HomeMy WebLinkAboutR-08-0451City of Miami
Legislation
Resolution: R-08-0451
City Hall
3500 Pan American
Drive
Miami, FL 33133
www.miamigov.com
File Number: 08-00772 Final Action Date: 7/24/2008
A RESOLUTION OF THE MIAMI CITY COMMISSION, WITH ATTACHMENT(S),
AUTHORIZING THE CITY MANAGER TO EXECUTE AN IN -KIND COOPERATION
AGREEMENT, IN SUBSTANTIALLY THE ATTACHED FORM, BETWEEN THE CITY
OF MIAMI AND THE MIAMI ECONOMIC DEVELOPMENT FUND, LLC ("MEDF"), TO
PROVIDE IN -KIND SERVICES TO THE MEDF FOR, AMONG OTHERS, ITS
APPLICATION TO THE NEW MARKET TAX CREDIT PROGRAM; FURTHER
AUTHORIZING THE CITY MANAGER TO EXECUTE ANY OTHER DOCUMENTS
NECESSARY FOR SAID PURPOSE.
WHEREAS, the Community Renewal Tax Relief Act of 2000 created a New Markets Tax Credit
Program to spur development in America's inner cities and rural areas through private investors who
make equity investments in qualified Community Development Entities ("CDEs"); and
WHEREAS, pursuant to the Miami City Commission's unanimously passed motion at the
January 11, 2007, Miami City Commission meeting, the City Manager was directed to take the
necessary steps to create a CDE to apply for New Market Tax Credits; and
WHEREAS, on March 26, 2008, the Miami Economic Development Fund, LLC ("MEDF"),
submitted an allocation application of $125 million in tax credits to the United States Treasury for the
New Markets Tax Credit Program to service and provide Qualified Low -Income Community
Investments; and
WHEREAS, the City of Miami ("City") and the MEDF desire, in the spirit of cooperation, to
permit intergovernmental coordination between the parties for: (i) certain services relating to financial
support; (ii) the use of certain City employees; and (iii) other assistance related to the projects and
future projects;
NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE CITY OF MIAMI,
FLORIDA:
Section 1. The recitals and findings contained in the Preamble to this Resolution are adopted
by reference and incorporated as if fully set forth in this Section.
Section 2. The City Manager is authorized{1} to execute an In -Kind Cooperation Agreement, in
substantially the attached form, between the City and the MEDF, to provide in -kind services to the
MEDF for, among others, its application to the New Market Tax Credit Program.
Section 3. The City Manager is further authorized{1}to execute any other documents necessary
for said purpose.
City of Miami
Page 1 of 2 File Id: 08-00772 (Version: 1) Printed On: 5/11/2017
File Number: 08-00772 Enactment Number: R-08-0451
Section 4. This Resolution shall become effective immediately upon its adoption and signature
of the Mayor.{2}
Footnotes:
{1} The herein authorization is further subject to compliance with all requirements that may be
imposed by the City Attorney, including but not limited to those prescribed by applicable City Charter
and Code provisions.
{2} If the Mayor does not sign this Resolution, it shall become effective at the end of ten calendar
days from the date it was passed and adopted. If the Mayor vetoes this Resolution, it shall become
effective immediately upon override of the veto by the City Commission
City of Miami Page 2 of 2 File Id: 08-00772 (Version: 1) Printed On: 5/11/2017