HomeMy WebLinkAboutSummary FormDate: 04/11/2011
AGENDA ITEM SUMMARY FORM
FILE ID: j/ - oo 3
Law Department
Matter ID No.
Requesting Department: Community Development
Commission Meeting Date: 05/12/2011 District Impacted: 2, 5
Type: ® Resolution
❑ Other
Ordinance ❑ Emergency Ordinance ❑ Discussion Item
Subject: TRANSFER OF COMMUNITY DEVELOPMENT BLOCK GRANT FUNDS FROM
DISTRICT 2 AND 5 ECONOMIC DEVELOPMENT RESERVE ACCOUNTS TO THE
ECONOMIC DEVELOPMENT LOAN FUND PROGRAM
Purpose of Item:
A RESOLUTION OF THE MIAMI CITY COMMISSION, WITH ATTACHMENT(S), AUTHORIZING
THE TRANSFER OF COMMUNITY DEVELOPMENT BLOCK GRANT ("CDBG") FUNDS, IN THE
AMOUNT OF $100,000 AND $410,000 RESPECTIVELY FROM DISTRICTS 2 AND 5
ECONOMIC DEVELOPMENT RESERVE ACCOUNTS; 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 DISTRICT 2 AND 5 TO RETAIN AND/OR CREATE JOBS FOR LOW AND
MODERATE INCOME PEOPLE IN ACCORDANCE WITH THE ECONOMIC DEVELOPMENT
LOAN FUND PROGRAM POLICIES; AUTHORIZING THE CITY MANAGER TO EXECUTE ALL
NECESSARY DOCUMENTS FOR SAID PURPOSE.
Background Information:
Please see attached
Budget Impact Analysis
NO Is this item related to revenue?
NO Is this item an expenditure? If so, please identify funding source below.
General Account No:
Special Revenue -Account No:
CIP Project No:
NO Is this item funded by Homeland Defense/Neighborhood Improvement Bonds?
Start Up Capital Cost:
Maintenance Cost:
Total Fiscal Impact:
Final Approvals
(SIGN AND DATE)
CIP Budget
If asina or.rece ving capital funds
Grants
Risk Management
Purchasin �j Dept. Director
Cie �Zc�-�G i /40/ City Manager
tog -
Page Page 1 of 1
AGENDA ITEM SUMMARY FORM CONTINUED
Background Information:
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.
Pursuant to Resolution No. 11-0119, adopted on March 24, 2011, the Miami City Commission
approved the allocation of $625,531 to District 2 and $412,339 to District 5 in CDBG funds to the City
of Miami ("City") Department of Community Development Economic Development Reserve account
for future economic development activities.
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.
The EDLF Program is available to businesses located or planning to locate within Districts 2 and 5.
The Administration recommends the transfer of CDBG funding, in the amount of $100,000 and
$410,000 respectively from Districts 2 and 5 Economic Development Reserve Accounts 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 people in accordance with the Economic Development Loan Fund Program Policies Manual,
as specified in Exhibit "A", attached and incorporated.