HomeMy WebLinkAboutSummary FormFILE ID:
Date: 04/18/2012
Commission Meeting Date: 05/24/2012
Type: ® Resolution ❑ Ordinance [
n Other
AGENDA ITEM SUMMARY,/FORM
4-Ube%
Law Department
Matter ID No.
Requesting Department: Community Development
District Impacted: 2
Emergency Ordinance ❑ Discussion Item
Subject: ALLOCATION OF COMMUNITY DEVELOPMENT BLOCK GRANT FUNDS TO
DYNAMIC COMMUNITY DEVELOPMENT CORPORATION
Purpose of Item:
AUTHORIZING THE ALLOCATION OF CMMUNITY DEVELOPMENT BLOCK GRANT FUNDS
("CDBG") IN THE AMOUNT OF $80,000 FROM THE DISTRICT 2 ECONOMIC DEVELOPMENT
RESERVE ACCOUNT; ALLOCATING SAID FUNDS TO DYNAMIC COMMUNITY DEVELOPMENT
CORPORATION ("DYNAMIC CDC")FOR TECHNICAL ASSISTANCE TO MICRO -ENTERPRISE
BUSINESSES; AUTHORIZING THE CITY MANAGER TO EXECUTE ALL NECESSARY DOCUMENTS
FOR SAID PURPOSE.
Background Information:
Please see attached
Budget Impact Analysis
NO s this item related to revenue?
s this item an expenditure? If so, please identify funding source below.
General Account No:
Special Revenue Account No.' , y' t C
in,v141A-J
CIP Project No:
NO Is this item funded by Homeland Defense/Neighborhood Improvement Bonds?
Start Up Capital Cost:
Maintenance Cost:
Total Fiscal Impact:
CIP
t1/A
If using or receiving capital funds .1N
Grants A
Purch
Chief
Final Approvals
(SIGN AND DATE)
Budget
Risk Management
Dept. Director
26/7.City Manager
Page 1 of 1
AGENDA ITEM SUMMARY FORM CONTINUED
Backzround Information:
Pursuant to Resolution No.12-0060, adopted February 23, 2012, the Miami City Commission
approved the allocation of Program Year 2012-2013 CDBG funds in the amount of $1,160,716, to the
City of Miami ("City") Economic Development Reserve Account for economic development activities.
Dynamic CDC is a Small Business Development Center operating as a community -based non-profit
economic development corporation that provides business and technical assistance for the local
business community, facade improvement programs and a Small Business Micro -loan Program.
Dynamic CDC will provide Technical Assistance to Micro -Enterprises in District 2, including, but not
limited to, assistance with day-to-day business operations and assisting business owners with
acquiring funding from new sources.
The Administration recommends the allocation of CDBG funds in the amount of $80,000 from the
District 2 Economic Development Reserve Account to Dynamic CDC for technical assistance to
micro -enterprise businesses.