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Resolution: R-09-0298
City Hall
3500 Pan American
Drive
Miami, FL 33133
www.miamigov.com
File Number: 09-00608
Final Action Date: 6/18/2009
A RESOLUTION OF THE MIAMI CITY COMMISSION, WITH ATTACHMENT(S),
APPROVING THE CITY OF MIAMI DEPARTMENT OF COMMUNITY
DEVELOPMENTS ECONOMIC DEVELOPMENT LOAN FUND PROGRAM
POLICIES, TO PROVIDE BUSINESSES WITH FINANCIAL ASSISTANCE TO
SUPPORT THE RETENTION AND CREATION OF JOBS FOR LOW TO
MODERATE INCOME CITY OF MIAMI RESIDENTS, AS DESCRIBED IN EXHIBIT
"A", ATTACHED AND INCORPORATED; AUTHORIZING THE CITY MANAGER TO
EXECUTE THE NECESSARY DOCUMENTS FOR THE IMPLEMENTATION OF
SAID PROGRAM.
WHEREAS, pursuant to Resolution No. 08-0688, adopted December 11, 2008, the City
Commission approved the allocation of future Community Development Block Grant (CDBG") Program
Income funds to include Housing and Economic Development activities as deemed necessary by the
City Manager; and
WHEREAS, the City of Miami ("City") established the Economic Development Loan Fund ("EDLF")
Program which will be administered by the Department of Community Development ("CD"); 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 locate within the
City boundaries and priority will be given to businesses in the Neighborhood Development Zones; and
WHEREAS, the EDLF Program policies will ensure that all commercial loans provided by CD are
consistent with Federal regulations and all eligible businesses are treated equally in the evaluation and
terms of the loans; and
WHEREAS, the Administration requests the approval of the EDLF Program Policies which will
provide businesses with financial assistance to support the retention and creation of jobs for low to
moderate income City residents, as described 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.
Section 2. The City's CD EDLF Program policies which will provide businesses with financial
assistance to support the retention and creation of jobs for low to moderate income City residents, as
City of Miami Page 1 of 2 Printed On: 11/19/2009
File Number:' 09-00608 Enactment Number: R-09-0298
described in Exhibit "A", attached and incorporated, are approved.
Section 3. The City Manager is authorized{1} to execute the necessary documents for the
implementation of said program
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 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 Printed On: 11/19/2009