Explanation
BACKGROUND: This legislation authorizes the Director of the Department of Development to execute a grant agreement with the Tony R Wells Foundation dba The Wells Foundation in an amount up to $578,700.00 to provide time-limited payments of unrestricted funds to individuals engaged in an economic mobility initiative that is supported by a non-profit organization. Authorization to pay for administrative and/or staffing expenses incurred before the purchase order, starting October 1, 2024, and to and to authorize the advancement of funds on a predetermined schedule is also requested.
In today’s post-COVID economy, many Columbus residents are challenged with making ends meet, yet they continue to work hard to increase their income and attain economic stability. Challenges to achieving economic stability include stagnant wages and rising costs (e.g. housing, child care, and food). These conditional cash transfers to residents participating in economic mobility initiatives will accelerate their economic mobility.
By increasing financial security, individuals can experience improved health and well-being as stress, anxiety and depression are decreased. Stability in housing and employment enables better outcomes for children in health, education and social connection. Moving toward greater economic stability can shape one’s opportunities and aspirations with promises of a better future.
The public purpose of this agreement is to establish a partnership with The Tony R. Wells Foundation to integrate economic mobility accelerators within the work of several nonprofit organizations. Accelerators are time-limited payments of unrestricted funds to individuals engaged in an economic mobility initiative that is operated by a non-profit organization.
The Tony R. Wells Foundation will make the payments directly to the individuals. They will also provide each recipient with a 1099. A portion of the grant amount will account for the administration fee for the Foundation’s services. In addition, the Tony R. Wells Foundation will oversee an independent evaluation to provide recommendations for improving, scaling and replicating the initiative.
FISCAL IMPACT: Funding of $578,700.00 is available in Fund 2237, Neighborhood Economic Development Fund.
CONTRACT COMPLIANCE: the vendor’s vendor number is 038668 and expires 06/22/2025.
Title
To authorize the Director of the Department of Development to execute a grant agreement with the Tony R Wells Foundation dba The Wells Foundation in an amount up to $578,700.00 to provide time-limited payments of unrestricted funds to individuals engaged in an economic mobility initiative that is operated by a non-profit organization; to authorize the appropriation and expenditure of up to $578,700.00 from the Neighborhood Economic Development Fund; to pay for administrative and/or staffing expenses incurred prior to purchase order execution; and to authorize the advancement of funds on a predetermined schedule. ($578,700.00)
Body
WHEREAS, the Director of the Department of Development desires to execute a grant agreement with the Tony R Wells Foundation dba The Wells Foundation in an amount up to $578,700.00 to provide time-limited payments of unrestricted funds to individuals engaged in an economic mobility initiative that is supported by a non-profit organization; and
WHEREAS, authorization to pay for administrative and/or staffing expenses incurred before the purchase order, starting October 1, 2024, and to and to authorize the advancement of funds on a predetermined schedule is also requested; and
WHEREAS, many Columbus residents are challenged with making ends meet, yet they continue to work hard to increase their income and economic stability; and
WHEREAS, conditional cash transfers to residents participating in economic mobility initiatives will accelerate their economic mobility; and
WHEREAS, by increasing financial security, individuals can experience improved health, well-being, stability in housing, and employment which in turn enables better outcomes for children in health, education and social connection; and
WHEREAS, the Tony R. Wells Foundation will make the payments directly to the individuals and will also provide each recipient with a 1099; and
WHEREAS, a portion of the grant amount will account for the administration fee for Foundation’s services; and
WHEREAS, the Tony R. Wells Foundation will also oversee an independent evaluation to provide recommendations for improving, scaling and replicating the initiative; and 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 execute a grant agreement with the Tony R Wells Foundation dba The Wells Foundation in an amount up to in an amount up to $578,700.00 to provide time-limited payments of unrestricted funds to individuals engaged in an economic mobility initiative that is supported by a non-profit organization.
SECTION 2. Payment for administrative and/or staffing expenses incurred before the purchase order, starting October 1, 2024, and advancement of funds on a predetermined schedule is also authorized.
SECTION 3. That from the unappropriated monies and from all monies estimated to come into said fund from any and all sources and unappropriated for any other purpose during the fiscal year ended December 31, 2024, the sum of $578,700.00 is appropriated in Fund 2237 (Neighborhood Economic Development Fund), Dept-Div 44-01 (Administration), in object class 05 (Other) per the account codes in the attachment to this ordinance.
SECTION 4. That for the purpose stated in Section 1, the expenditure of $578,700.00 or so much thereof as may be needed is hereby authorized in Fund 2237 (Neighborhood Economic Development Fund), Dept-Div 44-01 (Administration), in object class 05 (Other) per the account codes in the attachment to this ordinance.
SECTION 5. That this grant agreement is awarded in accordance with the relevant provisions of City Code related to awarding grant agreements.
SECTION 6: That the funds necessary to carry out the purpose of this ordinance are hereby deemed appropriated, and the City Auditor shall establish such accounting codes as necessary.
SECTION 7: That the City Auditor is authorized to make any accounting changes to revise the funding source for all contracts or contract modifications associated with this legislation.
SECTION 8: That this ordinance shall take effect and be in force from and after the earliest period allowed by law.