Explanation
Background: This legislation authorizes the expenditure of $285,000 for commercial loans under the Economic and Community Development Loan Program. $1,285,000 was appropriated for commercial loans for 2003 under the CDBG Fund. Legislation has been submitted transferring $1,000,000 of this amount to provide funds to enter into an agreement with Community Capital Development Corporation (CCDC) for the administration of economic development loan programs. This legislation authorizes the expenditure of the remaining 2003 appropriations for loans. This will allow activities under the Business Development Fund Loan Program, the Working Capital Loan Program, and the Neighborhood Commercial Revitalization Loan Program to continue until the programs are transferred to CCDC.
Emergency action is requested so that program activities may continue uninterrupted.
Fiscal Impact: This legislation authorizes the expenditure of $285,000 for commercial loans under the Economic and Community Development Loan Program.
Title
To authorize the Director of the Department of Development to enter into loan agreements for the purpose of making loans under the Economic and Community Development Loan Fund; to authorize the expenditure of $285,000 from the Community Development Block Grant Fund; and to declare an emergency. ($285,000)
Body
WHEREAS, CDBG monies have been budgeted and appropriated for the Economic and Community Development Loan Fund; and
WHEREAS, an emergency exists in the usual daily operation of the Department of Development, in that it is immediately necessary to authorize the Director of the Department of Development to enter into loan agreements under the Economic and Community Development Loan Fund, thereby preserving the public health, peace, property, safety and welfare; Now, Therefore,
BE IT ORDAINED BY THE COUNCIL OF THE CITY OF COLUMBUS:
Section 1. That the Director of the Department of Development is hereby authorized to enter into loan agreements for the purpose of making loans under the Economic and Community Development Loan Fund.
Section 2. That for the purpose stated in Section 1, the expenditure of $285,000.00, or so much thereof as may be necessary, be and is hereby authorized from the Economic Development Division, Division 44-02, CDBG Fund, Fund 248, Sub Fund 002, as follows:
Object Level 0ne Object Level Three OCA Code Amount
05 5528 442056 $285,000
Section 3. That for reasons stated in the preamble hereto, which is hereby made a part hereof, this ordinance is hereby declared to be an emergency measure and shall take effect an be in force from and after its approval by the Mayor, or ten days after passage if the Mayor neither approves nor vetoes the same.