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A Resolution Authorizing the Execution of a Loan Commitment and Agreement for The Day Nursery
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Introduction
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The Day Nursery, a long-time early childhood educational provider in Oak Park focused on a safe, affordable, and enriching environment for children, will close without additional financial assistance. Staff are proposing a loan to The Day Nursery for $246,532, which would provide it with an additional eight months of operations, allowing it time to develop a plan for sustainability.
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Recommended Action
Adopt the Resolution.
Prior Board Action
The Board has taken the following prior action(s):
* RES 23-83: A Resolution Approving a Funding Grant Agreement Between the Village of Oak Park and the Collaboration for Early Childhood in an Amount Not to Exceed $1,109,300 and Authorizing its Execution
* RES 19-281: Resolutions Approving the Program Year (PY) 2019 Community Development Block Grant (CDBG) and Emergency Solutions Grant (ESG) Agreements with Subrecipients and Authorizing their Execution.
Background
The Day Nursery is a long-time early childhood educational provider in Oak Park focused on a safe, affordable, and enriching environment for children. They currently serve 66 children, 30 of whom are from Oak Park residents. The Day Nursery has long focused on serving households from a variety of economic backgrounds. That continues today; The Day Nursery is one of only two child care providers in Oak Park who currently work with the State of Illinois' Child Care Assistance Program. That program helps pay for affordable child care for households with low incomes. Of the 66 children currently served by The Day Nursery, 56 receive a subsidy like the Child Care Assistance Program, 23 of whom are Oak Park residents.
While The Day Nursery has always served households from a variety of backgrounds, the student mix changed after COVID, with the share of children served by the Child Care Assistance Program...
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