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, and the Working Capital Fund Loan Program.
The Community Capital Development Corporation will not receive additional funding from the City of Columbus to administer the Economic Development Loan Fund Programs. With cash on hand and the revolving loan proceeds, the Community Capital Development Corporation will continue to underwrite, service and monitor loans.
Emergency action is requested to allow the Community Capital Development Corporation to continue to administer the Economic Development Loan Fund Programs without delay.
Fiscal Impact: This legislation does not have a fiscal impact. No additional funds are required.
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 new 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 Fund Programs since July 1, 2004; and
WHEREAS, the previous contract with the Community Capital Development Corporation ended on February 29, 2016; and
WHEREAS, the Community Capital Development Corporation will not receive additional Community Development Block Grant funding for the purpose of administering the Economic Development Loan Fund Programs; and
WHEREAS, the City of Columbus will enter into contract ...
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