HomeMy WebLinkAboutSummary FormDate: 05/23/2013
AGENDA ITEM SUMMARY FORM
FILE ID: - 6000
. Law Department
Matter ID No.-
13-1177
Requesting Department: Community & Economic Development
Commission Meeting Date: 06/13/2013 District Impacted: 5
Type: ® Resolution ❑ Ordinance ❑ Emergency Ordinance ❑ Discussion Item
❑ Other
Subject: AUTHORIZING THE ALLOCATION OF DISTRICT 4 COMMUNITY
DEVELOPMENT BLOCK GRANT FUNDS TO CAMARA DE COMERCIO LATINA DE LOS
ESTADOS UNIDOS, INC. ("CAMACOL" )
Purpose of Item:
AUTHORIZING THE ALLOCATION OF $80,000 FROM DISTRICT 4 COMMUNITY DEVELOPMENT
BLOCK GRANT RESERVE ACCOUNT, TO CAMARA DE COMERCIO LATINA DE LOS
ESTADOS UNIDOS, INC. ("CAMACOL") FOR ECONOMIC DEVELOPMENT ACTIVITIES, AS
SPECIFIED IN EXHIBIT "A", ATTACHED AND INCORPORATED; AUTHORIZING THE CITY
MANAGER TO EXECUTE THE 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 finding 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: $80,000
Final Approvals
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AGENDA ITEM SUMMARY FORM CONTINUED
Background information:
Pursuant to Resolution No. 09-0302, adopted June .18, 2009, the Miami City Commission approved
the transfer of CDBG funding, in the amount of $103,000 from the 34th Program and $131,000 from
the 35th Program year, for a total of $234,000 to the Clty's Department of Community and Economic
Development Economic Development Loan Pilot Program to provide loans of up to $10,000 to for -
profit businesses located in District 3 or 4.
There remain in the District 4 Economic Development Loan Pilot Program account an amount of
$28,000 and an additional amount of $346,752 in reserves for fiscal year 2012-2013.
The Administration recommends the de -obligation of CDBG funds from the District 4 Economic
Development Loan Pilot Program account in an amount of $28,000 and the transfer of $52,000 from
the District 4 CDBG reserve account for a total of $80,000 and allocatingsaid funds to CAMACOL for
economic development activities, as specified in exhibit "A", attached and incorporated.