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Subject: (Direct Referral) Communication from the Executive Director requesting authorization to enter into a contract for small business development services with the Community Economic Development Corporation (CEDCO) and to fund the contract with intergovernmental revenue sharing funds (Res. No. 12-3204)
Recommendation of the Redevelopment Authority on 6-4-12: That the Authority supports the use of $55,000.00 from the intergovernmental sewer revenue sharing fund for minority business development services through CEDCO.
Recommendation of the Finance & Personnel Committee on 6-25-12: Authorization be granted for the Executive Director to enter into a contract for small business development services with the Community Economic Development Corporation (CEDCO) and to fund the contract with intergovernmental revenue sharing funds.
Fiscal Note: In the past, CEDCO has provided advising and training services to small start-up minority business enterprises, including operation of a micro-loan fund. CEDCO has been operating with volunteers and without paid staff. The $55,000 is funding principally for a staff person to provide counseling for minority entrepreneurs. The funding would also help with restructuring CEDCO operations regarding the loan fund. Funds are available in the Intergovernmental Revenue Sharing (919) Account.