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HomeMy WebLinkAboutSummary FormDate: 08-06-2015 AGENDA ITEM SUMMARY FORM FILE ID: 15-01087 Law Department Matter ID No. Requesting Department: Community & Economic Development Commission Meeting Date: 09-24-2015 District Impacted: 1,2,3,4,5 Type: /1 Resolution ❑ Ordinance ❑ Emergency Ordinance ❑ Discussion Item ❑ Other Subject: ALLOCATION OF CDBG PROGRAM INCOME FUNDS FROM WAGNER SQUARE, LLC. Purpose of Item: A RESOLUTION OF THE MIAMI CITY COMMISSION AUTHORIZING THE ALLOCATION OF COMMUNITY DEVELOPMENT BLOCK GRANT ("CDBG") PROGRAM INCOME FUNDS IN THE TOTAL AMOUNT OF $1,058,875 FROM WAGNER SQUARE, LLC, SETTLEMENT AGREEMENT; ALLOCATING SAID FUNDS AS DESCRIBED IN ATTACHMENT "A", ATTACHED AND INCORPORATED; AUTHORIZING THE CITY MANAGER TO EXECUTE THE NECESSARY DOCUMENTS FOR SAID PURPOSE. Background Information: See attached Budget Impact Analysis YES Is this item related to revenue? YES Is this item an expenditure? If so, please identify funding source below. General Account No: N/A Special Revenue Account No: 1'j o4, 910 to 0. 000, oo, CIP Project No: N/A 1i®.l qiH. it.ado .0. 59r 7-S NO Is this item funded by Homeland Defense/Neighborhood Improvement Bonds? Start Up Capital Cost: N/A Maintenance Cost: N/A Total Fiscal Impact: $1,058,875 Final Approvals (SIGN AND DATE) CIP Budget 2 •d,� � f 0 ,„ If using or receiving capital funds Grants L./,. Risk Management Purchasing Dept. Director C-brief ki -"/ �/ ! City Manager Page 1 of 1 AGENDA ITEM SUMMARY FORM CONTINUED Background Information: Pursuant to Resolution No. 12-0252, adopted July 12, 2012, the Miami City Commission approved the Settlement Agreement between The City of Miami ("City") and Wagner Square, LLC, which resulted in the City receiving $1,658,875. The recognition of the amount of Program Income took a long time because HUD was not responsive to the request by the City to assist us determine the amount of the settlement that can be classified as program income. $1,058,875 can be classified as CDBG program income with the amount of $600,000 going to the General Fund. Although this allocation of the settlement amount is in the City's 2015-2016 budget, it is also being made by the department so that it can meet HUD's public hearing requirement. The Administration recommends the allocation of CDBG program income funds in the amount of $1,058,875 from Wagner Square, LLC's, settlement agreement as described in Attachment "A".