Explanation
BACKGROUND: This ordinance authorizes the Director of the Department of Development to modify a grant agreement (Modification No. 1) with the Tony R Wells Foundation dba The Wells Foundation in an amount up to $144,000.00 to provide time-limited payments of unrestricted funds to individuals engaged in an economic mobility initiative that is supported by a non-profit organization. As it was authorized with the original agreement, this grant modification will include advancement of funds per a pre-determined schedule.
Original $ 578,700.00 Ord. 2906-2024 PO484610
Mod 1 $ 144,000.00
Total $ 722,700.00
The public purpose of this agreement and modification is to continue a partnership with The Tony R. Wells Foundation to integrate economic mobility accelerators (Accelerators) with the work of several nonprofit organizations. Accelerators are time-limited payments of unrestricted funds to individuals engaged in an economic mobility initiative that is supported by a non-profit organization. The Tony R. Wells Foundation will make the payments directly to the individuals. This modification provides additional funds to increase the number of participants able to benefit from Accelerators. The Wells Foundation also oversees an independent evaluation that will provide recommendations for improving, scaling and replicating the initiative.
In today’s post-COVID economy, many Columbus residents are challenged with making ends meet, yet they continue to work hard to increase their income and attain economic stability. Challenges to achieving economic stability include stagnant wages and rising costs (e.g. housing, childcare, and food). These conditional cash transfers to residents participating in economic mobility initiatives will accelerate their economic mobility.
By increasing financial security, individuals can experience improved...
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