HomeMy WebLinkAboutPre-LegislationCity of Miami
Legislation
Resolution: R-09-0302
City Hall
3500 Pan American
Drive
Miami, FL 33133
www.miamigov.com
File Number: 09-00613 Final Action Date: 6/18/2009
A RESOLUTION OF THE MIAMI CITY COMMISSION, WITH ATTACHMENT(S),
AUTHORIZING THE TRANSFER OF COMMUNITY DEVELOPMENT BLOCK
GRANT FUNDS, IN THE AMOUNT OF $103,000 FROM THE 34TH PROGRAM
YEAR AND $131,000 FROM THE 35TH PROGRAM YEAR, FOR A TOTAL OF
$234,000; ALLOCATING SAID FUNDS TO THE CITY OF MIAMI ECONOMIC
DEVELOPMENT LOAN PILOT PROGRAM FOR AWARDS NOT TO EXCEED
$10,000 TO FOR -PROFIT BUSINESSES LOCATED IN DISTRICT 3 OR 4 TO
RETAIN AND/OR CREATE JOBS FOR LOW AND MODERATE INCOME PEOPLE
WHO RESIDE IN THE CITY OF MIAMI, AS SPECIFIED IN EXHIBIT "A", ATTACHED
AND INCORPORATED; AUTHORIZING THE CITY MANAGER TO EXECUTE ALL
NECESSARY DOCUMENTS FOR SAID PURPOSE.
WHEREAS, pursuant to Resolution No. 08-0308, adopted June 5, 2008, the Miami City
Commission approved the allocation of $179,483 in Community Development Block Grant ("CDBG")
funds to the City of Miami Department of Community Development Economic Development Reserve
Account; and
WHEREAS, the Administration recommends the transfer of CDBG funding, in the amount of
$103,000 from the 34th Program Year and $131,000 from the 35th Program Year for a total of
$234,000, to the City of Miami ("City") Department of Community Development Economic
Development Loan Pilot Program to provide loans of up to $10,000 to for -profit businesses located in
District 3 or.4 for special economic development activities to create and/or retain jobs for low to
moderate income people who reside in the City of Miami ("City"), as specified in Exhibit "A", attached
and incorporated;
NOW, THEREFORE, BE IT RESOLVED BY THE COMMISSION OF THE CITY OF MIAMI,
FLORIDA:
Section 1. The recitals and findings contained in the Preamble to this Resolution are adopted
by reference and incorporated as if fully set forth in this Section.
Section 2. The transfer of CDBG funding, in the amount of $103,000 from the 34th Program
Year and $131,000 from the 35th Program Year for a total of $234,000, to the City Department of
Community Development Economic Development Loan Pilot Program, to provide grants of up to
$10,000 to for -profit businesses located in District 3 or 4 for special economic development activities to
create and/or retain jobs for low to moderate income people who reside in the City, as specified in
Exhibit "A", is authorized.
Section 3. The City Manager is authorized {1} to execute all necessary documents for said
purpose.
City of Miami Page I of 2 File Id: 09-00613 (Version: 2) Printed On: 5/14/2013
File Number: 09-00613 Enactment Number: R-09-0302
Section 4. This Resolution shall become effective immediately upon its adoption and signature
of the Mayor. {2}
Footnotes:
{1} The herein authorization is further subject to compliance with all requirements that may be
imposed by the City Attorney, including, but not limited to, those prescribed by applicable City Charter
and Code provisions.
{2} If the Mayor does not sign this Resolution, it shall become effective at the end of ten (10) calendar
days from the date it was passed and adopted. If the Mayor vetoes this Resolution, it shall become
effective immediately upon overrideof. the _veto by the City Commission.
City of Miami Page 2 of 2 File Id: 09-00613 (Version: 2) Printed On: 5/14/2013
Exhibit A
Special Terms for the Loan Pilot Program for District 3 or District 4
A Special Target Area is being formed for the City of Miami ("City") Loan Pilot
Program to provide forgivable loans of up to $10,000 to for -profit businesses. The
Economic Development Loan Fund Program Guidelines are amended as follow for
this Pilot Program:
Special Target Areas
• District 3 of the City of Miami
• District 4 of the City of Miami
Loan Criteria
Job Creation and Retention:
• All loans will require applicants to create or retain one, full time, permanent job for
every $10,000.00, or parts thereof, loaned.
Loan Amount:
• Up to $10,000
Loan Term:
• Repayment shall be forgiven if borrower meets the job creation/retention requirements
outline in the Loan Fund Program
• If borrower does not meet requirements, the loan will have to be paid in full to the City.
interest Rate:
• 0% per annum
Loan Approval
• Loans to be approved by a loan committee(s) to be made up of 3 members comprising
of 2 staff members to be appointed by the City Manager or his designee, and one
member appointed by the District.
rbiot rpoi-