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HomeMy WebLinkAboutSummary FormDate: 04/09/2013 AGENDA ITEM SUMMARY FORM FILE ID: / 3 ^ 0043 Law Department Matter ID No. Requesting Department: Community & Economic Development Commission Meeting Date: 05/09/2013 District Impacted: 5 Type: ® Resolution ❑ Ordinance ❑ Emergency Ordinance ❑ Discussion Item ❑ Other Subject: ALLOCATION OF COMMUNITY DEVELOPMENT BLOCK GRANT ("CDBG") FUNDS TO WYNWOOD BREWING COMPANY LLC Purpose of Item: AUTHORIZING THE ALLOCATION OF COMMUNITY DEVELOPMENT BLOCK GRANT FUNDS ("CDBG") IN THE AMOUNT OF $420,000 FROM THE DEPARTMENT OF COMMUNITY AND ECONOMIC DEVELOPMENT CDBG RESERVE ACCOUNT; ALLOCATING SAID FUNDS TO WYNWOOD BREWING COMPANY LLC, FOR JOB CREATION; AUTHORIZING THE CITY MANAGER TO EXECUTE ALL NECESSARY DOCUMENTS FOR SAID PURPOSE. Background Information: Please see attached Budget Impact Analysis NO Is 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 CIP Project No: NO Is this item funded by Homeland Defense/Neighborhood Improvement Bonds? Start Up Capital Cost: Maintenance Cost: Total Fiscal Impact: $420,000 CIP If using or receiving capital funds Grants Final Approvals (SIGN AND DATE) Budge ,Risk Management PurchasiDept. Director Chief .c ity manager Page 1 of 1 AGENDA ITEM SUMMARY FORM CONTINUED Background Information: Pursuant to Resolution No. 09-0298, adopted June 18, 2009, the Miami City Commission approved the EDLF Pilot Program Policies which provides businesses with financial assistance to support the retention and creation of jobs for low to moderate income City residents. Pursuant to Resolution No. adopted May 9, 2013, the Miami City Commission approved the de -obligation and close-out of certain CDBG activities and allocated and amount of $948,780.64 to the Department of Community and Economic Development CDBG reserve account. Wynwood Brewing Company ("WBC") is a production brewing company in the heart of Wynwood Art District in Miami, FL is a family owned and operated business with the simple objective of bringing fresh, delicious, and creative beers to South Floridians and tourists alike. WBC will be the first craft beer manufacturer (Micro -Brewery) in the City catering to local consumers and declaring itself the "Miami Beer" with local support and establishing strong relationships with distributors and local retailers to become a strong, well recognized beer brand within the South Florida area. WBC has secured bank financing for the business but because of additional requirement and the need to provide a taproom to serve directly to residents and tourists, is in urgent need of assistance in purchasing of final equipment needed to be fully operational. WBC will be required to create twelve new jobs, of which more than 51 % will go to low and moderate income residents. The Administration recommends the allocation of CDBG funds in the amount of $420,000 from the City's Department of Community and Economic Development CDBG Reserve account to WBC for economic development activities, specifically job creation.