Explanation
BACKGROUND: This legislation authorizes the Director of the Department of Development to enter into a not-for-profit service contract with the Community Capital Development Corporation (CCDC) for loan servicing in an amount up to $20,000.00 and to authorize payments for services starting January 1, 2025 through December 31, 2025.
CCDC 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 will allow CCDC to continue servicing the loans they originated for another year.
Emergency designation is requested as CCDC has continued to service the loans after the previous contract expired on December 31, 2024 and to maintain uninterrupted services.
FISCAL IMPACT: Funding is available in the Division of Economic Development’s 2025 general fund budget.
CONTRACT COMPLIANCE: CCDC’s vendor number is 004605 and expires on 10/30/26.
Title
To authorize the Director of Development to enter into a not-for-profit service contract with the Community Capital Development Corporation for loan servicing, to authorize payments for services starting January 1, 2025 through December 31, 2025; to authorize the expenditure of up to $20,000.00 from the 2025 General Fund Budget; and to declare an emergency. ($20,000.00)
Body
WHEREAS, Community Capital Development Corporation (CCDC) 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 CCDC continue servicing the loans they initiated because of the complexity of changing loan servicers; and
WHEREAS, to authorize an expenditure in an amount up to $20,000.00 from the Department of Development 2025 General Fund budget; and
WHEREAS, to authorize payments for services starti...
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