HomeMy WebLinkAboutSummary FormAGENDA ITEM SUMMARY FORM
FILE ID:
Daie ^06/18/2013
13-ootig9
Law Department
Matter ID No.
Requesting Department: Community & Economic Development
Commission Meeting Date: 07/25/2013 District Impacted:
Type: ® Resolution ❑ Ordinance ❑ Emergency Ordinance ❑ Discussion Item
❑ Other
Subject: ALLOCATION OF COMMUNITY DEVELOPMENT BLOCK GRANT FUNDS
("CDBG") FOR PAYMENT OF THE JUNGLE ISLAND SECTION 108 LOAN
Purpose of Item:
AUTHORIZING THE ALLOCATION OF CITY OF MIAMI, DEPARTMENT OF COMMUNITY AND
ECONOMIC DEVELOPMENT RESERVE ACCOUNT FUNDS IN THE AMOUNT OF $1,622,986
FOR THE PAYMENT OF THE PRINCIPAL AND INTEREST DUE FOR THE CITY'S SHARE OF THE
JUNGLE ISLAND SECTION 108 LOAN FROM THE UNITED STATES DEPARTMENT OF HOUSING
AND URBAN DEVELOPMENT ("HUD"), FURTHER AUTHORIZING THE CITY MANAGER TO
ACCEPT THE REPAYMENT OF SAID PRINCIPAL AND INTEREST FROM PARROT JUNGLE
GARDENS AND WATSON ISLAND ("JUNGLE ISLAND") AND DEPOSITING SUCH PAYMENT INTO
THE COMMUNITY DEVELOPMENT BLOCK GRANT DISTRICT RESERVES, AND EXECUTING ALL
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 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:
CIP
$1,622,986
Final Approvals
(SIGN AND DATE),
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If using or receiving funds + 'W.
Grants ri'i' a Risk Management
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AGENDA ITEM SUMMARY FORM CONTINUED
Background Information:
In 1998, Miami -Dade County obtained a $25 million U.S. HUD Section 108 Loan to create a loan to
Parrot Jungle Gardens and Watson Island, now known as Jungle Island, for the purpose of seeking
financial assistance through the U.S. HUD Section 108 Loan Program.
Pursuant to Resolution No. 07-0405, adopted on July 10, 2007, the Miami City Commission
approved an assumption by the City of an 80% interest and obligation in the HUD Loan.
The payment of this principal and interest due on this loan will assist the City in meeting the CDBG
timeliness test.
The payment of the principal and interest using CDBG funds in no way absolves Jungle Island from
making this payment to the County.
The Administration recommends with the allocation of City of Miami, Department of Community and
Economic Development CDBG Reserve account funds in the amount of $1,622,986 for the payment
of the City's share of the Jungle Island Section 108 loan.