Explanation
BACKGROUND: This legislation authorizes the Director of Development to modify contract EL010174 with the Community Capital Development Corporation by extending the contract termination date from January 31, 2011 to January 31, 2012.
The Community Capital Development Corporation has administered the economic development loan programs for the past six years. Currently CCDC has several loan applications in process and needs additional time to complete the processing and closing of these loans. No additional money is needed for these loans. The economic development loan programs include the Business Development Fund Loan Program, the Working Capital Loan Program and the Neighborhood Commercial Revitalization Loan Program.
Emergency action is requested to allow loans in process to close in a timely manner.
FISCAL IMPACT: No additional funds are needed for this modification.
Title
To authorize the Director of the Department of Development to amend the economic development loan program agreement with the Community Capital Development Corporation by extending the expiration date of the agreement to January 31, 2012; and to declare an emergency.
Body
WHEREAS, the Director of the Department of Development desires to modify contract EL010174 with Community Capital Development Corporation by extending the contract from January 31, 2011, to January 31, 2012; and
WHEREAS, this modification will allow CCDC to complete several loans currently in process; and
WHEREAS, no additional funds are needed to complete this agreement; and
WHEREAS, emergency action is requested to allow CCDC to continue to administer the economic development loan programs uninterrupted; and
WHEREAS, an emergency exists in the usual daily operation of the Department of Development, in that it is immediately necessary to authorize the modification of the contract with the Community Capital Development Corporation, thereby preserving the public health, pe...
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