Submitted By
Tammie Grossman, Director, Development Customer Services
Reviewed By
AMZ
Agenda Item Title
Title
A Resolution Authorizing the Creation of an Oak Park Business and Non-Profit Coronavirus Recovery (BNPCR) Grant Program Using American Rescue Plan Act Funding in an Amount Not to Exceed $550,000 and Approving Guidelines for the Program
End
Overview
Overview
On May 24, 2021 the Village Manager presented a plan for use of the American Rescue Plan Act (ARPA) funds. As part of that presentation, there was a recommendation for immediate release of a portion of the funds for various services and expenses in FY 21. These services and expenses included lost revenues, pandemic expenses, essential worker compensation, food insecurities & rental assistance and local businesses recovery. On July 6, 2021, Village staff presented a recommendation to the Village Board to provide additional funding to Oak Park small businesses and non-profits in an amount not to exceed $550,000.00 from the Village's American Rescue Plan Act (ARPA) funds. The proposed Oak Park Business and Non-Profit Coronavirus Recovery (BNPCR) Grant Program will seek to assist small businesses and non-profit 501(c)(3) organizations as they recover from the financial hardship resulting from the Covid-19 public health emergency. This item is a follow-up to that conversation.
End
Recommendation
Recommendation
Approve the Resolution
Fiscal Impact
Under the American Rescue Plan Coronavirus State and Local Fiscal Recovery Funds, the Village of Oak Park's allotment is $38,984,402.00, of which, $19,492,201 has already been received.
On May 24, 2021, the Village Manager recommended various immediate needs in FY 21, this included ongoing emergency aide to individual residents in categories such as business recovery assistance.
The Village provided an initial $550,000 for business loans using the Community Development Block Grant-Coronavirus (CDBG-CV) relief funds.
On July 6, 2021, staff ...
Click here for full text