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HomeMy WebLinkAboutLegislationA RESOLUTION OF THE MIAMI CITY COMMISSION, WITH ATTACHMENT(S), AUTHORIZING THE TRANSFER OF COMMUNITY DEVELOPMENT BLOCK GRANT FUNDS, IN THE AMOUNT OF $76,360 FROM THE CITY OF MIAMI DEPARTMENT OF COMMUNITY DEVELOPMENT DISTRICT 1 RESERVE ACCOUNT; 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 1 TO RETAIN AND 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. WHEREAS, pursuant to Resolution No. 09-0295, adopted June 18, 2009, the Miami City Commission approved the allocation of $73,362 in Community Development Block Grant ("CDBG") funds to the City of Miami Department of Community Development Economic Development Reserve Account for District 1; and WHEREAS, pursuant to Resolution No. 09-0298, adopted June 18, 2009, the Miami City Commission approved the Economic Development Loan Fund ("EDLF") Program Policies; and WHEREAS, 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 of Miami ("City"); and WHEREAS, the EDLF program has been further modified as a Pilot Program to provide assistance of up to $10,000 in forgivable loans to for-profit businesses for job creation or retention; and WHEREAS, the pilot EDLF Program is available to businesses located or planning to locate within District 1; and WHEREAS, the Administration recommends the transfer of CDBG funding, in the amount $76,360 from the City's Department of Community Development District 1 Reserve Account, to the City's Department of Community Development Economic Development Loan Pilot Program to provide forgivable loans of up to $10,000 to for-profit businesses located in District 1 of the City for special economic development activities to create and retain jobs for low to moderate income people who reside in the City, as specified in Exhibit "A", attached and incorporated; NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE CITY OF MIAMI, FLORIDA: City afMiand Page 1 of 2 File Id: 10-00197 (Version: 1) Printed On: 2122/2010 City of Miami City Hall 3500 Pan American r 3 Legislation Drive Miami, FL 33133 www.miamigov.com Resolution File Number: 10-00197 Final Action Date: A RESOLUTION OF THE MIAMI CITY COMMISSION, WITH ATTACHMENT(S), AUTHORIZING THE TRANSFER OF COMMUNITY DEVELOPMENT BLOCK GRANT FUNDS, IN THE AMOUNT OF $76,360 FROM THE CITY OF MIAMI DEPARTMENT OF COMMUNITY DEVELOPMENT DISTRICT 1 RESERVE ACCOUNT; 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 1 TO RETAIN AND 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. WHEREAS, pursuant to Resolution No. 09-0295, adopted June 18, 2009, the Miami City Commission approved the allocation of $73,362 in Community Development Block Grant ("CDBG") funds to the City of Miami Department of Community Development Economic Development Reserve Account for District 1; and WHEREAS, pursuant to Resolution No. 09-0298, adopted June 18, 2009, the Miami City Commission approved the Economic Development Loan Fund ("EDLF") Program Policies; and WHEREAS, 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 of Miami ("City"); and WHEREAS, the EDLF program has been further modified as a Pilot Program to provide assistance of up to $10,000 in forgivable loans to for-profit businesses for job creation or retention; and WHEREAS, the pilot EDLF Program is available to businesses located or planning to locate within District 1; and WHEREAS, the Administration recommends the transfer of CDBG funding, in the amount $76,360 from the City's Department of Community Development District 1 Reserve Account, to the City's Department of Community Development Economic Development Loan Pilot Program to provide forgivable loans of up to $10,000 to for-profit businesses located in District 1 of the City for special economic development activities to create and retain jobs for low to moderate income people who reside in the City, as specified in Exhibit "A", attached and incorporated; NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE CITY OF MIAMI, FLORIDA: City afMiand Page 1 of 2 File Id: 10-00197 (Version: 1) Printed On: 2122/2010 File Number. 10-00197 Section 1. The recitals and findings contained in the Preamble to this Resolution are adopted by reference and incorporated as if fully set forth in this Section. Section 2. The transfer of CDBG funds, in the amount of $76,360 from the City's Department of Community Development District 1 Reserve Account and the allocation of said funds to the City's Economic Loan Pilot Program, for awards not to exceed $10,000 to for-profit businesses located in District 1 to retain and create jobs for low and moderate income people, as specified in Exhibit "A", attached and incorporated, is authorized. Section 3. The City Manager is authorized(1} to execute all necessary documents, for said purpose. Section 4. This Resolution shall become effective immediately upon its adoption and signature of the Mayor.{2} APPROVED AS TO FORM AND CORRECTNESS/ JULIE 0. BRU CITY AT TOR Y Footnotes: {1} The herein authorization is further subject to compliance with all requirements that may be imposed by the City Attorney, including but not limited to those prescribed by applicable City Charter and Code provisions. {2} If the Mayor does not sign this Resolution, it shall become effective at the end of ten (10) calendar days from the date it was passed and adopted. If the Mayor vetoes this Resolution, it shall become effective immediately upon override of the veto by the City Commission. City of Miand Page 2 of 2 File Id: 10-00197 (Version: 1) Printed On: 2/22/2010