City of Columbus - File #: 0141-2010

• File #: 0141-2010
• Version: 1
• Type: Ordinance
• Status: Passed
• File created: 1/14/2010
• In control: Minority and Business Development Committee
• On agenda: 2/1/2010
• Final action: 2/4/2010
• Title: To authorize the Development Director to enter into contract with the Community Capital Development Corporation for the administration of economic development loan programs; to authorize the expenditure of $620,000 from the CDBG Fund; and to declare an emergency. ($620,000)

Date	Ver.	Action By	Action	Result
2/4/2010	1	CITY CLERK	Attest
2/2/2010	1	MAYOR	Signed
2/1/2010	1	Columbus City Council	Approved	Pass
2/1/2010	1	COUNCIL PRESIDENT PRO-TEM	Signed
1/15/2010	1	Dev Drafter	Sent for Approval
1/15/2010	1	Finance Reviewer	Reviewed and Approved
1/15/2010	1	Finance Reviewer	Reviewed and Approved
1/15/2010	1	FINANCE DIRECTOR	Reviewed and Approved
1/15/2010	1	Dev Drafter	Sent for Approval
1/15/2010	1	Auditor Reviewer	Contingent
1/15/2010	1	CITY AUDITOR	Reviewed and Approved
1/15/2010	1	Dev Drafter	Sent for Approval
1/15/2010	1	CITY ATTORNEY	Reviewed and Approved
1/15/2010	1	Dev Drafter	Sent to Clerk's Office for Council
1/14/2010	1	Dev Drafter	Sent for Approval
1/14/2010	1	DEVELOPMENT DIRECTOR	Reviewed and Approved

Explanation

Background: This legislation authorizes the expenditure of $620,000 from the CDBG Fund for a contract with the Community Capital Development Corporation for the administration of economic development loan programs. The Community Capital Development Corporation administered the economic development loan programs for the past five years and will continue to administer the loan programs from February 1, 2010 through January 31, 2011. The economic development loan programs include the Business Development Fund Loan Program, the Working Capital Loan Program and the Neighborhood Commercial Revitalization Loan Program.

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 to avoid an interruption in program services.

Fiscal Impact: This legislation authorizes the expenditure of $620,000 from the CDBG fund to provide funding for a contract with the Community Capital Development Corporation for the administration of economic development loan programs.


Title

To authorize the Development Director to enter into contract with the Community Capital Development Corporation for the administration of economic development loan programs; to authorize the expenditure of $620,000 from the CDBG Fund; and to declare an emergency. ($620,000)


Body

WHEREAS, the Community Capital Development Corporation successfully administered the economic development loan programs from July 1, 2004 through January 31, 2010; and

WHEREAS, the City, Department of Development, Economic Development Division wishes to continue the good working relationship with the Community Capital Development Corporation and is desirous of contracting with them for an additional year of administration...