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HomeMy WebLinkAboutExhibit 1Der>orrnent of Community & Economic Development %ni t' Mona MLK EMERGENCY BUSINESS ASSISTANCE PROGRAM PROGRAM GTJIDELINES �t. Effective April 2013 `) 13496, [PAGE LEFT INTENTIONALLY BLANK] MLK EMERGENCY BUSINESS ASSISTANCE PROGRAM POLICIES & GUIDELINES The MLK Emergency Business Assistance Program provides forgivable loans up to $10,000 to for - profit businesses located on or about the 7th Avenue corridor. These businesses have been directly affected multiple times by theft and vandalism. If it were not for this assistance, these businesses may find themselves in difficult financial hardship which could lead to displacement of the existing h>>siness and loss of jobs in the neighborhood. The goal of the MLK Emergency Business Assistance Program iss`to provide a benefit to low and moderate income city residents residing in the immediate vicinity of the affected area. These funds are provided to maintain the economic viability by supporting;ztle businesses in the area as catalysts for employment andcommunity growth. These businesses provzde.goods and/or services that are necessary for these neighborhoods._`"", Under 24 CFR 570.203 Special Economic Development businesses assisted;businesses must be financially viable and will make the most effective use of CDBG funds. A basc'financiai underwriting process shall take place prior to the provision of CDBG financial`ass.i'stance to for -profit businesses. �Yno4 Vie. Public Benefit: Businesses under this== iogramnust directly provide goods or services to the residents of the area, which fits under census tract/blocke oup#(s): Census Tract Low Mod % 4L11via6sidents;': 1901.1 84.56% 1901.2 75.59% 795, 1901.3 83.52% 81'1 1901.4 63.42% 319 1901.5,;:t w=' r,78.87% 601 1904;T;:- r_;7:748% 1318 1904 2j' 83 37% 837 2001'.3?w:�, 56.81% 413 2001.4 �ti' 91 80- 750 2003.3 86.60%;;r . 1396 2003.4 r',.. 89.26% 3'- 1496 Program Description: Source of Funding" Matrix Code: 18A'Economic Development — Direct Financial Assistance to For Profits National Objective: Assistance to Low/Mod, Area Benefit Maximum Assistance: $10,000 Eligible Businesses: ■ Businesses located on NW 6th Avenue between 54th Street and 71' Street and on 62°d Street between Interstate 95 and NW 12th Avenue; ■ Businesses must have had their air condition unit burglarized in the past 12 months; ■ Businesses requiring their air conditioned unit to be made secure. Terms: The assistance will be offered in the form of a Grant, with conditions, to eligible businesses. Eligible Uses of Funds & Activities: Grant funds can be utilized for: • Purchase and Installation of machinery, equipment (AC units), fixed furniture (attached to the property), security related equipment, and fixtures that contribute to the improvement of the business; Irnprove_the technological infrastructure of the business; ■ Inventory. Ineligible Uses of Funds & Activities: Grant funds cannot be be utilized for: ■ Paying off a creditor(s) of the for -profit business applicant for an outstanding debt; ■ Providing funds for distribution or payment to the business owner, partners, or shareholders; ■ Paying off anytax lien or liabili.r.. Y g ty ^ • Refinance loans made by other lefd`es: Security conditions: A Uniform Commercial Code=lr(UCC-1)€;wirll be filed on any equipment purchased for a minimum of two years. Businesses wtltexecute;an agreement to remain at that location for the next 2 years and that the funds will be retuned if the business moves or it is sold within the twoyears. Applicants must be willing to com ] with all local, state, and federal PP g P Y A;,, regulations, guidelines, and policies as they relate to this program:; MLK Emergency Business ssistance Program grants will be evaluated based on: ■ Financiahiability of the for -profit business; • Potential to* ihain a{ lie current location for the next 2 years; ■ Management�:) .31,'�� - t.,1 experience; ■ Goods and/or Serves being rov4itled`to area neighborhood(s); • Potential to increase Saes and retain jobs; • Readiness to proceed. Non -Recommended Grants: Federal Grant funds will generally not be recommended for allocation for one or more of the following: • If the applicant and/or its principals are indebted to the City of Miami, in any regards; • If the applicant and/or its principals have been debarred from doing business with