HomeMy WebLinkAboutSummary FormAGENDA ITEM SUMMARY FORM
FILE ID: //--OU hid 7
Date: 05/18/2011
Commission Meeting Date: 06/23/2011
Type: E. . Resolution ❑ Ordinance [J Emergency Ordinance U Discussion Item
❑ Other
Law Department
Matter ID No.
Requesting Department: Community Development
District Impacted: 2
Subject: TRANSFER OF COMMUNITY DEVELOPMENT BLOCK GRANT FUNDS TO
COCONUT GROVE BUSINESS IMPROVEMENT DISTRICT
Purpose of Item:
AUTHORIZING THE TRANSFER OF COMMUNITY DEVELOPMENT BLOCK GRANT FUNDS, IN
THE AMOUNT OF $150,000 FROM THE CITY OF MIAMI DEPARTMENT OF COMMUNITY
DEVELOPMENT DISTRICT 2 ECONOMIC DEVELOPMENT RESERVE ACCOUNT; ALLOCATING
SAID FUNDS TO COCONUT GROVE BUSINESS IMPROVEMENT DISTRICT, FOR THE
COMMERCIAL REHABILITATION JOB CREATION PROGRAM TO ASSIST QUALIFIED BUSINESS
OR PROPERTY OWNERS WITH BUILDING AND PROPERTY IMPROVEMENTS THAT ARE
DIRECTLY RELATED TO OPENING A NEW BUSINESS, RETAINING AN EXISTING BUSINESS
AND/OR REMEDYING CODE VIOLATIONS TO CREATE AND/OR RETAIN JOB OPPORTUNITIES
WITHIN THE COMMERCIAL DISTRICT; 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 using or receiving capital funds
Grants
Purchasing
Clief
Risk Management
Dept. Director
City Manager
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AGENDA ITEM SUMMARY FORM CONTINUED
Background Information:
Pursuant to Resolution No. 11-0119 adopted March 24, 2011, the Miami City Commission approved
the allocation of Program Year 2011-2012 CDBG funds, in the amount of $4,468,078 in the
Economic Development Category which included an amount of $625,531 allocated to the District 2
Reserve account.
Coconut Grove Business Improvement District (Coconut Grove BID) is a program of self-help
through self -taxation and cooperation by actively refocusing the tenant mix to better serve the needs
of locals who reside in the Coconut Grove area including nearby neighborhoods.
Coconut Grove BID has identified many highly visible, empty stores and restaurants and has created
the rehabilitation program to provide an economic incentive to business and property owners to
attract and retain quality tenants in the Coconut Grove area.
The Commercial Rehabilitation Job Creation Program, administered by the Coconut Grove BID, will
assist qualified business or property owners with building and property improvements that are directly
related to opening and/or retaining an existing business and/or remedying code violations to create
or retain job opportunities within the commercial district.
Program participants will be required to contribute 25% of the cost of eligible improvements with the
BID and the City providing 25% and 50% respectively.
Eligible business or property owners must create or retain one income low level in accordance with
CDBG regulations for the CDBG funds received.
The Administration recommends the transfer of CDBG funds in the amount of $150,000, from the
City of Miami Department of Community Development and allocating said funds to Coconut Grove
BID, for the Commercial Rehabilitation Job Creation Program to assist qualified business or property
owners with building and property improvements that are directly related to opening a new business,
retaining an existing business and/or remedying code violations to create and/or retain job
opportunities within the commercial district.