HomeMy WebLinkAbout06-01671 Back UpOVERTOWN SMALL BUSINESS INITIATIVE GRANT PROGRAM
STATUS REPORT:
Total Amount of Grant: $
Total Amount Granted: $
Available Funds:
Total Amount Disbursed:
GRANTEES:
Name of Business
L and J Grocery
August 23, 2006
250,000.00
178,852.83
71,147.17
151,440.94
Award
Two Guys Restaurant
Gerald's Graphics & Printing
Shoeman's Shoe Store
Caring Touch Barber Shop
China Tee Restaurant
Ibo's Market
Just Right Beauty Salon
Bradley's Grocery Store
Economy Shoe Shop
$
$
25,000.00
15,002.64
24,950.00
24,220.79
8,674.92
21,937.00
25,000.00
3,960.95
11.838.53
18.268.00
Paid
24,672.22
$ 15.002.54
$ 24,932.27
$ 20.438.00
$ 4,320.96
$ 19, 743.44
$ 25,000.00
$ 3,877.98
11,838.53
$ 1,615.00
* Total of fifteen (15) applications have been received.
* Five (5) were ineligible due to location, tenure of business, or non -store front.
**Original Amount of Program was $200,000.00
On 5/11/06 it was increased by $50,000.00 via SEOPW Resolution No. CRA-R-06-0017.
City of Miami
Legislation
CRA Resolution: CRA-R-06-0017
City Hall
3500 Pan American
Drive
Miami, FL 33133
www,ci.miami.fl.us
File Number: 06-00681
Final Action Date: 5/11/2006
A RESOLUTION OF THE BOARD OF COMMISSIONERS OF THE SOUTHEAST
OVERTOWN/PARK WEST COMMUNITY REDEVELOPMENT AGENCY
AMENDING RESOLUTION NO. CRA-R-05-0049, AS AMENDED BY RESOLUTION
NO. CRA-R-06-0002, ESTABLISHING THE OVERTOWN SMALL BUSINESS
GRANT INITIATIVE, TO INCREASE FUNDING, IN THE AMOUNT OF $50,000.00,
FROM $200,000.00 TO $250,000.00, TO PROVIDE FINANCIAL ASSISTANCE TO
QUALIFIED SMALL BUSINESSES IN OVERTOWN; FUNDS TO BE ALLOCATED
FROM SEOPW TAX INCREMENT FUND, "OTHER GRANTS AND AIDS,"
ACCOUNT CODE NO. 689001.550108,6.940.
WHEREAS, the Southeast Overtown/Park West Community Redevelopment Agency ("CRA")
is responsible for carrying out community redevelopment activities and projects within the Southeast
Overtown/Park West Redevelopment Area in accordance with its approved Redevelopment Plan; and
WHEREAS, by Resolution No. CRA-R-05-0049, passed and adopted on November 3, 2005,
the Board of Directors established the Overtown Small Business Grant Initiative to provide grants for
capital improvements, equipment purchases, and/or strengthening of the asset or inventory base of
long-time small businesses that employ Overtown residents and are located in the general vicinity of
the CRA's 3rd Avenue business corridor, with funds in the amount of $200,000 allocated for the
award of Grants; and
WHEREAS, by Resolution No. CRA-R-06-0002, passed and adopted on January 30, 2006, the
Resolution was amended to authorize the inclusion of working capital as an eligible use provided that
this use shall not exceed 25% of the total grant; and
WHEREAS, to accommodate the anticipated receipt of additional grant applications, the CRA
Board of Commissioners wishes to increase the authorized allocation of funds in the amount of
$50,000.00, from $200,000.00 to $250,000.00;
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COMMISSIONERS OF THE
SOUTHEAST OVERTOWN/PARK WEST COMMUNITY REDEVELOPMENT AGENCY 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 herein as if fully set forth in this Section.
Section 2. Resolution No. CRA-R-05-0049, as amended by Resolution No. CRA-R-06-0002,
establishing the Overtown Small Business Grant Initiative, is further amended to increase funding in
the amount of $50,000.00, from $200,000.00 to $250,000.00.
