Miami-Dade Legislative Item
File Number: 090030
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File Number: 090030 File Type: Resolution Status: Adopted
Version: 0 Reference: R-87-09 Control: Board of County Commissioners
File Name: DEVELOP A BAILOUT LOAN PLAN Introduced: 1/7/2009
Requester: NONE Cost: Final Action: 1/22/2009
Agenda Date: 1/22/2009 Agenda Item Number: 11A9
Notes: Title: RESOLUTION DIRECTING THE MAYOR OR DESIGNEE TO DEVELOP 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 [SEE ORIGINAL ITEM UNDER FILE NO. 083526]
Indexes: SMALL BUSINESS PROGRAMS
Sponsors: Dorrin D. Rolle, Prime Sponsor
  Audrey M. Edmonson, Co-Sponsor
  Barbara J. Jordan, Co-Sponsor
  Dennis C. Moss, Co-Sponsor
  Rebeca Sosa, 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

Board of County Commissioners 1/22/2009 11A9 Adopted P

County Attorney 1/7/2009 Assigned Jess M. McCarty

Economic Development and Human Services Committee 12/10/2008 2A AMENDED Forwarded to BCC with a favorable recommendation with committee amendment(s) P
REPORT: Assistant County Attorney Cynthia Johnson-Stacks read the foregoing proposed resolution into the record. Commissioner Rolle explained the intent of this proposed resolution. Chairwoman Edmonson noted the County Manager informed her no county funding source was available to assist in the effort outlined in this proposed resolution. Ms. Cynthia Curry, Senior Advisor to the County Manager, stated the funding would be an issue at this time and this matter should be discussed before the County Commission. She indicated the Office of Community and Economic Development did not have any funds to set-aside for loans to the businesses outlined in this proposal. Commissioner Rolle noted a committee may be appointed to develop a plan to assist local businesses during this recession. Chairwoman Edmonson noted the County needed to know the feasibility of developing a plan to provide loans, economic, technical, and other assistance to local businesses. Commissioner Sorenson noted this issue would be a statewide issue. She stated the County should consider providing fewer grants through its Mom and Pop Small Business Grant Program and provide loans. She noted federal funds were possible, however, those funds were mostly designated for infrastructure projects. Commissioner Jordan offered an amendment to this proposed resolution to allow a bailout plan to be implemented after a report came back to the County Commission. In addition, she asked that the plan include the criteria defining small and medium sized local businesses, the limits on loan amounts, and the loan repayment terms. Chairwoman Edmonson asked that the proposed bailout plan define the gap funding. Commissioner Souto expressed that the County was responsible to inform this community on this current economic crisis, and that the County intended to assist members of this community when feasible. Commissioner Moss strongly urged the County to advocate an economic stimulus plan to the Federal government through the Department of Commerce or another Federal agency. He indicated the County could identify and lobby the Federal government for resources for businesses. Commissioners Jordan, Moss, Souto and Chairwoman Edmonson asked to be listed as cosponsors on this proposed resolution. Hearing no objection, the Committee forwarded this proposed resolution as amended.

Legislative Text


TITLE
RESOLUTION DIRECTING THE MAYOR OR DESIGNEE TO DEVELOP 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]]1 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. >>Such a bailout program proposal should (i) identify how small and medium size local businesses would be defined under the program; (ii) define the nature of the gap funding that might be provided; (iii) set ceilings on the loan amounts that could be made available to a particular business; and (iv) identify ways to ensure that loans would be paid back to the County.<<
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>>, and seek and achieve Board approval prior to pursuing such a bailout plan.<<

1Words stricken through and/or [[double bracketed]] shall be deleted. Words underscored and/or >>double arrowed<< constitute the amendment proposed. Remaining provisions are now in effect and remain unchanged.



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