Explanation
BACKGROUND: This legislation authorizes the Director of Development to modify a contract with the Economic & Community Development Institute (ECDI) for loan servicing to authorize payments beginning April 1, 2021, and to extend the contract completion date to March 31, 2022.
ECDI has been a long time partner with the Department of Development in administering the city’s Revolving Loan Fund program. The Revolving Loan Fund program provided micro and small businesses startup capital and other assistance to begin a new business or grow an existing business.
This contract modification will allow ECDI to continue servicing the loans they originated for another year. Because of the complexity of changing loan servicers mid-stream, the department requests this contract modification.
Original contract amount $43,825.00 PO192014 Ord. 1786-2019
Modification No. 1 $36,000.00 PO249385 Ord. 0493-2020
Modification No. 2 $ 0.00
Total Contract Amount $79,825.00
Emergency action is request in order to maintain uninterrupted services.
FISCAL IMPACT: No additional funding is needed for this contract modification as sufficient funding remains from the original contract and modification number 1.
CONTRACT COMPLIANCE: ECDI’s vendor number is 004753 and expires on 6/17/2021.
Title
To authorize the Director of Development to modify a contract with the Economic & Community Development Institute for loan servicing to authorize payments beginning April 1, 2021, and to extend the contract completion date to March 31, 2022; and to declare an emergency.
Body
WHEREAS, Economic & Community Development Institute (ECDI) has been a long time partner with the Department of Development in administering the city’s Revolving Loan Fund program; and
WHEREAS the department desires that ECDI continue servicing the loans they initiated because of the complexity of changing loan servicers; and
WHEREAS, an emergency exists in the usual daily operation of the Depart...
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