Explanation
BACKGROUND: This legislation authorizes the Director of the Department of Development to execute a grant agreement with the Tony R Wells Foundation dba The Wells Foundation in an amount up to $578,700.00 to provide time-limited payments of unrestricted funds to individuals engaged in an economic mobility initiative that is supported by a non-profit organization. Authorization to pay for administrative and/or staffing expenses incurred before the purchase order, starting October 1, 2024, and to and to authorize the advancement of funds on a predetermined schedule is also requested.
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, child care, 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 health and well-being as stress, anxiety and depression are decreased. Stability in housing and employment enables better outcomes for children in health, education and social connection. Moving toward greater economic stability can shape one’s opportunities and aspirations with promises of a better future.
The public purpose of this agreement is to establish a partnership with The Tony R. Wells Foundation to integrate economic mobility accelerators within the work of several nonprofit organizations. Accelerators are time-limited payments of unrestricted funds to individuals engaged in an economic mobility initiative that is operated by a non-profit organization.
The Tony R. Wells Foundation will make the payments directly to the individuals. They will also provide each recipient with a 1099. A portion of the grant amount will account for the administration fee for the ...
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