HomeMy WebLinkAboutexhibit2ECONOMIC DEVELOPMENT PROGRAM POLICIES
ECONOMIC
DEVELOPMENT
EXISTING
PROPOSED
FUND
DISTRIBUTION BY
DISTRICT
Allocated based on Contribution to
Entitlement:
District 1— 21.2 %
District 2 —15.2 %
District 3 — 23.9 %
District 4— 16.1 %
District 5 - 23.6 %
Allocated based on proposals received.
ELIGIBLEE
APPLICANTS
Private non-profit CDCs, CBOs and private
for -profit companies are eligible to apply for
funding under the Economic Development
Program for activities that benefit underserved
areas and/or very low-, low- and moderate-
income persons
Private non-profit CDCs, CBOs and private for -
profit companies are eligible to apply for
funding under the Economic Development
Program for activities that benefit underserved
areas and/or very low-, low- and moierai:e-
income persons
MINIMUM
CONTRACT
$20,000.00
$50,000.00
COMMERCIAL
FACADE PROGRAM
Maximum Project Dollar Amount -
$10,000.00
Maximum Project Dollar Amount - $10,000.00
Matching Funds Requirement for Individual
Matching Funds Requirement for Individual
Businesses:
Businesses:
$2,000 and below - 5%
$2,001 -$5,000 - 10 %
$5,001-$10,000 - 15 %
Matching Funds Requirement for Commercial
$2,000 and below - 5%
$2,001 -$5,000 - 10 %
$5,001-$10,000 - 15 %
* Agency has the authority to request a 15%
match at any level, if project warrants it.
Matching Funds Requirement for Commercial
Strips (minimum 1 city block)
Strips (minimum 1 city block)
$2,000 and below - 0%
$2,001 -$5,000 - 10 %
$5,001-$10,000 - 15 %
$2,000 and below - 0%
$2,001 -$5,000 - 10 %
$5,001-$10,000 - 15 %
* Agency has the authority to request a 15%
match at any level, if project warrants it. __
Business must be locate in an area where the
L/M income population is 51% or greater.
Business must be locate in an area where the
L/M income population is 51% or greater.
Compensation:
Compensation:
Agency compensated at rate of 20% of Total
Agency compensated at rate of 20% of Total
Project Costs. ____
_
COMMERCIAL
CODE COMPLIANCE
PROGRAM
Maximum Project Dollar Amount -
$10,000.00
Maximum Project Dollar Amount -
$15,000,00
Matching Funds Requirement for Individual
Matching Funds Requirement for Individual
Businesses:
Businesses:
30% of Project value up to $10,000.00
$2,000 and below - 5%
$2,001 -$5,000 - 10 %
$5,001-$15,000 - 15 %
Requirements: Business must be locate in an
Requirements: Business must be locate in an
area where the L/M income population is 51%
or greater and must have received a Notice of
area where the L/M income population is 51% or
greater and must have received a Notice of
Violation from Code Enforcement Inspectors__^
Compensation:
Compensation:
Agency compensated at rate of 20% of Total
Project Costs.
Agency compensated at rate of 20% of Total
Project Costs.
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ECONOMIC DEVELOPMENT PROGRAM POLICIES
TECHNICAL
ASSISTANCE TO
FOR PROFIT
BUSINESSES
Requirements:
Requirements:
a)Job Creation only
b)For Profit business operating in the City of
Miami;
c)business must possess valid Certificate of
Use and Occupational License;
d)jobs must be created within 6 months of
completion of the Technical Assistance to
the business
a)Job Creation only
b)For Profit business operating in the City of
Miami;
c)business must possess valid Certificate of
Use and Occupational License;
d)jobs must be created within 6 months of
completion of the Technical Assistance to the
business
Compensation to the Agency:
Compensation to the Agency:
a) Reimbursements will be made upon
presentation of, both, a request for payment
based on the verifiable hours of service
related to technical assistance and
documentation that a national objective has
been attained.
b)Verifiable hours of service related to
technical assistance are those hours of
service provided by the agency that can be
substantiated by the payroll records and
which are reasonable, necessary and
directly allocable to the business receiving
the technical assistance from the agency.
Hours of service must be reported in the
monthly report and must be documented by
the agency.
c) Payments will be made at the rate of
$75.00 per hour. The accomplishment of
a) Reimbursements will be made upon
presentation of, both, a request for payment
based on the verifiable hours of service.
related to technical assistance and
documentation that a national objective has
been attained.
b)Verifiable hours of service related to
technical assistance are those hours of service
provided by the agency that can be
substantiated by the payroll records and:
which are reasonable, necessary and directly
allocable to the business receiving the
technical assistance from the agency. Hours
of service must be reported in the monthly
report and must be documented by the
agency.
c) Payments will be made at the rate of
$75.00 per hour. The accomplishment of
one National Objective (one job created for
a low and moderate income person) will
provide the agency with a maximum of
$5,000.00 of justifiable reimbursement.
one National Objective (one job created for a
low and moderate income person) will
provide the agency with a maximum of
$5,000.00 of justifiable reimbursement.
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ECONOMIC DEVELOPMENT PROGRAM POLICIES
COMMERCIAL
LOAN PROGRAM
NONE
Applicants:
For -profit enterprises requiring working capital,
NONE
Loan Amounts:
Minimum - $15,000.00
Maximum - $75,000.00
NONE
Requirements:
1. Business entity must be located in the; City
of Miami
2. Business and/or Principals are not able to
obtain financing without government
participation through direct or guaranteed
loan programs
3. Business is an equal opportunity employer
4. Business is not relocating jobs
5. Loan must receive environmental clearance
by the City of Miami
6. Business receiving the loan must create
jobs at a ration of 1 job for every $15,000
loaned
7. A minimum of 51 % of jobs to be created
are to be made available to Low to
Moderate income persons
8. Underwriting may be done by City of
Miami staff or agencies contracted by the
City of Miami to perform underwriting cif
loans
9. Business must demonstrate ability to repay
the loan
10. Loan must be approved by the City's
Housing and Commercial Loan Committee
NONE
Repayment Terms:
Maximum length — 5 years
NONE
Interest Rates:
Interest Rate — market rate, which will be
reduced to 0 % once the documentation of jobs
created is received and accepted by the City of
Miami
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