HomeMy WebLinkAboutSummary FormDate: 11/20/2009
AGENDA ITEM SUMMARY FORM
FILE ID: 69 ` O l 1J O
Law Department
Matter ID No.
Requesting Department: Community Development
Commission Meeting Date: 12/17/2009 District Impacted: 1,2,3,4,5
Type: Eg Resolution ❑ Ordinance ❑ Emergency Ordinance ❑ Discussion Item
Other
Subject: AMENDING THE CITY OF MIAMI DEPARTMENT OF COMMUNITY
DEVELOPMENT ECONOMIC DEVELOPMENT LOAN FUND PROGRAM POLICIES
Purpose of Item:
AMENDING THE CITY OF MIAMI DEPARTMENT OF COMMUNITY DEVELOPMENT ECONOMIC
DEVELOPMENT LOAN FUND PROGRAM POLICIES TO INCORPORATE PROVISIONS TO BE
ABLE TO LEND TO NON-PROFIT ORGANIZATIONS FOR THE PURCHASE AND INSTALLATION
OF MACHINERY, EQUIPMENT, FURNITURE, FIXTURES AND FOR CONSTRUCTION,
RENOVATION, IMPROVEMENT AND EXPANSION AS PER TITLE 24 OF THE CODE OF FEDERAL
REGULATION SECTION ("24 CFR") 570.203(a), AS DESCRIBED IN EXHIBIT "A", ATTACHED AND
INCORPORATED; AUTHORIZING THE CITY MANAGER TO EXECUTE THE 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:
CIP
Final Approvals
(SIGN AND DATE).
Budget
If using or receiving capita! funds
Grants
Purchasing
Chief
Risk Management
Dept. Director
City Manager
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AGENDA ITEM SUMMARY FORM CONTINUED
Background Information:
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.
The City of Miami ("City") established the Economic Development Loan Fund ("EDLF") Program
which will be administered by the Department of Community Development.
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 the City
boundaries with priority being given to businesses in the Neighborhood Development Zones.
The inclusion of non -profits to the EDLF Program provides a standard evaluation tool to all CDBG
assistance to non -profits for special economic development activities.
The Administration requests to amend the EDLF to incorporate provisions to lend to non-profit
organizations for the purchase and installation of machinery, equipment, furniture, fixtures; and the
construction, renovation, improvement and expansion, as per Title 24 of the Code of Federal
Regulation Section ("24 CFR") 570.203(a).