Explanation
BACKGROUND
This legislation authorizes the Director of Development to modify the scope of a contract with Economic and Community Development Institute (ECDI) for loan monitoring services. Authority to enter into the original contract was approved under ordinance number 1880-2018.
The City of Columbus has partnered and contracted with ECDI since 2005 to provide Columbus residents with loans to start a small business. Since that time, ECDI has closed over 200 Economic Development loans to Columbus based businesses.
ECDI is a 501(C)(3), not for profit economic development organization located in Columbus, Ohio. Its mission is to invest in people to create measurable and enduring social and economic changes. Since its inception in 2004, the Institute’s programs and services have grown into a comprehensive suite of training and assistance needed to start a business. ECDI also provides foundational financial literacy training, innovative microenterprise development training and capitalization programs, and business incubation services. ECDI has benefited local communities throughout the State of Ohio, assisted over 6,550 individuals, disbursed over $25 million through 1,275 small business loans and retained over 4,600 jobs, with the comprehensive services, throughout the State of Ohio.
The change in scope of work will require ECDI to remit payments to the City on a monthly basis, instead of a quarterly basis as was originally contemplated.
The Total Contract Amount will remain as originally agreed to: up to $180,995.42.
Emergency action is requested in order for the City to start receiving payments on a monthly basis as soon possible.
FISCAL IMPACT
None.
Title
To authorize the Director of Development to modify the scope of a contract with Economic and Community Development Institute (ECDI) for loan monitoring services; and to declare an emergency.
Body
WHEREAS, the Director of Development has identified the need to modify the scope of ...
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