HomeMy WebLinkAboutSummary FormAGENDA ITEM SUMMARY FORM Law Department
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Matter ID No.
\°�Qq-C)C CO 13.
FILE ID•
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Date: 05/26/2009 Requesting Department: Community Development
Commission Meeting Date: 06/18/2009 District Impacted: _ 3,4. .
Type: ® Resolution ❑ Ordinance ❑ Emergency Ordinance ❑ Discussion Item
❑ Other
Subject: TRANSFER CDBG FUNDS TO THE ECONOMIC DEVELOPMENT LOAN PILOT
PROGRAM
Purpose of Item:
AUTHORIZING THE TRANSFER OF COMMUNITY DEVELOPMENT BLOCK GRANT FUNDS, IN
THE AMOUNT OF $131,000; ALLOCATING SAID FUNDS TO THE CITY OF MIAMI ECONOMIC
DEVELOPMENT LOAN PILOT PROGRAM, FOR AWARDS NOT TO EXCEED $10,000 TO FOR-
PROFIT BUSINESSES LOCATED IN DISTRICT 3 OR 4 TO RETAIN AND/OR CREATE JOBS FOR
LOW AND MODERATE INCOME PEOPLE, AS SPECIFIED IN EXHIBIT "A", ATTACHED AND
INCORPORATED; AUTHORIZING THE CITY MANAGER TO EXECUTE ALL NECESSARY
DOCUMENTS, FOR SAID PURPOSE.
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
o: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 Manan
Purchasin Dept. Direc
Chief City Manag
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AGENDA ITEM SUMMARY FORM CONTINUED
Background Information:
Pursuant to Resolution No. 08-0308, adopted on June 5, 2008, the Miami City Commission approved
the allocation of $179,483 in Community Development Block Grant ("CDBG") funds to the City of
Miami Department of Community Development Economic Development Reserve Account.
The Administration recommends the transfer of CDBG funding, in the amount $131,000, to the City
of Miami ("City") Department of Community Development Economic Development Loan Pilot
Program to provide loans of up to $10,000 to for-profit businesses located in District 3 or 4 of the City
for special economic development activities to create and/or retain jobs for low to moderate income
people who reside in the City of Miami, as specified in Exhibit "A" , attached and incorporated.