HomeMy WebLinkAboutSummary FormAGENDA ITEM SUMMARY FORM
FILI+. II):
Date: 3/28/2007
Commission Meeting Date: 05/10/2007
Type: ® Resolution [ 1 Ordinance
❑ Other
C
(7- 00 546
Requesting Department: Community Development
District Impacted:
Emergency Ordinance ❑ Discussion Item
Subject: TRANSFERRING FUNDS TO DISTRICT 5 BUSINESS CORRIDOR COMMERCIAL EXPANSION AND
REHABILITATION PROJECT
Purpose of item:
TRANSFERRING COMMUNITY DEVELOPMENT BLOCK GRANT ("CDBG") PROGRAM FUNDS, IN AN
AMOUNT NOT TO EXCEED $250,000, PREVIOUSLY ALLOCATED TO THE CITY OF MIAMI DEPARTMENT
OF ECONOMIC DEVELOPMENT; REALLOCATING SAID FUNDS TO THE CITY OF MIAMI DEPARTMENT
OF COMMUNITY DEVELOPMENT DISTRICT 5 BUSINESS CORRIDOR COMMERCIAL EXPANSION AND
REHABILITATION PROJECT AS DESCRIBED IN "EXHIBIT A"; TO BE USED FOR THE REHABILITATION
OF THE EXTERIOR OF COMMERCIAL BUILDINGS THAT WILL RESULT IN THE CREATION OF JOBS FOR
LOW TO MODERATE INCOME INDIVIDUALS; FURTHER AUTHORIZING THE CITY MANAGER TO
EXECUTE THE NECESSARY DOCUMENTS, FOR SAID PURPOSE.
Background Information:
Pursuant to Resolution No. 04-0378, adopted June 10, 2004, allocating a total of $250,000 of 30th yr.
Community Development Block Grant ("CDBG") Program funds to the City of Miami Department of Economic
Development for Economic Development and/or Public Facilities and Improvement activities.
Pursuant to Resolution No. 04-0734, adopted November 18, 2004, establishing a new special revenue fund
entitled: "Dr. Martin Luther King Jr. Reclaim the Dream Initiative Fund for economic efforts along Martin Luther
King Jr. ("MLK") Blvd.
Pursuant to Resolution No. 05-0682, adopted November 17, 2005, authorizing the extension and rollover of
funds of previously approved activities/projects that were not completed.
The administration recommends the transfer of CDBG Program funds, in an amount not to exceed $250,000,
previously allocated to the Department of Economic Development and the reallocation of said funds to the City
of Miami Department of Community Development District 5 Business Corridor Commercial Expansion and
Rehabilitation Project, to be used for the rehabilitation of the exterior of commercial buildings that will result in
the creation of jobs for low to moderate income individuals,
Budget 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?
Final Approvals
(SIGN AND DATE)
Budget
Risk Manageme
Purchasing t Dept. Director\
Chief City Manager
CIP
Gri?aiPg or receiving capital fiords
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