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Subject: (Direct Referral) Consideration of authorization to accept US Economic Development Administration funds for small business loans. (RES No. 12-3364)
Recommendation of the Redevelopment Authority on 9-24-12: That the Common Council authorize the acceptance of an increase in the US EDA grant by $100,000 to a total grant of $600,000; that the Common Council authorize the Executive Director of RCEDC, the City Finance Director, the Mayor, and City Clerk to accept from the US EDA the increased grant, segregate and restrict funds for a required local match of $100,000, and execute such amended grant agreement with the US EDA and RCEDC as may be necessary to implement this increase.
Recommendation of the Finance & Personnel Committee on October 8, 2012: Permission be granted for acceptance of an increase in the US EDA grant by $100,000 to a total grant of $600,000; that the Common Council authorize the Executive Director of RCEDC, the City Finance Director, the Mayor, and City Clerk to accept from the US EDA the increased grant, segregate and restrict funds for a required local match of $100,000, and execute such amended grant agreement with the US EDA and RCEDC as may be necessary to implement this increase.
Fiscal Note: The required local match of $100,000 will be obtained from the Sewer Agreement Intergovernmental Revenue Sharing Funds as is consistent with provisions of Sec. 46-268 of the Municipal Code. This action will increase funds dedicated to the Industrial/Commercial Building Revolving Loan Fund to a total of $1,200,000 ($600,000 in City Sewer Agreement funds and $600,000 in US EDA funds).