Explanation
BACKGROUND: This legislation authorizes the Director of Development to modify a contract with the Community Capital Development Corporation (CCDC) for loan servicing in an amount up to $18,800.00, authorize payments beginning April 1, 2022, and to extend the contract completion date to March 31, 2023.
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 modification will allow CCDC to continue servicing the loans they originated for another year. Because of the complexity of changing loan servicers mid-stream, the department requests this contract modification.
Original Contract $46,850.00 PO191585 Ord. 1787-2019
Modification No. 1 $37,000.00 PO239233 Ord. 0499-2020
Modification No. 2 $38,600.00 PO267854 Ord. 0778-2021
Modification No. 3 $18,800.00
Total Contract Amount $141,250.00
It is the department’s intent to “modify” this agreement, which means executing the modification before the prior agreement has expired. Should circumstances prevent that, the agreement will be processed as an “original” agreement and up to the amount of this ordinance.
Emergency action is request in order to maintain uninterrupted services.
FISCAL IMPACT: Funding is available in the Division of Economic Development’s general fund budget.
CONTRACT COMPLIANCE: CCDC’s vendor number is 004605 and renewal is pending.
Title
To authorize the Director of Development to modify a contract with the Community Capital Development Corporation for loan servicing in an amount up to $18,800.00, authorize payments beginning April 1, 2022, and to extend the contract completion date to March 31, 2023; authorize the expenditure of up to $18,800.00 from the General Fund; and to declare an emergency. ($18,800.00)
Body
WHEREAS, Co...
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