Section 3. Funds are to be allocated from SEOPW Tax Increment Fund, "Other Grants and
City of .Aliarni
Page I of 2 Printed On: 7/6/2006
File Number. 06-00681
Aids," Account Code No. 689001.550108.6.940.
Enactment Number CRA R-06-0017
Section 4. This Resolution shall become effective immediately upon its adoption.
City of Miami
Page 2 of 2 Printed On: 7/64006
of
City of Miami
Legislation
CRA Resolution: CRA-R-05-0049
City Hall
3500 Pan American
Drive
Miami, FL 33133
www.ci.miami.fl.us
File Number: 05-00963
Final Action Date:11/3/2005
A RESOLUTION OF THE BOARD OF DIRECTORS OF THE SOUTHEAST
OVERTOWN/PARK WEST COMMUNITY REDEVELOPMENT AGENCY ("CRA")
AUTHORIZING THE ESTABLISHMENT OF THE OVERTOWN SMALL BUSINESS
GRANT INITIATIVE, IN A TOTAL AMOUNT NOT TO EXCEED $200,000, TO
PROVIDE GRANTS FOR CAPITAL IMPROVEMENTS, EQUIPMENT PURCHASES,
AND/OR STRENGTHENING OF THE ASSET OR INVENTORY BASE OF LONG-
TIME SMALL BUSINESSES THAT EMPLOY OVERTOWN RESIDENTS AND ARE
LOCATED IN THE GENERAL VICINITY OF THE CRA's 3RD AVENUE BUSINESS
CORRIDOR; PROVIDING THAT THE PROGRAM SHALL BE ADMINISTERED BY
THE EXECUTIVE DIRECTOR, THAT NO SINGLE GRANT SHALL EXCEED $50,
000, AND THAT GRANTS IN EXCESS OF $4,500 SHALL BE PRESENTED TO
THE BOARD FOR APPROVAL OR RATIFICATION; AUTHORIZING THE
EXECUTIVE DIRECTOR TO EXECUTE ALL DOCUMENTS NECESSARY FOR
SAID PURPOSE; FUNDS TO BE ALLOCATED FROM SEOPW TAX INCREMENT
FUND, "OTHER GRANTS AND AIDS," ACCOUNT CODE NO. 689001.550108.6.
940.
WHEREAS, the Southeast Overtown/Park West Community Redevelopment Agency ("CRA")
is responsible for carrying out community redevelopment activities and projects within the Southeast
Overtown/Park West Redevelopment Area in accordance with its approved Redevelopment Plan; and
WHEREAS, maintaining existing businesses and providing employment opportunities for
residents is a stated objective of the Redevelopment Plan; and
WHEREAS, at the July 25, 2005 Board of Director's meeting, the Executive Director was
directed to identify funds and develop a program to assist businesses along the 3rd Avenue business
corridor in the Overtown area; and
WHEREAS, a grant program has been developed to provide financial assistance to long-time
small businesses in Overtown; and
WHEREAS, the SEOPW CRA Board of Directors wishes to approve the Overtown Small
Business Grant Initiative;
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF DIRECTORS OF THE
SOUTHEAST OVERTOWN/PARK WEST COMMUNITY REDEVELOPMENT AGENCY 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 establishment of the Overtown Small Business Grant Initiative, in a total
Ciry of Miami
Page 1 of 2 Printed On: 11/902005
File Number. 05-00963
Enactment Number; CR.4-R-05-0049
amount not to exceed $200,000, to provide grants for capital improvements, equipment purchases,
and/or strengthening of the asset or inventory base of long-time small businesses that employ
Overtown residents and are located in the general vicinity of the CRA's 3rd Avenue business corridor
is authorized.
Section 3. The Overtown Small Business Grant Initiative shall be administered by the
Executive Director, no single grant shall exceed $50,000, and grants in excess of $4,500 shall be
presented to the Board of Directors for approval or ratification.
Section 4. The Executive Director is authorized to execute all documents necessary for said
purpose,
Section 5. Funds are to be allocated from SEOPW Tax Increment Fund, "Other Grants and
Aids," Account Code No. 689001.550108.6.940.
Section 6. This Resolution shall become effective immediately upon its adoption.
City of Miami
Page 2 of 2 Printed On: 11/9/2005