HomeMy WebLinkAboutSummary FormAGENDA ITEM SUMMARY FORM
Law Department
Matter ID No.
FILE ID: olk
Date: 05/22/2009 Requesting Department: Community Development
Commission Meeting Date: 06/18/2009 District Impacted: 1,2,3,4,5
Type: ® Resolution ❑ Ordinance ❑ Emergency Ordinance ❑ Discussion Item
❑ Other
Subject: APPROVING ECONOMIC DEVELOPMENT LOAN FUND (IIEDLF") PROGRAM
POLICIES
Purpose of Item:
APPROVING THE CITY OF MIAMI DEPARTMENT OF COMMUNITY DEVELOPMENT ECONOMIC
DEVELOPMENT LOAN FUND PROGRAM POLICIES TO PROVIDE BUSINESSES WITH
FINANCIAL ASSISTANCE TO SUPPORT THE RETENTION AND CREATION OF JOBS FOR LOW
TO MODERATE INCOME CITY RESIDENTS, AS DESCRIBED IN EXHIBIT "A", ATTACHED AND
INCORPORATED; AUTHORIZING THE CITY MANAGER TO EXECUTE THE NECESSARY
DOCUMENTS FOR THE IMPLEMENTATION OF SAID PROGRAM.
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 No:
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:
CIP
If using or receiving capital funds
Grants
Final Approvals
(SIGN AND DATE)
Budget
Risk Man
PurchasinWI Dept. Dir.
Chief City Man
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AGENDA ITEM SUMMARY FORM CONTINUED
Background Information:
Pursuant to Resolution No. 08-0688, adopted December 11, 2008, the City Commission approved
the allocation of future Community Development Block Grant (CDBG") Program Income funds to
include Housing and Economic Development activities as deemed necessary by the City Manager.
The City of Miami ("City") established the Economic Development Loan Fund ("EDLP") Program
which will be administered by the Department of Community Development ("CD").
The EDLF program is designed to fill the financing gap between private debt financing and private
equity and funds are provided to create economic benefit through increased revenues and the
creation and retention of jobs in the City.
The EDLF Program is available to businesses located or planning to locate within the City
boundaries and priority will be given to businesses in the Neighborhood Development Zones.
The EDLF Program policies will ensure that all commercial loans provided by CD are consistent with
Federal regulations and all eligible businesses are treated equally in the evaluation and terms of the
loans.
The Administration requests the approval of the EDLF Program Policies which will provide
businesses with financial assistance to support the retention and creation of jobs for low to moderate
income city residents, as described in Exhibit "A", attached and incorporated.