Explanation
BACKGROUND: This legislation authorizes the Director of Development to modify a contract with the Community Capital Development Corporation (CCDC) for loan servicing in an amount up to $38,600.00 and to extend the contract completion date to March 31, 2024.
CCDC 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 CCDC to continue servicing the loans they originated for another year.
Original Contract $46,850.00 PO191585 Ord. 1787-2019
Modification No. 1 $37,000.00 PO239233 Ord. 0499-2020
Modification No. 2 $38,600.00 PO267854 Ord. 0778-2021
Modification No. 3 $18,800.00 PO322042 Ord. 0806-2022
Modification No. 4 $38,600.00
Total Contract Amount $179,850.00
Emergency action is request in order to maintain uninterrupted services.
FISCAL IMPACT: Funding is available in the Division of Economic Development’s 2023 general fund budget. This ordinance is contingent on passage of the 2023 Operating Budget, Ordinance No. 2936-2022.
CONTRACT COMPLIANCE: CCDC’s vendor number is 004605 and expires on 11/28/24.
Title
To authorize the Director of Development to modify a contract with the Community Capital Development Corporation for loan servicing in an amount up to $38,600.00; to extend the contract completion date to March 31, 2024; to authorize the expenditure of up to $38,600.00 from the 2023 General Fund Budget, contingent upon the passage of Ordinance No. 2936-2022; and to declare an emergency. ($38,600.00) (REPEALED BY ORD. 1793-2023 PASSED 7/10/2023) BA
Body
WHEREAS, Community Capital Development Corporation (CCDC) has been a long time partner with the Department of Development in administering the city’s Revolving Loan Fund program; and
WHEREAS the department desir...
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