Explanation
BACKGROUND: This legislation authorizes the Director of the Department of Development to execute a grant agreement with the following not-for-profit agency The Columbus Urban League for operational support to integrate economic mobility accelerators with their economic mobility activities in an amount up to $36,000.00. To authorize the agreements to be effective January 1, 2025 through December 31, 2026. To authorize the advancement of funds on a predetermined schedule as well as authorizing the appropriation and expenditure of funds within the Income Tax Set Aside fund.
In today’s post-COVID economy, many Columbus residents are challenged with making ends meet, yet they continue to work hard to increase their income and attain economic stability. Challenges to achieving economic stability include stagnant wages and rising costs (e.g. housing, child care, and food). These conditional cash transfers to residents participating in economic mobility initiatives will accelerate their economic mobility.
By increasing financial security, individuals can experience improved health and well-being as stress, anxiety and depression are decreased. Stability in housing and employment enables better outcomes for children in health, education and social connection. Moving toward greater economic stability can shape one’s opportunities and aspirations with promises of a better future.
The public purpose of this agreement is to establish a partnership with The Columbus Urban League. to integrate economic mobility accelerators with their economic mobility activities, to accelerate the economic mobility of individuals experiencing poverty in Columbus.
Accelerators are time-limited payments of unrestricted funds to individuals engaged in an economic mobility initiative that is supported by a non-profit organization. This agency will work with The Toney R. Wells Foundation which will make the payments directly to participants in the economic mobility activity.
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