HomeMy WebLinkAboutCRA-R-08-0051 Cover Memo•
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SEOPW & Omni Boards of Commissioners Meeting
September 3, 2008
Item # 15
SOUTHEAST OVERTOWN/PARK WEST
AND OMNI
COMMUNITY REDEVELOPMENT AGENCIES
INTER -OFFICE MEMORANDUM
To. Board Chair Michelle Spence -Jones Date: August 22, 2008 File: 08-00999
and Members of the CRA Board
Subject: Resolution Waiving 25% Match for
Residential Buildings and Small Businesses
in the Wrap -Around Building Rehab Program.
From: James H. VillacortJ References:
Executive Director
Enclosures: Legislation
BACKGROUND:
It is recommended that the Boards of Commissioners of the Southeast Overtown/Park West and Omni
Redevelopment District Community Redevelopment Agencies ("CRAs") approve and adopt the attached
Resolution authorizing the waiver of the requirement of a 25% match under the "Wrap -Around Building Rehab
Program" for residential buildings and buildings occupied by "small businesses," as defined by the United States
Small Business Administration.
The Boards of Commissioners, by Resolution No. CRA-R-05-0038, passed and adopted on November 3, 2005,
authorized a grant, in an amount not to exceed $312,500, to the Downtown Miami Partnership to provide partial
funding for a 'Wrap -Around Building Rehab Program" ("Program"). On July 30, 2007, the Boards of
Commissioners, by Resolution No. CRA-R-07-0032, passed and adopted on July 30, 2007, amended
Resolution No. CRA-R-05-0038 to expand the scope of the Program to include preservation and restoration of
historic buildings, and allocated additional funds, in an amount not to exceed $450,000. All entities requesting a
grant under the Program are currently required to provide 25% in matching funds.
The remaining balances in the Omni and SEOPW CRA are $315,375 and $285,775, respectively. Many owners
of residential properties and small businesses within the Redevelopment Areas would participate in the Wrap -
Around Rehab Program, but are unable to provide the requisite matching funds. This resolution would waive
the match requirement for residential buildings and those buildings occupied by "small businesses" as that term
is defined by the United States Small Business Administration.
JUSTIFICATION:
Maintaining existing businesses, attracting new businesses, rehabilitating existing housing, preserving historic
buildings and sites, removing slum and blighted conditions, reinforcing the property tax base, providing
incentives for redevelopment of blighted properties, and promoting rehabilitation and maintenance of existing
viable uses and structures are all stated objectives of both Redevelopment Plans. This resolution furthers these
objectives by easing access to funds for rehabilitation of residential buildings and those occupied by small
businesses.
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