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Ordinance approving a five-year Business Incentive Agreement between the Type
B Corporation and LiftFund Inc. in the amount of $100,000 for the Dream Makers
Fund, a revolving loan fund for small businesses within the city limits of Corpus
Christi, effective upon signature of the City Manager or designee; appropriating
funds in the amount of$100,000 from the Type B Economic Development Fund; and
amending the budget.
Whereas, the Corpus Christi B Corporation ("Type B Corporation") has budgeted funds
to assist small businesses in the City of Corpus Christi, Texas ("City").
Whereas, the Type B Corporation has requested proposals that will aid small businesses
within the City, and determined that the proposal from LiftFund Inc. for a revolving loan
fund will best satisfy this goal;
Whereas, City Council deems that it is in the best interest of the City and citizens to
approve the business incentive agreement for LiftFund Inc. for a revolving loan fund
between the Type B Corporation and LiftFund Inc. for a revolving loan fund
Whereas, the Board of the Directors of the Type B Corporation (the "Board") approved
an agreement with LiftFund for an incentive of up to $100,000 at its meeting on January
27, 2020.
Now, therefore, be it resolved by the City Council of the City of Corpus Christi,
Texas:
SECTION 1. That the business incentive agreement between the Type B Corporation
and LiftFund, Inc., which will create the Dream Makers Fund to loan to small business is
approved.
SECTION 2. That funds in the amount of$100,000 are appropriated from the unreserved
fund balance in the No. 1145 Type B Fund for a business incentive grant from the Type
B Corporation to LiftFund Inc., which will create the Dream Makers Fund to loan to small
business.
SECTION 3. That Ordinance No. 031870, which adopted the FY 2019-2020 Operating
and Capital Budget, is amended to increase proposed expenditures in the No. 1145 Type
B Fund by $100,000 for a business incentive grant from the Type B Corporation to
LiftFund Inc., which will create the Dream Makers Fund to loan to small business.
032033
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That the foregoing ordinance was red for the first time and passed to its second
reading on this the 1 6'"` day ofRm,nn , 2020, by the following vote:
Joe McCombPMichael Hunter
Roland Barrera Ben Molina
A'1/4-4-A _
Rudy Garza Everett Roy
Paulette M. Guajardo
ml)(--1. 4„,
i'y� Greg Smith Ay_
Gil Hernandez f 0
That thforegoing ordinance was read for the second time and passed finally on this
the day of r 2020, by the following vote:
7
Joe McComb Michael Hunter
Roland Barrerak, Ben Molina
Rudy Garza AY Everett Roy
Paulette M. Guajardo 1\Y Greg Smith Alt
Gil Hernandez
AND APPROVED on this the day of , 2020.
ATTEST:
4e6,,,,,...6- oft_
Re ecca Huerta J McComb
City Secretary M r
032033
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CITY OF CORPUS CHRISTI
CERTIFICATION OF FUNDS
(City Charter Article IV, Sections 7 & 8)
I, the Director of Financial Services of the City of Corpus Christi, Texas (or his/her duly authorized
representative), hereby certify to the City Council and other appropriate officers that the money required
for the current fiscal year's portion of the contract, agreement, obligation or expenditure described
below is in the Treasury to the credit of the Fund specified below, from which it is to be drawn, and has
not been appropriated for any other purpose. Future payments are subject to annual appropriation
by the City Council.
City Council Action Date: February 25, 2020 Legistar Number: 20-0168
Agenda Item:
Ordinance approving a Business Incentive Agreement between the Type B Corporation and
LiftFund, Inc. to provide a grant of up to $100,000 for the Dream Makers Fund for a revolving
loan fund to support small business.
Amount Required: $100,000.00
Fund Name Account No. Fund No. Org. No. Project Amount
No.
BJDTB 251850 1145 $100,000.00
Total $100,000.00
❑ Certification Not Required
aillki45‘-- 51(16,:/ _1141.,---2--
hg, ,,A.)Director of Financial Services
Date: ,..4p-if (2-aark