Miami-Dade Legislative Item
File Number: 060349
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File Number: 060349 File Type: Resolution Status: Withdrawn
Version: 0 Reference: Control: County Commission
File Name: $80K TO BLACK ECONOMIC DEV. COALITION D/B/A TOOLS FOR CHANGE Introduced: 2/3/2006
Requester: NONE Cost: Final Action: 3/21/2006
Agenda Date: 3/21/2006 Agenda Item Number: 11A1
Notes: Title: RESOLUTION ALLOCATING $80,000 TO BLACK ECONOMIC DEVELOPMENT COALITION, INC. D/B/A TOOLS FOR CHANGE TO BE TAKEN FROM THE FUNDS IN THE COMMERCIAL DEVELOPMENT LOAN PROGRAM; AUTHORIZING AN AMENDMENT TO THE GUARANTY FUND AGREEMENT; AND DIRECTING THE COUNTY MANAGER TO EXECUTE SAID AMENDMENT
Indexes: ALLOCATION OF FUNDS
  TOOLS FOR CHANGE
Sponsors: Audrey M. Edmonson, Prime Sponsor
Sunset Provision: No Effective Date: Expiration Date:
Registered Lobbyist: None Listed


Legislative History

Acting Body Date Agenda Item Action Sent To Due Date Returned Pass/Fail

Board of County Commissioners 3/21/2006 11A1 Withdrawn P
REPORT: The foregoing proposed resolution was withdrawn during consideration of the County Manager's changes to today's agenda.

Board of County Commissioners 3/7/2006 11A4 Deferred 3/21/2006 P

Community Empowerment & Econ. Revitalization Cmte. 2/14/2006 2D Forwarded to BCC with a favorable recommendation P
REPORT: Assistant County Manager Tony Crapp, Sr. read the foregoing proposed resolution into the record. The Committee proceeded to vote on the foregoing proposed resolution as presented. Discussion ensued among Commissioner Sorenson, Assistant County Manager Crapp and Ms. Silvia Unzueta, Director, Office of Community and Economic Development regarding the standard operating procedures for providing funding assistance to community-based organizations (CBO) specifically for Tools for Change as operating subsidy and others who have received additional funding for similar circumstances. Following this discussion, Commissioner Sorenson asked the Office of Community and Economic Development Director to submit for Committee review within the next 90 days, a proposal and recommendations on how to consolidate some of the functions involving the administering of the Guaranteed Loan Program for disadvantaged businesses. Responding to Commissioner Sorenson’s comments, Ms. Silvia Unzueta, Director OCED, stated a comprehensive proposal would be presented for consideration by the Committee. Hearing no further questions or comments, the Committee by motion duly made, seconded and carried, voted to forward the foregoing proposed resolution as presented pending the submittal of the information requested by Commissioner Sorenson.

County Attorney 2/3/2006 Assigned Community Empowerment & Econ. Revitalization Cmte. 2/14/2006

County Attorney 2/3/2006 Assigned Shannon D. Summerset 2/6/2006

Legislative Text


TITLE
RESOLUTION ALLOCATING $80,000 TO BLACK ECONOMIC DEVELOPMENT COALITION, INC. D/B/A TOOLS FOR CHANGE TO BE TAKEN FROM THE FUNDS IN THE COMMERCIAL DEVELOPMENT LOAN PROGRAM; AUTHORIZING AN AMENDMENT TO THE GUARANTY FUND AGREEMENT; AND DIRECTING THE COUNTY MANAGER TO EXECUTE SAID AMENDMENT

BODY
WHEREAS, Black Economic Development Coalition, Inc. d/b/a Tools for Change has been operating in Miami-Dade County to implement a multi-pronged program to further the creation and growth of black-owned businesses, improve income circulation within black communities in Miami-Dade County and enhance the availability of goods and services in predominately black communities; and

WHEREAS, Black Economic Development Coalition, Inc. d/b/a Tools for Change is also responsible for administering the Guaranteed Loan Program for the development of Disadvantaged Businesses in Miami-Dade County; and

