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File #: 0493-2020    Version: 1
Type: Ordinance Status: Passed
File created: 2/14/2020 In control: Small & Minority Business Committee
On agenda: 3/16/2020 Final action: 3/19/2020
Title: To authorize the Director of Development to modify a contract with the Economic & Community Development Institute (ECDI) for loan servicing in an amount up to $36,000.00 and to extend the contract completion date; to authorize the expenditure of up to $36,000.00 from the general fund; and to declare an emergency. ($36,000.00)
Attachments: 1. ORD0493-2020 2020-02-03 ED ECDI contract modification
Explanation
BACKGROUND: This legislation authorizes the Director of Development to modify a contract with the Economic & Community Development Institute (ECDI) for loan servicing in an amount up to $36,000.00 and to extend the completion date to March 31, 2021.

ECDI has been a long time partner with the Department of Development in administering the city’s Revolving Loan Fund program. The Revolving Loan Fund program provided micro and small businesses startup capital and other assistance to begin a new business or grow an existing business.

This contract modification will allow ECDI to continue servicing the loans they originated for another year. Because of the complexity of changing loan servicers mid-stream and because the department will be posting an RFP for department-wide loan servicing services in mid-2020 for a new contract in 2021, the department requests this contract modification. Depending upon the outcome of the upcoming RFP effort, the department may continue to have ECDI service the remaining loans and if so, will request Council approval to modify this loan servicing contract.

Original contract amount $43,825.00 PO192014 Ord. 1786-2019
Modification 1 amount $36,000.00
Total Contract Amount $79,825.00

Emergency action is request in order to maintain uninterrupted services.

FISCAL IMPACT: Funding is available in the Division of Economic Development’s general fund budget.

CONTRACT COMPLIANCE: ECDI’s vendor number is 004753 and expires on 6/17/2021.

Title
To authorize the Director of Development to modify a contract with the Economic & Community Development Institute (ECDI) for loan servicing in an amount up to $36,000.00 and to extend the contract completion date; to authorize the expenditure of up to $36,000.00 from the general fund; and to declare an emergency. ($36,000.00)

Body
WHEREAS, Economic & Community Development Institute (ECDI) has been a long time partner with the Department of Development in administering the city’s R...

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