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| Community Budget Issue Requests - Tracking Id #2131 |
| Federal Empowerment Zone Program |
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| Requester: |
Miami Dade County |
Organization: |
Miami Dade Empowerment Trust |
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| Project Title: |
Federal Empowerment Zone Program |
Date Submitted |
1/12/2006 5:20:06 PM |
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| Sponsors: |
Wilson |
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| Statewide Interest: |
| The Empowerment Zone program is a great economic development tool, which maximizes private investments by leveraging a host of public incentives, such as the State of Florida's Enterprise Zone Program and the Urban Job Tax Credit Program. With the EZ being utilized with the Enterprise Zone and Urban Job Tax Credit Program, these programs can provide significant incentives (both cash and tax incentives) to available businesses that are seeking to locate within Empowerment Zone areas and create jobs. Further, the revitalization of these distressed areas, through meaningful economic development and workforce development can benefit not only the designated community directly, but Florida as a whole. Understanding the degree of poverty still faced in Florida, funding for this initiative is warranted. |
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| Recipient: |
Miami Dade Empowerment Trust |
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Contact: |
Aundra Wallace |
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3050 Biscayne Blvd., Suite 300 |
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Contact Phone: |
(305) 372-7620 |
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Miami 33128 |
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Contact email: |
consir@miamidade.gov |
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| Counties: |
Dade |
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| Gov't Entity: |
Yes |
Private Organization (Profit/Not for Profit): |
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| Project Description: |
| (Include services to be provided) The programs of the Miami-Dade Empowerment Trust support small businesses, community development corporations and community projects that are backed and maintained by residents of the EZ and that address the needs of the entire community. The programs to be implemented are the Business Infrastructure Grant, Fa�ade Improvement Grant, Small Business Development Initiative, the Large Scale Development Initiative and the Small Business Corridor Loan Program. |
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| Is this a project related to a federal or state declared disaster? |
No |
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| Measurable Outcome Anticipated: |
| Revolving loan fund - of $3M, $1 M from the trust's resources and $2 M in resources from local banks. Loans will range from $25,000 to $250,000. Neighborhood Micro-Loan Fund - small business (mom & pop type businesses) loans of up to $5,000 from trust's resources and a Neighborhood Small Business Equity Investment Fund - This fund will be capitalized with $8 M to provide equity capital (either as a term loan, line of credit or patient equity) to talented companies dedicated to revitalizing Miami-Dade County's EZ areas. Lastly, an Equity Capital Investment Fund for Urban Development Projects - loans to talented companies dedicated to revitalizing Miami-Dade County's urban areas by creating jobs through the establishment of business franchises throughout the EZ and Miami-Dade's Urban Core area. |
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| Amount requested from the State for this project this year: |
$5,000,000 |
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| Total cost of the project: |
$1,000,000 |
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| Request has been made to fund: |
Operations |
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| What type of match exists for this project? |
Local |
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Cash Amount |
$79,000 |
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| Was this project previously funded by the state? |
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Yes |
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Fiscal Year: |
1999-2000 |
Amount: |
$3,275,000 |
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| Is future-year funding likely to be requested? |
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Yes |
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Amount: |
$5,000,000 |
To Fund: |
Operations |
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| Was this project included in an Agency's Budget Request? |
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No |
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| Was this project included in the Governor's Recommended Budget? |
No |
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| Is there a documented need for this project? |
Yes |
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Documentation: |
EZ Strategic Plan |
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| Was this project request heard before a publicly noticed meeting of a body of elected officials (municipal, county, or state)? |
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Yes |
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Hearing Body: |
Miami Dade Board of County Commissioners |
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Hearing Meeting Date: |
11/15/2005 |
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| Is this a water project as described in Section 403.885, Laws of Florida? |
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No |
