Explanation
Background: This legislation authorizes the Director of the Department of Development to amend the contract with the Community Capital Development Corporation for the administration of the economic development loan programs by extending the term of the contract to January 31, 2014, an additional year, and increasing the contract amount by $326,736. The Community Capital Development Corporation has administered the economic development loan programs for the past seven years. 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 so program services can continue without interruption.
Fiscal Impact: This legislation authorizes the expenditure of $326,736 from the Community Development Block Grant Fund to provide continued funding for the Community Capital Development Corporation for the administration of economic development loan programs.
Title
To authorize the Director of the Department of Development to amend the contract with the Community Capital Development Corporation for the administration of economic development loan programs; to authorize the expenditure of $326,736 from the 2012 CDBG Fund; and to declare an emergency. ($326,736.00)
Body
WHEREAS, the Community Capital Development Corporation has successfully administered the economic development loan programs since July 1, 2004; and
WHEREAS, the current contract with CCDC ends on January 31, 2013; and
WHEREAS, the contract needs to be extended until January 31, 2014; and
WHEREAS, the City, Department of Development, and th...
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