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Resolution: R-10-0096
File Number: 10-00197
City Hall
3500 Pan American
Drive
Miami, FL 33133
www.miamigov.com
Final Action Date: 3/11/2010
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:
Section 1. The recitals and findings contained in the Preamble to this Resolution are adopted
City of Miand Page 1 of 2 File Id. 10-00197 (Version: 1) Printed On: 7/18/2017
File Number: 10-00197 Enactment Number: R-10-0096
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}
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 Miami Page 2 of 2 File Id. 10-00197 (Version: 1) Printed On: 7/18/2017