Miami-Dade Legislative Item
File Number: 083526
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File Number: 083526 File Type: Resolution Status: Before the Board
Version: 0 Reference: Control: Economic Development and Human Services Committee
File Name: IMPLEMENT A BAILOUT PLAN FOR SMALL/MED SIZE LOCAL BUSINESSES Introduced: 12/4/2008
Requester: NONE Cost: Final Action:
Agenda Date: Agenda Item Number: 11A
Notes: Title: RESOLUTION DIRECTING THE MAYOR OR DESIGNEE TO DEVELOP AND IMPLEMENT A BAILOUT LOAN PLAN AND A PLAN TO PROVIDE GAP FUNDING THROUGH LOANS FOR SMALL AND MEDIUM SIZE LOCAL BUSINESSES SUBSTANTIALLY AFFECTED BY THE CURRENT RECESSION
Indexes: LOAN PROGRAM
Sponsors: Dorrin D. Rolle, Prime Sponsor
  Audrey M. Edmonson, Co-Sponsor
  Barbara J. Jordan, Co-Sponsor
  Dennis C. Moss, Co-Sponsor
  Sen. Javier D. Souto, Co-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

Economic Development and Human Services Committee 12/10/2008 2A Amended
REPORT: See Agenda Item 2A Amended, Legislative No. 090030 for the amended version.

County Attorney 12/4/2008 Assigned Economic Development and Human Services Committee 12/10/2008

County Attorney 12/4/2008 Assigned Jess M. McCarty 12/4/2008

Legislative Text


TITLE
RESOLUTION DIRECTING THE MAYOR OR DESIGNEE TO DEVELOP AND IMPLEMENT A BAILOUT LOAN PLAN AND A PLAN TO PROVIDE GAP FUNDING THROUGH LOANS FOR SMALL AND MEDIUM SIZE LOCAL BUSINESSES SUBSTANTIALLY AFFECTED BY THE CURRENT RECESSION

BODY
WHEREAS, the National Bureau of Economic Research recently officially announced that the U.S. economy has been in a recession since December, 2007; and
WHEREAS, the official declaration came as little surprise as the evidence of a recession, including substantial job losses, stagnant wages and slower production, has been widespread for months; and
WHEREAS, the recession has hit small and medium size businesses as well as large corporations; and
WHEREAS, Miami-Dade County may be able to help small and medium size businesses that have been affected by the recession by creating a local bailout program that provides loans, economic, technical and other assistance to such businesses; and
WHEREAS, Miami-Dade County also may be able to help such businesses that have been affected by the recession by providing gap funding for such businesses through loans,
NOW, THEREFORE, BE IT RESOLVED BY THE BOARD OF COUNTY COMMISSIONERS OF MIAMI-DADE COUNTY, FLORIDA, that this Board:
Section 1. Directs the Mayor or his designee to develop and implement a bailout plan and gap funding for small- and medium-size local businesses substantially affected by the current recession through a loan program in which businesses are required to pay the County back over time and/or when economic conditions improve.
Section 2. Directs the Mayor or his designee to provide an implementation strategy to the Board within thirty (30) days of the date of this resolution.



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