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AGENDA ITEM SUMMARY FORM
'i. FILE ID: --
Date: 02/17/2010 Requesting Department: Community L?evelopment
Commission Meeting Date: 03111/2014 District Impacted: I
Type: ® Resolution ❑ Ordinance [] Emergency Ordinance ❑ Discussion Item
❑ Other
Subject: TRANSFER OF CDBG FUNDS TO CITY OF MIAMI DEPARTMENT OF
COMMUNITY DEVELOPMENT DISTRICT 1 RESERVE ACCOUNT
Purpose of Item:
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 i RESERVE ACCOUNT; ALLOCATING SAID FUNDS TO THE CITY
OF MIAMI ECONOMIC DEVELOPMENT LOAN PILOT PROGRAM, FOR AWARDS NOT TO
EXCEED $10,000 IN FORGIVABLE LOANS TO FOR-PROFIT BUSINESSES LOCATED IN
DISTRICT 1 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:
Final Approvals
(SIGN AND PATE)
CIP Budget
If using or recciving capital funds
Grants Risk Manage
Purchasing f) Dept. Director ' 'r,
Chief 4n% (- ,A City Manager
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AGENDA ITEM SUMMARY FORM CONTINUED
Background Information:
Pursuant to Resolution No. 09-0295, adopted on 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.
Pursuant to Resolution No. 09-0298, adopted June 18, 2009, the Miami City Commission approved
the Economic Development Loan Fund ("EDLF") Program Policies.
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 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.
The pilot EDLF Program is available to businesses located or planning to locate within District 1,
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/or retain jobs for low to moderate income people who reside in
the City of Miami, as specified in Exhibit "A", attached and incorporated.