City of Columbus - File #: 1192-2009

• File #: 1192-2009
• Version: 1
• Type: Ordinance
• Status: Passed
• File created: 9/2/2009
• In control: Development Committee
• On agenda: 9/21/2009
• Final action: 9/22/2009
• Title: To authorize the Director of the Department of Development to enter into a contract with the Community Capital Development Corporation to support economic development loan programs; to authorize the expenditure of $1,000,000 from the General Government Grant Fund; and to declare an emergency. ($1,000,000)

Date	Ver.	Action By	Action	Result
9/22/2009	1	MAYOR	Signed
9/22/2009	1	CITY CLERK	Attest
9/21/2009	1	Columbus City Council	Approved	Pass
9/21/2009	1	COUNCIL PRESIDENT	Signed
9/8/2009	1	Dev Drafter	Sent for Approval
9/8/2009	1	Auditor Reviewer	Contingent
9/8/2009	1	CITY AUDITOR	Reviewed and Approved
9/8/2009	1	Dev Drafter	Sent for Approval
9/8/2009	1	CITY ATTORNEY	Reviewed and Approved
9/8/2009	1	Dev Drafter	Sent to Clerk's Office for Council
9/3/2009	1	Finance Reviewer	Reviewed and Approved
9/3/2009	1	Finance Reviewer	Reviewed and Approved
9/3/2009	1	FINANCE DIRECTOR	Reviewed and Approved
9/2/2009	1	Dev Drafter	Sent for Approval
9/2/2009	1	DEVELOPMENT DIRECTOR	Reviewed and Approved
9/2/2009	1	Dev Drafter	Sent for Approval

Explanation

BACKGROUND: The Community Capital Development Corporation (CCDC) has administered the Economic Development Loan Program since 2005. This program includes the Business Development Fund (BDF), the Working Capital Loan Fund (WC) and the Neighborhood Commercial Revitalization Loan Fund. Since 2005 CCDC has closed over 30 loans using City of Columbus loan funds, creating over 100 jobs and leveraging private investment.

The City of Columbus has been allocated $1,000,000 in CDBG Recovery Funds (CDBG- R) for expansion of the economic development loan program. CCDC will administer the CDBG-R economic development loans for the City of Columbus in the same manner they administer our regular CDBG loans.

This legislation authorizes the expenditure of $1,000,000 from the General Government Grant Fund for a contract with the Community Capital Development Corporation for the administration of the CDBG-R economic development loan programs. The funding for the administration of this loan program and the actual loan funds will remain within the City of Columbus. CCDC will submit monthly requests for funds for administrative costs and will request loan funds on a case-by-case basis upon approval by a loan committee and the City of Columbus.

Emergency action is requested so the agreement with the Community Capital Development Corporation can be executed immediately to avoid interruptions in program services.

FISCAL IMPACT: This legislation authorizes the expenditure of $1,000,000 from the General Government Grant Fund to provide funding for a contract with the Community Capital Development Corporation for the administration of economic development loan programs. Passage of this legislation is contingent upon prior passage of appropriation legislation #1101-2009.


Title

To authorize the Director of the Department of Development to enter into a contract with the Community Capital Development Corporation to support economic development loan programs;...