HomeMy WebLinkAboutsummary form 6-23-05Date: 6/3/2005
AGENDA ITEM SUMMARY FORM
FILE ID: 05-00440
Requesting Department: Community Development
Commission Meeting Date: 6/23/2005 District Impacted:
Type: ® Resolution ❑ Ordinance ❑ Emergency Ordinance ❑ Discussion Item
❑ Other
Subject: Transferring CDBG closed out funds and Commercial Facade Program funds
Purpose of Item:
AUTHORIZING THE TRANSFER OF COMMUNITY DEVELOPMENT BLOCK GRANT
(CDBG) CLOSED OUT FUNDS, IN THE AMOUNT OF $260,174.41, AND CITY OF MIAMI
DEPARTMENT OF COMMUNITY DEVELOPMENT COMMERCIAL FACADE PROGRAM, IN
THE AMOUNT OF $339,825.59, AS SPECIFIED IN ATTACHMENT "A", ATTACHED AND
INCORPORATED, FOR THE TOTAL AMOUNT OF $600,000; ALLOCATING SAID FUNDS, IN
THE FORM OF LOANS, TO ALLAPATTAH DEVELOPMENT, LLC., IN THE AMOUNT OF
$300,000, AND TO TELEMIA_MI, INC., IN THE AMOUNT OF $300,000 FOR SPECIAL
ECONOMIC DEVELOPMENT ACTIVITIES, AS SPECIFIED IN ATTACHMENT "A";
AUTHORIZING THE CITY MANAGER TO EXECUTE LOAN AGREEMENTS, WITH SAID
AGENCIES, FOR SAID PURPOSES.
Background Information:
• Allapattah Development, LLC. a for profit entity, will utilize said funds for the acquisition of a
building located at 868 NW 21 Terrace, Miami, FL 33127 to establish a commercial enterprise; and
• Telemiami, Inc., a for profit entity, will utilize said funds for the expansion of their business
located at 2920 NW 7th Street, Miami, FL; and
• Both entities have committed to create a total of forty (40) jobs each for City of Miami
residents, ten (10) jobs within the first year, the remaining thirty (30) by the end of the fifth year; and
• The amount of $300,000 will be in the form of a loan, with an interest rate of 3%, amortizable
quarterly in arrears with eighty (80) equal payments;
• Said terms will be for both entities.
Budzet Impact Analysis
Is this item related to revenue?
Is this item an expenditure? If so, please identify funding source below.
General Account No:
Special Revenue Account No:
CIP Project No:
Is this item funded by Homeland Defense/Neighborhood Improvement Bonds?
Start Up Capital Cost:
Maintenance Cost:
Total Fiscal Impact:
Dept. Direc
Chie
(SIGN
Fin
Final Approvals
AND DATE)
,,t.se
City Manager 6�
Page 1 of 1