Explanation
BACKGROUND: This legislation authorizes the Director of Development to enter into a not-for-profit service contract with the Community Capital Development Corporation (CCDC) for loan servicing in an amount up to $20,000.00 and to authorize payments for services starting January 1, 2024.
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, and no current City employees perform the functions of the Revolving Loan Fund program.
This contract will allow CCDC to continue servicing the loans they originated for another year. A request to modify and extend the prior year contract with CCDC was approved on February 27, 2023 under ordinance 0493-2023. However, a contract modification was not executed prior to the December 31, 2023 contract expiration.
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 PO322042 Ord. 0806-2022
Modification No. 4 $38,600.00 PO399046 Ord. 1793-2023
Total Contract Amount $179,850.00
Emergency designation is requested as CCDC has continued to service the loans after the previous contract expiration to maintain uninterrupted services.
FISCAL IMPACT: Funding is available in the Division of Economic Development’s 2024 general fund budget.
CONTRACT COMPLIANCE: CCDC’s vendor number is 004605 and expires on 11/28/24.
Title
To authorize the Director of the Department of Development to enter into a not-for-profit service contract with the Community Capital Development Corporation for loan servicing, to authorize payments for services starting January 1, 2024; to authorize the expenditure of $20,000.00 from the 2024 General Fund Budget; and to declare an...
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