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 $37,000.00 and to extend the completion date to March 31, 2021.
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 and because the department will be posting an RFP for department-wide loan servicing services in mid-2020 for a new contract in 2021, the department requests this contract modification. Depending upon the outcome of the upcoming RFP effort, the department may continue to have CCDC service the remaining loans and if so, will request Council approval to modify this loan servicing contract.
Original Contract $46,850.00 PO191585 Ord. 1787-2019
Modification one $37,000.00
Total Contract Amount $83,850.00
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 expires on 9/25/20.
Title
To authorize the Director of Development to modify a contract with the Community Capital Development Corporation (CCDC) for loan servicing in an amount up to $37,000.00 and to extend the contract completion date; to authorize the expenditure of up to $37,000.00 from the general fund; and to declare an emergency. ($37,000.00)
Body
WHEREAS, Community Capital Development Corporation (CCDC) has been a long time partner with the Department of Development in administering the city’s Revolving Loan Fu...
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