HomeMy WebLinkAboutR-04-0570City of Miami
Legislation
Resolution: R-04-0570
City Hall
3500 Pan American
Drive
Miami, FL 33133
www.miamigov.com
File Number: 04-00813 Final Action Date: 9/9/2004
A RESOLUTION OF THE MIAMI CITY COMMISSION, WITH ATTACHMENT(S),
AUTHORIZING THE TRANSFER OF COMMUNITY DEVELOPMENT BLOCK GRANT
("CDBG") PROGRAM FUNDS, IN THE AMOUNT OF $50,000, FROM
THE SMALL BUSINESS OPPORTUNITY CENTER, INC. ("SBOC"), DISTRICT 3,
AND THE AMOUNT OF $45,000, FROM THE SBOC, DISTRICT 4, FOR A TOTAL
TRANSFER AMOUNT OF $95,000; ALLOCATING SAID FUNDS TO CAMACOL
LOAN FUND, INC., FOR THE PURPOSE OF ADMINISTERING A SMALL BUSINESS
LOAN PROGRAM; AUTHORIZING THE CITY MANAGER TO EXECUTE AN
AGREEMENT, IN SUBSTANTIALLY THE ATTACHED FORM, WITH SAID AGENCY
FOR SAID PURPOSE.
WHEREAS, Resolution No. 04-0378, adopted June 10, 2004, authorized the allocation
$400,000 to the Small Business Opportunity Center, Inc. ("SBOC") for the purposes of economic
development; and
WHEREAS, a major component of the City of Miami's ("City") Economic Development Initiative
has been to address the most pressing need of the small business community which has been
access to capital; and
WHEREAS, a research survey conducted by Roslow Research Group highlighted the necessity of
micro lending to the City's 77,500 micro enterprises; and
WHEREAS, CAMACOL Loan Fund, Inc. ("CAMACOL") has initiated a City-wide program to create
a loan program targeted to small businesses; and
WHEREAS, the allocation of funds from the City will enable CAMACOL to acquire additional
funding from Miami -Dade County; and
WHEREAS, the City acknowledges that CAMACOL has the expertise and additional funding
sources to administer a small business lending program;
NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE CITY OF MIAMI,
FLORIDA:
Section 1. The recitals 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 Program funds, in the amount of $50,000, from the SBOC,
District 3, and the amount of $45,000, from the SBOC, District 4, for a total transfer amount of
$95,000, and the allocation of said funds to CAMACOL for the purpose of administering a small
business loan program, is authorized.
City of Miami
Page 1 of 2 File Id: 04-00813 (Version: 1) Printed On: 9/30/2016
File Number: 04-00813 Enactment Number: R-04-0570
Section 3. The City Manager is authorized{1} to execute an Agreement, in substantially the
attached form, with said agency.
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 (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: 04-00813 (Version: 1) Printed On: 9/30/2016