WHEREAS, the Guaranteed Loan Program was initially funded with $1,832,000 of general revenue funds at the September 19, 1991 Public Hearing; and

WHEREAS, this Board, on July 21, 1992, in Resolution 944-92 authorized execution of a Guaranty Fund Agreement and an Escrow Agreement, which among other things provided that the $1,832,000 was to be placed in an interest bearing account and set forth the conditions under which the interest could be disbursed; and

WHEREAS, the $1, 832,000 was placed in an interest bearing account and has to date earned approximately $676,000 in interest; and

WHEREAS, the Guaranty Fund Agreement currently allows disbursements of the funds only for the following purposes: first, to pay the Escrow Agents fees and costs and second to pay for the guaranteed portions of the loans which have fallen into default; and

WHEREAS, this Board desires to provide financial support to Black Economic Development Coalition, Inc. d/b/a Tools for Change to allow it to continue implementation of its programs; and

WHEREAS, Black Economic Development Coalition, Inc. d/b/a Tools for Change is in need of $80,000 for operating funds,

NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF MIAMI-DADE COUNTY, FLORIDA, that this Board allocates $80,000 to Black Economic Development Coalition, Inc. d/b/a Tools for Change to be taken from the funds in the Commercial Development Loan Program authorizing the amendment to the Guaranty Fund Agreement in substantially the form attached hereto and made a part hereof; and directing the County Manager to execute said amendment.

OTHER
AMENDMENT FOUR TO
GUARANTY FUND AGREEMENT


The Guaranty Fund Agreement made and entered into on July 21, 1992 by and between Black Economic Development Coalition, Inc, a Florida not-for-profit corporation d/b/a Tools for Change (TFC), and Miami-Dade County (f/k/a Dade County), a political subdivision of the state of Florida is hereby, as authorized by Resolution No. _________ of the Board of County Commissioners, adopted on _______________, 2006, amended as follows:

5. Deposit and Disbursement of Funds.

* * *

TFC shall strive to retain and protect the Funds. The Funds shall only be disbursed, to pay for the guaranteed portions of the Loans which have fallen into default and, if required from time to time, to pay amounts due to Escrow Agent for managing and administering the escrow account. Additionally, funds shall de disbursed for any other purpose upon written authorization of the County. TFC shall require in any and all agreements it executes with the Banks that the Banks seek in good faith to exhaust other sources of repayment, by using all available legal or other remedies, including, but not limited to, realization of collateral pledged by the borrower by foreclosure action and seeking payment from individual business owners pursuant to any personal guarantees issued to the Banks, prior to their making any demand for any portion of the Funds pledged to guarantee a portion the Loan. Furthermore, the Guaranty Agreements between TFC and the Banks shall only guarantee the collection by Banks of the originally pledged percentage of the principal amount outstanding at the time of default. TFC shall provide quarterly status reports to Miami-Dade County specifying the status of the Funds and the Loans.




Except for the changes enumerated above all other provisions of the Guaranty Fund Agreement shall remain in full force and effect.


This Amendment is hereby made a part of the Guaranty Fund Agreement.



IN WITNESS THEREOF, the parties hereto have caused this Amendment to the Guaranty Fund Agreement to be executed by their undersigned officials as duly authorized, this _________ day of _____________ 2006.



BLACK ECONOMIC DEVELOPMENT MIAMI-DADE COUNTY, a political
COALITION, INC. d/b/a TOOLS FOR subdivision of the State of Florida
CHANGE, a Florida not-for-profit corporation

BY: ______________________________ BY: ______________________________

NAME:____________________________ NAME: __________________________

DATE:____________________________ TITLE: County Manager____________




BY:______________________________ ATTEST

NAME:____________________________ BY: _____________________________

DATE:____________________________ TITLE: Clerk, Board of County_________
Commissioners_______________




Witnesses:
BY:____________________________
(Signature)

_______________________________
Type or Print Name



BY:____________________________
(Signature)

_______________________________
Type or Print Name



Agenda Item No.
Page No. 4


Approved Mayor Agenda Item No.
Veto __________ 03-07-06
Override __________



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