Explanation
Background: This legislation authorizes the appropriation of $169,628.16 and the expenditure of $164,000.00 from the UDAG Fund and the expenditure of $1,326,380 from the CDBG Fund for a contract with the Community Capital Development Corporation (CCDC) for the administration of economic development loan programs. CCDC has administered the economic development loan programs for the past three years and will continue to administer the loan programs from July 1, 2007 through June 30, 2008. 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 these loan programs 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 that the agreement with the Community Capital Development Corporation can be executed immediately.
Fiscal Impact: This legislation authorizes the appropriation of $169,628.16 and expenditure of $164,000.00 from the UDAG Fund and the expenditure of $1,326,380 from the CDBG fund to provide funding for a contract with the Community Capital Development Corporation for the administration of economic development loan programs. The appropriation of UDAG funds includes an additional $,5628.16 needed to process an expenditure correction for a loan previously issued from the wrong fund.
Title
To authorize the appropriation of $169,628.16 from the UDAG Fund to the Department of Development; to authorize the expenditure of $164,000.00 from the UDAG Fund; to authorize the expenditure of $1,326,380 from the CDBG Fund; to authorize a contract with the Community Capital Development Corporation; and to declare an emergency. ($1,490,380.00)
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