Explanation
BACKGROUND: This legislation authorizes the Director of Development to amend contract EL017603 with Finance Fund for the purpose of extending the contract to February 28, 2017 to allow Finance Fund to spend the contract balance of $112,644.99 as well as add an additional $268,888.01 from the Urban Site Acquisition Loan (USAL) fund to continue program services.
Finance Fund, established in 1987 connects Ohio underserved communities with public and private sources of capital. It simplifies the complexities of the funding process and manages the flow of millions of public and private dollars to help good ideas come to life. These are ideas that change systems, create jobs, address community needs and improve the quality of life. The Finance Fund programs include predevelopment and economic development grants, urban and rural lending and gap financing to support a wide range of projects such as: small business, health care facilities and equipment, affordable housing construction, rehabilitation and community facilities. To date, Finance Fund and its affiliates have invested more than $336.2 million in housing, economic development, and community facility projects leveraging over $1.37 billion. The investment was accomplished through 3,019 awards to nonprofit organizations and for-profit businesses throughout the state. Through partnerships, Finance Fund and its affiliates have enabled low-income people access to 25,928 direct jobs and 16,168 units of affordable housing, created 3,079 early care and education classrooms for 71,947 children benefiting the lives of over 191,595 Ohioans.
Emergency action is requested to allow Finance Fund to continue without interruption the administrative services necessary to support implementation of the City’s small business loan fund.
FISCAL IMPACT: Funds for this expenditure are allocated from the Urban Site Acquisition Loan (USAL) Fund.
Title
To authorize the appropriation of $268,888.01 from the Urban Site Acqui...
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