Submitted By
Tammie Grossman, Development Customer Services Director
Reviewed By
A.M. Zayyad
Agenda Item Title
Title
A Motion to Re-Allocate $57,515 in Unspent Community Development Block Grant-Coronavirus (CDBG-CV) Funding by Adding the $57,515 to CDBG Public Services Funding and Distributing it to the Nine (9) Local Non-Profits Previously Approved for Public Services Funding, Per Village Staff's Recommendations and Direct Staff to Prepare the Necessary Documents for Board Consideration
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Overview
Overview
The Village received $1,259,754 in Community Development Block Grant-Corona Virus ("CDBG-CV") funds. In 2020 the Village Board designated $550,000 of the CDBG-CV funds for the DCS Department to administer a Business Assistance Loan Program to help Oak Park businesses create and/or retain jobs for workers with incomes at or below 80% of the AMI for Cook County. In 2020 and 2021, 84 grant applications were approved and a total of $492,485 was loaned out to Oak Park businesses, leaving $57,515 in unspent program funds. This motion recommends the re-allocation of the unspent $57,515 in CDBG-CV funding (Business Assistance Loan Program) to CDBG-CV Public Service funding, increasing the amount available for Public Service Funding from $162,107 to the proposed new $219,622 and reallocating this grant money to the nine (9) local non-profits previously approved for said funding.
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Recommendation
Recommendation
Approve the Motion
Fiscal Impact
The $57,515 in unspent CDBG-CV (Business Assistance Loan Program) fund would be made available to the nine (9) local non-profits previously approved for Public Services funding. This re-allocation of funding would bring the total CDBG-CV Public Services funding from $162,107 to $219,622.
Background
On June 15, 2020, the Village Board approved a resolution authorizing the use of $300,000 of CDBG-CV funds to establish a Business Assistance Loan Program. On October 5, 2020, the Village Board approved an additional ...
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