HomeMy WebLinkAboutSummary FormAGENDA ITEM SUMMARY FORM
FILE ID: lo? — O?443l
Law Department
Matter ID No.
Date: 12/10/2012 Requesting Department: Community & Economic Development
Commission Meeting Date: 01/10/2013 District Impacted: 2
Type: E Resolution ❑ Ordinance ❑ Emergency Ordinance 0 Discussion Item
❑ Other
Subject: TRANSFER OF COMMUNITY DEVELOPMENT BLOCK GRANT FUNDS
("CDBG") TO THE ECONOMIC DEVELOPMENT LOAN PILOT PROGRAM
Purpose of Item:
'AUTHORIZING THE TRANSFER OF COMMUNITY DEVELOPMENT BLOCK GRANT (°CDBG")
FUNDS, IN THE AMOUNT OF $95,000 FROM THE COCONUT GROVE BUSINESS
IMPROVEMENT DISTRICT ("COCONUT GROVE BID"); ALLOCATING SAID FUNDS TO THE
CITY OF MIAMI DEPARTMENT OF COMMUNITY AND ECONOMIC DEVELOPMENT
ECONOMIC DEVELOPMENT LOAN PILOT PROGRAM FOR AWARDS TO FOR -PROFIT
BUSINESSES LOCATED IN DISTRICT 2 TO RETAIN AND/OR CREATEJOBS FOR LOW AND
MODERATE INCOME PEOPLE IN ACCORDANCE WITH THE ECONOMIC DEVELOPMENT
LOAN PILOT PROGRAM POLICIES; AUTHORIZING THE CITY MANAGER TO EXECUTE ALL
NECESSARY DOCUMENTS FOR SAID PURPOSE.
" Background Information:
Please sec attached
Budget Impact Analysis
NO Ls this item related to revenue?
YES Is this item an expenditure? If so, please identify funding source below.
• General Account No:
Special Revenue Account No: TO BE DETERMINED
GIP Project No:
NQ Is this item funded by homeland Defense/Neighborhood Improvement Bonds?
Start Up Capital Cost:
Maintenance Cost:
Total Fiscal Impact: $95,000
CIP
Final Approvals
(SIGN AND DAT
Budget
;If,.iSsinR Qr;receiy�nR caiii[al :finids
Grants
Risk Management
Dept Director
4 City Manager
Page I of l
AGENDA ITEM SUMMARY FORM CONTINUED
Background Information:
Pursuant to Resolution No. 11-0263, adopted June 23, 2011, the Miami City Commission approved
the allocation of $150,000 to the 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 and existing business and/or remedying
code violations to create and retain job opportunities with the commercial district.
Coconut grove BID has been unable to fully utilize the funds.
The Economic Development Loan Pilot Program ("EDLF"), is designed to fill the financing gap
between private debt financing and private equity funds and funds are provided to create economic
benefit through increased revenues and the creation and retention of jobs in the City.
The Administration recommends the transfer of CDBG funds in the amount of $95,000, from the •
Coconut Grove BID and allocating said funds to the City of Miami Department of Community &
Economic Development EDLF to assist qualified businesses to create and/or retain jobs within
District 2.