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File #: Res.12-3364    Version: A Name: Consideration of authorization to accept US Economic Development Administration funds for small business loans
Type: Resolution Status: Official Text (Legal Use)
File created: 10/16/2012 In control: City Attorney's Office
On agenda: Final action: 10/2/2012
Title: Consideration of authorization to accept US Economic Development Administration funds for small business loans Resolved, that permission is 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).
Sponsors: Q.A. Shakoor II
Related files: 12-8182
Sponsor
Alderman Shakoor
 
Title
Consideration of authorization to accept US Economic Development Administration funds for small business loans
 
Resolved, that permission is 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).