Explanation
Background: This legislation authorizes the Director of the Department of Development to enter into contract with the Community Capital Development Corporation (CCDC) for the purpose of underwriting and servicing loans from the cash on hand and the proceeds of the revolving loan fund. The Community Capital Development Corporation has administered the Economic Development Loan Programs for the City of Columbus since July 1, 2004. The Economic Development Loan Programs include: the Business Development Fund Loan Program, the Working Capital Loan Program and the Neighborhood Commercial Revitalization Loan Program.
The Community Capital Development Corporation will not receive additional funding from the City of Columbus to administer the Economic Development Loan Programs. With cash on hand and the revolving loan proceeds, the Community Capital Development Corporation will continue to underwrite service and monitor loans. The City of Columbus will enter into contract with the Finance Fund for the purpose of administering the Economic Development Loan Programs. The Finance Fund will receive Community Development Block Grant funds for this purpose.
Emergency action is requested to allow the Community Capital Development Corporation to continue to provide financial services.
Fiscal Impact: No funding is required for this legislation.
Title
To authorize the Director of the Department of Development to enter into contract with the Community Capital Development Corporation for the purpose of underwriting and servicing Economic Development Loan Program loans from the cash on hand and the proceeds of the revolving loan fund; and to declare an emergency.
Body
WHEREAS, the Community Capital Development Corporation has administered the Economic Development Loan Programs since July 1, 2004; and
WHEREAS, the current contract with the Community Capital Development Corporation ends on January 31, 2014; and
WHEREAS, the Community Capital Development Cor...
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