Explanation
Background: This legislation authorizes the expenditure of $729,132 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 (CCDC) administered the economic development loan programs for the past three years and will continue to administer the loan programs from July 1, 2008 through January 31, 2009. 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 so that the agreement with the Community Capital Development Corporation can be executed immediately to avoid an interruption of program services.
Fiscal Impact: This legislation authorizes the expenditure of $729,132 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 Director of the Department of Development to enter into contract with the Community Capital Development Corporation for the administration of economic development loan programs; to authorize the expenditure of $729,132 from the CDBG Fund; and to declare an emergency. ($729,132)
Body
WHEREAS, the Community Capital Development Corporation successfully administered the economic development loan programs from July 1, 2004 through June 30, 2008; and
WHEREAS, the City, Department of Development, Economic Development Division wishes to continue the good working relationship with the C...
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