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TO AUTHORIZE THE MAYOR TO ENTER INTO CONTRACT WITH ECONOMIC AND COMMUNITY DEVELOPMENT INSTITUTE TO ESTABLISH A DEVELOPMENT FUND; TO SUPPLEMENTALLY APPROPRIATE $375,000
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WHEREAS, the City would like to establish a Development Fund to provide Gahanna businesses with access to capital in order to spur business expansion and also to attract new businesses; and
WHEREAS, the Director of Development has recommended we proceed with Economic and Community Development Institute (ECDI) to establish said fund; and
WHEREAS, ECDI would provide Gahanna businesses outreach, financial literacy training, microenterprise development training, business incubation services, processing and underwriting, loan review committee, technical assistance, loan servicing and retention activation; and
WHEREAS, the City would commit $300,000 from the General Fund for the Development Fund and ECDI would match the City's commitment with $450,000 to create a $750,000 Revolving Loan Fund to be available for Gahanna businesses;
NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF GAHANNA, STATE OF OHIO:
Section 1. That the Mayor is hereby authorized to enter into contract with ECONOMIC AND COMMUNITY DEVELOPMENT INSTITUTE, 475 East Mound Street, Columbus, OH 43215, to establish a Development Fund to spur business expansion and encourage new businesses within the City; said contract attached as EXHIBIT A and made a part herein.
Section 2. That funding in the amount of THREE HUNDRED SEVENTY FIVE THOUSAND DOLLARS ($375,000) is hereby supplementally appropriated from the unencumbered, unappropriated balance of the General Fund to Account No. 101.342.5491, Economic Development Programs, to cover the herein costs.
Section 3. That ORD-0001-2010, passed January 2, 2010 is hereby amended to reflect this supplemental appropriation.
Section 4. That this ordinance shall be in full force and effect after passage by this Council and 30 days afte...
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