City of Columbus - File #: 1217-2006

• File #: 1217-2006
• Version: 1
• Type: Ordinance
• Status: Passed
• File created: 6/27/2006
• In control: Jobs and Economic Development Committee
• On agenda: 7/24/2006
• Final action: 7/26/2006
• Title: To authorize the appropriation of $200,000 from the UDAG Fund to the Department of Development; to authorize a contract with the Community Capital Development Corporation for the administration of economic development loan programs; to authorize the expenditure of $200,000 from the UDAG Fund; to authorize the expenditure of $1,368,836 from the CDBG Fund; and to declare an emergency. ($1,568,836.00)

Date	Ver.	Action By	Action	Result
7/26/2006	1	ACTING CITY CLERK	Attest
7/25/2006	1	MAYOR	Signed
7/24/2006	1	Columbus City Council	Approved	Pass
7/24/2006	1	COUNCIL PRESIDENT	Signed
7/10/2006	1	Dev Drafter	Sent for Approval
7/10/2006	1	Dev Drafter	Sent to Clerk's Office for Council
7/10/2006	1	CITY ATTORNEY	Reviewed and Approved
7/7/2006	1	CITY AUDITOR	Reviewed and Approved
7/7/2006	1	Auditor Reviewer	Reviewed and Approved
7/6/2006	1	Dev Drafter	Sent for Approval
7/6/2006	1	FINANCE DIRECTOR	Reviewed and Approved
6/29/2006	1	Dev Drafter	Sent for Approval
6/29/2006	1	Dev Drafter	Sent for Approval
6/29/2006	1	DEVELOPMENT DIRECTOR	Reviewed and Approved
6/29/2006	1	Finance Reviewer	Reviewed and Approved
6/29/2006	1	Finance Reviewer	Reviewed and Approved

Explanation

Background: This legislation authorizes the appropriation and expenditure of $200,000 from the UDAG Fund and the expenditure of $1,368,836 from the CDBG Fund for a contract with the Community Capital Development Corporation for the administration of economic development loan programs. The Community Capital Development Corporation administered the economic development loan programs for the past two years and will continue to administer the loan programs from July 1, 2006 through June 30, 2007. 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 funding for the administration of this loan program and the actual loan funds will remain within the City of Columbus. CCDC will submit monthly requests for funds for administrative costs and will request loan funds on a case-by-case basis upon approval by a loan committee and the City of Columbus.

Emergency action is requested so that the agreement with the Community Capital Development Corporation can be executed immediately.

Fiscal Impact: This legislation authorizes the appropriation and expenditure of $200,000 from the UDAG Fund and the expenditure of $1,368,836 from the CDBG fund to provide funding for a contract with the Community Capital Development Corporation for the administration of economic development loan programs.



Title

To authorize the appropriation of $200,000 from the UDAG Fund to the Department of Development; to authorize a contract with the Community Capital Development Corporation for the administration of economic development loan programs; to authorize the expenditure of $200,000 from the UDAG Fund; to authorize the expenditure of $1,368,836 from the CDBG Fund; and to declare an emergency. ($1,568,836.00)



Body

WHEREAS, the Community Capital Development Corporation successfully administered the economic development lo...