HomeMy WebLinkAboutsummary form 6-9-05AGENDA ITEM SUMMARY FORtM
FILE ID: 05-aaIA
Date: 5/9/2005 Requesting Department: Community Deyelgpmpnt
Commission Meeting Date; 5/26/2005, District Impacted: Citywide
Type: ® Resolution ❑,Ordinance ❑ Emergency Ordinance ❑ Discussion Item
❑ Other
Subject: IrangeglaIraMMLblES=W-Alli Development, LLC.
Purpose of Item:
AUTHORIZING THE TRANSFER OF CDBG FUTURE PROGRAM INCOME FUNDS (31 st
YEAR), IN THE AMOUNT OF $300,000, TO ALLAPATTAH DEVELOPMENT, LLC., A FOR
PROFIT ENTITY, FOR SPECIAL ECONOMIC DEVELOPMENT ACTIVITIES, AS SPECIFIED
IN ATTACHMENT "A", ATTACHED AND INCORPORATED, FOR THE ACQUISITION OF A
BUILDING LOCATED AT 868 NW 21 TERRACE, MIAMI, FL 33127;AUTHORIZING THE
CITY MANAGER TO EXECUTE A LOAN AGREEMENT TO BE PREPARED IN A FORM
ACCEPTABLE TO THE CITY ATTORNEY.
Background Information: -------
• Funds are to be utilized for the acquisition of a building located at 868 NW 21 Terrace, Miami, FL
33127 to establish a commercial enterprise; and
• Allapattah Development, LLC, has committed to create a total of forty (40) jobs 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 subordinated loan, with an interest rate of 3%,
amortizable quarterly in arrears with eighty (80) equal payments.
Budget Impact Analysis
Is this Rem 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:
EIngi itpprovals
ISIQN AND DATE)
CIP Budget
if Using of re olvinR capital funds Grants Risk Mauagem
Purchasing Dept. Direct %M•!•/A . EP.
Chic -_.,
City Manage ,1� ',
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