Community Budget Issue Requests - Tracking Id #1159FY0102

Miami-Dade County Empowerment Zone

Requester:

Brian Finnie

Organization:

Miami-Dade County Empowerment Zone Trust

Project Title:

Miami-Dade County Empowerment Zone

Date Submitted:

1/17/2002 4:12:26 PM

Sponsors:

Daryl Jones

Statewide Interest:

A revitalization of the downtown Miami areas other zone areas will increase employment, economic development including opportunities for small businesses, international trade, permanent housing.� Future state funding is critical so that the Trust can embark upon establishing a community land trust to support zone-wide technology training linked to immediate employment and establish a venture capital fund to provide equity financing for deal transactions and provide customized employment training.� This would provide contributions to the State sales tax which will in turn provide increased funds to the State.

Recipient:

Miami-Dade County Empowerment Zone Trust

Contact:

Brian Finnie

140 W. Flagler St. Ste 1107

Contact Phone:

(954) 372-7620

Miami 33133-0708

Counties:

Dade

Gov't Entity:

Yes

Private Organization (Profit/Not for Profit):

Project Description:

Continued capitalization of the Miami-Dade Empowerment Trust revitalization initiative.

Measurable Outcome Anticipated:

An Empowerment Zone is a federally designated area that targets County, State and Federal resources to stimulate economic development in distressed low income areas.� The ultimate goal of an empowerment zone is to use its limited resources to stimulate private sector investments, create jobs, and stabilize neighborhoods.� The underlying objective is to establish economically self-sufficient communities that contribute to the local economy and its tax base.

Amount requested from the State for this project this year:

$5,000,000

Total cost of the project:

$250,000,000

Request has been made to fund:

Operations

What type of match exists for this project?

Local, Private, Federal

Cash Amount:

$200,000,000

Was this project previously funded by the State?

Yes

Fiscal Year:

1998-1999

Amount:

$3,275,000

Is future-year funding likely to be requested?

Yes

Amount:

$5,000,000

Purpose for future year funding:

Recurring Operations

Will this be an annual request?

Yes

Was this project included in an Agency's Budget Request?

Unknown

Was this project included in the Governor's Recommended Budget?

Unknown

Is there a documented need for this project?

Yes

Documentation:

One community, One Goal Strategic Plan as approved by M-Dade County, State of FL� (HB 297) and HUD

Was this project request heard before a publicly noticed meeting of a body of elected officials (municipal, county, or state)?

Yes

Hearing Body:

Miami Dade Board of County Commissioners (9/25/01); Dade Delegation

Meeting Date:

11/19/2001