HomeMy WebLinkAboutCRA-R-06-0017 Back-upOVERTOWN SMALL BUSINESS INITIATIVE GRANT PROGRAM
STATUS REPORT: April 25, 2006
Total Amount of Program:
Total Amount Granted:
Available Funds:
Total Amount Disbursed:
GRANTEES:
$200,000.00
$144,782.71
$ 55,217.29
$100,341.15
Name of Business
Award
Paid
L and J Grocery
$25,000.00
$24,672.22
Two Guys Restaurant
$15,000.00
$ 0.00
Gerald's Graphics & Printing
$24,950.00
$20,672.92
Shoeman's Shoe Store
$24,220.79
$16,746.50
Caring Touch Barber Shop
$ 8,674.92
$ 8,169.92
China Tee Restaurant
$21,937.00
$ 9,188.49
Ibo's Market
$25,000.00
$20,891.10
GRANT APPLICATIONS IN PROCESS:
1. Bradley's Market
2. Just Right Beauty Salon
• Total of twelve (12) applications have been received.
♦ Three (3) were ineligible due to location, tenure of business, or non -store front.
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City of Miami
Legislation
CRA Resolution: CRA-R-05-0049
City Hail
3500 Pan American
Drive
Miami, FL 33133
www.ci.miami.fl.us
File Number: 05-00963
Final Action Date: 1 1/3/2005
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
City of Miami Page 1 of 2 Printed On: 11/9/2005
File Number: 05-00963 Ettcrctmetat Atimber: CR-}-R-05-(OO49
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 1 of 2 Printed Ott: 11/9/2005