Explanation
BACKGROUND: On August 20, 2005, the Department of Development entered into an agreement with the Economic and Community Development Institute EL 005566 for $133,000.00, expiring June 30, 2006.
ECDI provides a network of comprehensive support services to build the economic and social capacities of individuals, families, enterprises and communities. One of the services provided by ECDI is micro-loans for small businesses. ECDI has become a leader in the field of micro lending, providing microenterprise training to an underserved population including minorities, immigrants, refugees, asylees, low-income recipients and the working poor. ECDI provides microenterprise training, technical assistance and loan funds to assist the applicants with successfully starting or expanding their small business.
Additional time is needed to allow ECDI to complete this contract. Currently $45,776 remains unspent from the contract for loans that are currently in process. It is the desire of ECDI and the Department of Development to extend this agreement to allow all loans in process to be completed. This legislation will extend the term of the agreement from June 30, 2006 to September 30, 2006.
Emergency action is requested so that the contract with the Economic and Community Development Institute can continue uninterrupted.
FISCAL IMPACT: No additional funds are needed for this modification.
Title
To authorize the Director of the Department of Development to amend the agreement with the Economic and Community Development Institute by extending the expiration date of the agreement to September 30, 2006; and to declare an emergency.
Body
WHEREAS, the Department of Development entered into an agreement with the Economic and Community Development Institute for micro lending services in the City of Columbus; and
WHEREAS, additional time is needed to carry out the above activities; and
WHEREAS, no additional funds are needed to comp...
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