Submitted By
Tammie Grossman, Director, Development Customer Services Department
Reviewed By
LKS
Agenda Item Title
Title
A Motion to Accept Staff's Recommendation Regarding Allocating an Additional Award of $279,647 in Community Development Block Grant-Coronavirus (CDBG-CV) Funding by Adding $250,000 to the Small Business Assistance Loan Program and $29,647 to the Village's Administrative Expenses and Accept the Amendments to the Program Guidelines Per Staff's Recommendation and Direct Staff Prepare the Necessary Documents
End
Overview
Overview
In May 2020, the Village received $980,107 in total Federal CDBG-CV funds. The Village recently received notification of an additional award of $279,647. Staff recommends that $250,000 be added to the Small Business Assistance Loan Program and $29,647 be set aside to cover the Village's administrative expenses.
End
Recommendation
Recommendation
Adopt the Motion.
Fiscal Impact
Originally, the Village received $980,107 in total Federal CDBG-CV funds that the Village Board distributed as follows: $300,000 to fund the new Business Assistance Loan Program; $400,000 to fund the non-profit Housing Forward organization; Approximately $162,107 to help fund eight (8) additional local non-profits; and $118,000 in administrative cost reimbursement to the Village. With the recently announced additional $279,647 in Federal funding, see attached "Attachment C - New Funding Allocation Letter," the Village's total COVID-19 Federal CDBG award has increased to over $1.2 million. None of this $1.2 million dollars in funding will impact the current, regular CDBG program funding allocation. The CARES Act Business Assistance Loan Program is budgeted for out of line-item 2083.46201.101.583610. Staff is recommending utilizing an additional $29,647 of the new Federal funds for administrative cost reimbursement. This would increase the total amount of administrative cost reimbursement to the General Fund to $147,647 (Original $11...
Click here for full text