City of Columbus - File #: 0993-2011

• File #: 0993-2011
• Version: 1
• Type: Ordinance
• Status: Passed
• File created: 6/15/2011
• In control: Development Committee
• On agenda: 6/27/2011
• Final action: 6/28/2011
• Title: To authorize the Director of the Department of Development to amend the economic development loan programs contract with Community Capital Development Corporation; to authorize the expenditure of $326,736.00 from the Community Development Block Grant Fund; and to declare an emergency. ($326,736.00)

Date	Ver.	Action By	Action	Result
6/28/2011	1	MAYOR	Signed
6/28/2011	1	CITY CLERK	Attest
6/27/2011	1	Columbus City Council	Approved	Pass
6/27/2011	1	COUNCIL PRESIDENT	Signed
6/17/2011	1	Dev Drafter	Sent for Approval
6/17/2011	1	Auditor Reviewer	Reviewed and Approved
6/17/2011	1	CITY AUDITOR	Reviewed and Approved
6/17/2011	1	Dev Drafter	Sent for Approval
6/17/2011	1	CITY ATTORNEY	Reviewed and Approved
6/17/2011	1	Dev Drafter	Sent to Clerk's Office for Council
6/16/2011	1	Finance Reviewer	Reviewed and Approved
6/16/2011	1	FINANCE DIRECTOR	Reviewed and Approved
6/15/2011	1	Dev Drafter	Sent for Approval
6/15/2011	1	DEVELOPMENT DIRECTOR	Reviewed and Approved
6/15/2011	1	Dev Drafter	Sent for Approval
6/15/2011	1	Finance Reviewer	Reviewed and Approved

Explanation

BACKGROUND: This legislation authorizes the Director of Development to modify contract EL010174 with Community Capital Development Corporation (CCDC) by increasing the contract amount by $326,736.00. Funding for this increase is from the 2011 Community Development Block Grant (CDBG) Fund. 2011 funding for CCDC was delayed pending the final amount of CDBG funds received from HUD.

The Community Capital Development Corporation has administered the economic development loan programs for the past six years and will continue to administer the loan programs through January 31, 2012. The economic development loan programs include the Business Development Fund Loan Program, the Working Capital Loan Program and the Neighborhood Commercial Revitalization Loan Program.

The funding for the administration of this loan program and the actual loan funds will remain within the City of Columbus. CCDC will submit monthly requests for funds for administrative costs and will request loan funds on a case-by-case basis upon approval by a loan committee and the City of Columbus.

Emergency action is requested to allow CCDC to continue to provide program services without interruption.

FISCAL IMPACT: $326,736 is available form the 2011 CDBG Fund budget.


Title

To authorize the Director of the Department of Development to amend the economic development loan programs contract with Community Capital Development Corporation; to authorize the expenditure of $326,736.00 from the Community Development Block Grant Fund; and to declare an emergency. ($326,736.00)


Body

WHEREAS, the Director of the Department of Development desires to modify contract EL010174 with Community Capital Development Corporation by increasing the contract amount by $326,736.00; and

WHEREAS, this modification will allow CCDC to continue marketing the loan program and to complete several loans currently in process; and

WHEREAS, funding for this increase is from the 2011 Commu...