federal, state, county, or local government(s); • If any of the gross income of the business is derived from gambling activities, except for those small firms which obtain Less than one third of their gross income from the sale of official state lottery tickets under a state license; • Unsatisfactory credit history during the last twelve (12) months; • If bankruptcy was discharged during the last twenty four (24) months; • If the applicant is a newspaper, book publishing company, magazine, or similar enterprise; • If the applicant is a faith -based organization planning to use CDBG funds to support inherently religious activities such as worship, religious instruction, or proselytization. MLK EMERGENCY BUSINESS ASSISTANCE PROGRAM APPLICATION ORMATION A$OUT�'OMUNDNOURBOSINESS _` ,-- • --', Business Name: Business Address: Zip Code: Business -Phone: — — --- — Business- _ - -ax-ID-#: Business Fax: Duns & Bradstreet #: 1 Email Address: Goods/Services Offered_ to the Community: Year Established: How longytaye you owned this business? Principals/Owner owning 20% or more of the business: Name: v. 4 Yam,: Title:=:, %Ownership: Name: Title:4, 4. . >' %Ownership: _ Should the for -profit business applicant answer YES to any of the following questions, please provide any and all details, under separate cover, and submit it with this application TTtie. applicant must provide all pertinent information includingnames,�dates, times, types, dollar amounts;circumstances, status and dispositions relevant to the' appropriate question(s): Does the Owner/AuthorizeciSigner own;+any interest in any other business? ■ YES ■ NO Are there an tax:liabilities outstandm 'room revious reporting periods? Y �:.: P,.. P g ■ YES ■ NO . � Does the business have any contingent,liability?- Y; ■ YES ■ NO Is the business/applicant presently a party;to any claimor: lawsuit? ■ YES ■ NO Has the business/applicant ever declared`bankruptcy? ■ YES ■ NO Does the business/applicant ovmmonies to the City of Miami? ■ YES ■ NO NFO181441PCI TAB0 N DR .R©O ED1ISED ?CDBG Describe how the funds will'te=utilized: ac-acz .a2" �- �r-_:.;—.-•-.r ."a^-..s.-r°---�`Y 3"- cu,,� ri.� -o:s '5,��.X �. ,✓.-;r +z.4 The information contained herein is true, complete and correct to the best of my knowledge. I certify that I have authority to apply for this loan/grant on behalf of the business described herein. I understand that this information may be made available for public review and is subject to the terms of the Florida Public Records Act. In the event of loan/grant approval, the undersigned grants permission to the City to release publicity articles regarding the financing of the project. The City may also check the personal credit history of the principal owner(s) and/or key individuals. By signing below, the undersigned agrees that the loan/grant will be used for business purposes only and not for household, personal, or consumer usage. I understand that any wtlIfui mtsrepresen[t1on on this statement-could-result-in-afine-and/or-imprisonment under provision of the United States Criminal Code U.S.C. Title 18, Se ion 1001. Applicant# 1: Signature Applicant#2: Signature Print Name/Title ,:}, s Date vee Date Please attachthe following fonts%documents in order to complete your application: 1.One of the following financial documents: 2.List of any equipment. to be purchag ed and its purpose. You will be required to submit three (3) detailed quotations for eacY item listed. The:City will pay directly the lowest bidder. 3.Copy of the Business Certificate ofUse and Occupational License (City of Miami and Miami -Dade County); 4.Commercial Insurance Policy The city reserves the right to request additional information about the business, business owner(s) and or applicant that may be needed to process the loan/grant application. EXHIBIT "B" Transferring CDBG funds to Martin Luther King Jr. Emergency Business Assistance Program Sources of Reallocation Amount Recommended Allocation Activity Name/Description Amount City of Miami Department of Community and Economic Development, CDBG Reserve Account $130,000.00 Martin Luther King Jr. Emergency Business Assistance Program To provide forgivable loans up to $10,000 to for -profit businesses located on or about the 7th Avenue corridor $120,000.00 Martin Luther King Jr. Emergency Business Assistance Program Program Administration $ 10,000.00 Total $130,000.00 $130,000.00