HomeMy WebLinkAboutR-11-0192City of Miami
Legislation
Resolution: R-11-0192
City Hall
3500 Pan American
Drive
Miami, FL 33133
www.miamigov.com
File Number: 11-00338 Final Action Date: 5/12/2011
A RESOLUTION OF THE MIAMI CITY COMMISSION, WITH ATTACHMENT(S),
AUTHORIZING THE TRANSFER OF COMMUNITY DEVELOPMENT BLOCK GRANT
FUNDS, IN THE AMOUNT OF $100,000 AND $410,000 FROM THE DISTRICTS 2
AND 5 ECONOMIC DEVELOPMENT RESERVE ACCOUNTS, RESPECTIVELY;
ALLOCATING SAID FUNDS TO THE CITY OF MIAMI DEPARTMENT OF
COMMUNITY DEVELOPMENT ECONOMIC DEVELOPMENT LOAN FUND
PROGRAM, FOR AWARDS TO FOR -PROFIT BUSINESSES LOCATED IN
DISTRICTS 2 AND 5, TO RETAIN OR CREATE JOBS FOR LOW AND MODERATE
INCOME INDIVIDUALS IN ACCORDANCE WITH THE ECONOMIC DEVELOPMENT
LOAN FUND PROGRAM POLICIES; AUTHORIZING THE CITY MANAGER TO
EXECUTE ALL NECESSARY DOCUMENTS FOR SAID PURPOSE.
WHEREAS, pursuant to Resolution No. 09-0298, adopted June 18, 2009, the Miami City
Commission approved the Economic Development Loan Fund ("EDLF") Program Policies, as
specified in Exhibit "A", attached and incorporated; and
WHEREAS, pursuant to Resolution No. 11-0119, adopted March 24, 2011, the Miami City
Commission approved the allocation of funds in the amount of $625,531 to District 2 and funds in the
amount of $412,339 to District 5, in Community Development Block Grant ("CDBG") funds to the City
of Miami ("City") Department of Community Development Economic Development Reserve Account
for future economic development activities; and
WHEREAS, the EDLF Program is designed to fill the financing gap between private debt
financing and private equity and funds are provided to create economic benefit through increased
revenues and the creation and retention of jobs in the City; and
WHEREAS, the EDLF Program is available to businesses located or planning to be located within
City Districts 2 and 5; and
WHEREAS, the City Administration recommends the transfer of CDBG funding, in the amount of
$100,000 and $410,000 from Districts 2 and 5 Economic Development Reserve Accounts respectively
and allocating said funds to the City's Department of Community Development EDLF Program for
awards to for -profit businesses located in Districts 2 and 5 to retain and/or create jobs for low and
moderate income individual in accordance with the Economic Development Loan Fund Program
Policies Manual, as specified in Exhibit "A", attached and incorporated;
NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION 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.
City of Miami
Page 1 of 2 File Id: 11-00338 (Version: 1) Printed On: 10/6/2017
File Number: 11-00338 Enactment Number: R-11-0192
Section 2. The transfer of CDBG funding, in the amount of $100,000 and $410,000 from the
Districts 2 and 5 Economic Development Reserve Accounts respectively and the allocation of said
funds to the City's Department of Community Development EDLF Program, for awards to for -profit
businesses located in Districts 2 and 5, to retain or create jobs for low and moderate income
individuals in accordance with the EDLF Program Policies, as specified in Exhibit "A", attached and
incorporated, is approved.
Section 3. The City Manager is authorized {1} to execute all necessary documents for said
purpose.
Section 4. This Resolution shall become effective immediately upon its adoption and signature of
the Mayor.{2}
Footnotes:
{1} The herein authorization is further subject to compliance with all requirements that may be
imposed by the City Attorney, including but not limited to those prescribed by applicable City Charter
and Code provisions.
{2} If the Mayor does not sign this Resolution, it shall become effective at the end of ten (10) calendar
days from the date it was passed and adopted. If the Mayor vetoes this Resolution, it shall become
effective immediately upon override of the veto by the City Commission.
City of Miami Page 2 of 2 File Id: 11-00338 (Version: 1) Printed On: 10/6/2017