HomeMy WebLinkAboutSummary FormAGENDA ITEM SUMMARY FORM
FILE ID: 06 -W -72 RE 16
Date: 6/24/2008
Commission Meeting Date: 7/10/2008
Requesting Department: City Manager's Office
District Impacted: II & V
Type: 1 Resolution n Ordinance n Emergency Ordinance n Discussion Item
❑ Other
Subject: Authorization of an In -Kind Cooperation Agreement between the City of Miami and Miami
Economic Development Fund, LLC
Purpose of Item:
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.
Background Information:
On January 11, 2007 the Miami City Commission unanimously passed a motion directing the City
Manager to take the necessary steps to create a CDE to apply for New Market Tax Credits. The
Miami Economic Development Fund, LLC (MEDF) was subsequently created. On March 26, 2008,
the MEDF submitted an allocation application to the United States Treasury for $125 million in New
Market Tax Credits, to service and provide Qualified Low -Income Community Investments. The City
of Miami and the MEDF desire, in the spirit of cooperation, to permit intergovernmental coordination
between the parties for certain services relating to financial support, the use of certain City employees,
and other assistance related to the Projects and future projects.
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?
Start Up Capital Cost:
Maintenance Cost:
Total Fiscal Impact:
Final Approvals
(SIGN AND DATE)
CIP Budget
If using or receiving capital funds
Grants Risk Management
Purchasing Dept. Director
City Manages
Chief
Page 1 of 1