HomeMy WebLinkAboutcover memoCITY OF MIAMI, FLORIDA
INTER -OFFICE MEMORANDUM
o115"
ep 1
TO :
FROM :
DATE :
The Honorable Mayor and September 29, 2004
Members of The City Commission
Joe Arriola
City Manager
SUBJECT:
FILE :
Transferring CDBG funds from CRA
REFERENCES : City Commission Agenda
ENCLOSURES:
October 28, 2004
RECOMMENDATION:
It is respectfully recommended that the City Commission adopt the attached Resolution, with
Attachment(s), authorizing the transfer of Community Development Block Grant (CDBG) funds
in an amount not to exceed $2,965,179.00 from City of Miami Community Redevelopment
Agency Reserve Account to City of Miami Community Redevelopment Agency's Grand
Promenade Project in an amount not to exceed $776,210.00 and to District 5 Single Family
Rehabilitation Program in an amount not to exceed $2,188,969.00.
BACKGROUND:
On April 25, 2002, the City Commission adopted Resolution 02-495 which re -categorized
previously approved CDBG funds from the economic development category to the public
improvements category, in an amount not to exceed $5,000,000.00 pursuant to Resolution 00-
427 and 01-1150 for the historic Overtown priority business corridor and the Overtown/Park
West district. On May 19, 2003, the CRA Board approved the creation and the funding for the
Grand Promenade Project.
Funds in an amount not to exceed $2,965,175,01of said $5,000,000.00 has not been utilized;
therefore said recovered funds are recommended to be transferred as follows:
Auncv/Activity
Transfer From:
Transfer To:
City of Miami Community Redevelopment Agency- Reserve
Acct (IDIS# 1608)
$2,965,179.00
City of Miarni Community Redevelopment Agency's Grand
$776,210.00
Promenade Project (IDIS# 1584)
District 5 Single Family Rehabilitation Program
$2,188,969.00
Funds to be utilized for the processing of Single Family housing
rehabilitation loans.
Total Funds:
$2,965,179.00
$2,965,179.00
It is recommended that the City Commission adopt the attached Resolution, with Attachment(s),
authorizing the transfer of Community Development Block Grant (CDBG) funds in an amount
not to exceed $2,965,179.00 from City of Miami Community Redevelopment Agency Reserve
Account to City of Miami Community Redevelopment Agency's Grand Promenade Project in an
amount not to exceed $776,210.00 and to District 5 Single Family Rehabilitation Program in an
amount not to exceed $2,188,969.00.
Thep
osed Resolution does not have a budgetary impact on the General Fund.
tMH/BGR