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Date: 09/1800
AGENDA ITEM SUMMARY FORM
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Requesting Pepartment: Community Development
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Cnmm�ownMvoungDo�:1OMOND District Impacted: _°=1
Typo: 1004 Resolution []On]inanoe [] Emergency Ordinance []Discussion Item
[] Other .
Subject: Allocate $490UOmKWooChild Care, Inc.
Purpose ufItem:
AUTHORIZING THE TRANSFER OF34thYEAR COMMUNITY DEVELOPMENT BLOCK GRANT
("CTHE AMOUNT OF$49.OUO.FROM THE CITY OFM|AM|DEPARTMENT 0F
COMMUNITY DEVELOPMENT DISTRICT 2 ECONOMIC DEVELOPMENT RESERVE ACCOUNT,
ALLOCATING SAID FUNDS TOK|DCOCHILD CARE, INC., FOR ECONOMIC DEVELOPMENT
ACTIVITIES/PUBLIC FACILITIES AND IMPROVEMENT ACTIVITIES, AUTHORIZING THE CITY
MANAGER TO EXECUTE AN AGREEMENT(S), IN SUBSTANTIALLY THE ATTACHED FORM(S),
WITH SAID AGENCY, FOR SAID 9URPOGE(8).
Background Information:
Please see attached.
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Is this item related to revenue?
/sthis item an expenduur4?nso, please identify funding source below.
General Account No:
Special Revenue Account No
C0"Project No:
|mthis item funded byHomeland Defense/Neighborhood Improvement Bonds?
Start VpCapital Cost:
Maintenance Cost:
Total Fiscal Impact:
Dept. Di
Chief
Final Approvals
(SIGN AND DATE)
City Manager,
0
AGENDA ITEM SUMMARY FORM CONTINUED
Background Information: ,
Kidco Child Care Inc. ("Kidco") is a not -for -profit corporation, located at 3630 NE 1S' Court, Miai
Florida, that provides early child care and educational services to children and their families.
On September 11, 2007, the City of Miami commission allocated $300,000 to Kidco Child Care, Inc.
("Kidco") in 33`d year Community Development Block Grant ("CDBG") funding for economic
development/public facilities and improvement activities to purchase a day care facility. Kidco
identified the property located at 5510 NE 2"d Avenue, Miami and made an offer to purchase said
property on or before October 31, 2008. Once this purchase transaction is completed, Kidco will
need to rehabilitate the property located at 5510 NE 2"d Avenue, Miami, to be used as a child care
facility.
Pursuant to Resolution No. 08-0308, adopted June 5, 2008, the City Commission approved the
allocation of 34th year CDBG funding, in the amount of $51,546, to Kidco for economic
development/public facilities and improvement activities to rehabilitate the new daycare facility
located at 5510 NE 2"d Avenue, Miami.
Kidco's total cost to purchase and rehabilitate the property is estimated to be $860,000..
Kidco has a commitment for $400,000 loan from NCB Capital Impact, $351,546 CDBG funds from
the City of Miami and $60,000 in private donations creating a shortfall of $48,454 to complete this
project.
The Administration recommends the transfer of CDBG funds from the City of Miami Department of
Community Development District 2 Economic Development Reserve Account in the amount of
$49,000, to Kidco for economic development/public facilities and improvement activities to
rehabilitate a new daycare facility located at 5510 NE 2"d Avenue, Miami.
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