAN DEVELOPMENT
Purpose of Item:
APPROVING A REPAYMENT PLAN FOR FUNDS OWED TO THE U.S. DEPARTMENT OF
HOUSING AND URBAN DEVELOPMENT ("HUD"), 1N AN AMOUNT NOT TO EXCEED
$4,027,824.76, AS SET FORTH IN EXHIBIT "A", ATTACHED AND INCORPORATED, TO ALLOW
THE CITY OF MIAMI ("CITY") TO ACCESS NEIGHBORHOOD STABILIZATION PROGRAM
FUNDS, IN THE AMOUNT OF $12,063,702; AUTHORIZING THE CITY MANAGER TO
NEGOTIATE., TO AMEND, AND TO EXECUTE ANY SUCH REPAYMENT AGREEMENT BETWEEN
THE CITY AND HUD FOR IMPLEMENTATION OF SAID PURPOSES.
Background Information:
Please see attached
Budget Impact Analysis
NO Is this item related to revenue?
NO Is this item an expenditure? If so, please identify funding source below_
General Account leo.
Special Revenue Account No.
CIP Project No:
NO Is this item funded by Homeland Defense/Neighborhood Improvement Bonds?
Start Up Capital Cost:
Maintenance Cost:
Total Fiscal impact:
Final Approvals
(SIGN AND DATE)
CIP Budget
IfusinR orreccivinR capital funds
Grants Risk
Dept
City
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AGENDA ITEM SUMMARY FORM CONTINUED
Background Information:
Pursuant to Resolution No. 08-0641, adopted on November 13, 2009, the Miami City Commission approved
the acceptance of a grant from HUD under the Housing and Economic Recovery Act of 2008 in the amount
of $12,063,702 for the implementation of the Neighborhood Stabilization Program ("NSP").
On March 13, 2009, the NSP Grant Agreement between the City and HUD was executed by the City
Manager, as indicated in Exhibit "B", attached and incorporated.
Pursuant to Special Condition #1 of the NSP Grant Agreement, before the City can access NSP funds, the
City is required to submit a repayment plan for the outstanding obligations due to HUD because of certain
compliance issues.
The City has negotiated with HUD to repay the outstanding obligations, as set forth in Exhibit "A", attached
and incorporated.
The Department of Community Development has made changes to its policies and procedures which have
been communicated to and accepted by HUD to ensure that these compliances issues are never repeated.
The Administration recommends approval of the repayment plan between the City and HUD to allow the
City to access the NSP funds.