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".