TO: Mayor and City Council
FROM: Dustin Anderson, Community Development Director
SUBJECT:
title
Award Two Business Continuity Grants for a Total Amount of $85,518.79
end
BACKGROUND:
On December 17, 2024, the City Council approved Resolution 8095. This Resolution created the Chicago Street Business Continuity Grant program. This program provides financial assistance to businesses impacted by the construction projects that began in May 2024. The applicants are eligible for assistance of up to 50% of their lost tax-generating sales with a cap of $100,000 per year.?
The program's guidelines provide the following:
* Provides the City Manager authority to approve up to $25,000; and,
* Provides the City Manger the authority to fund the first $25,000 of any grant greater than $25,000; and,
* Any grant amount over $25,000 must be approved by the City Council.
The City has received six grant applications eligible for less than $25,000. These have been approved by the City Manager. A summary of these applications is presented in the following table.
In addition to the six applications for less than $25,000, the City received two applications for awards greater than $25,000. Some of the feedback the City received while drafting the language for this grant program was that time was of the essence in processing payments to the grantees. As a result, Resolution 8095 allows the City Manager to fund the first $25,000 of a grant application. The following table summarizes the grant applications eligible for over $25,000 and their current status.
CONCLUSION:
Staff has received eight eligible Business Continuity Grant applications. Two of the applications are eligible for an amount that exceeds $25,000. The award of these two grants requires City Council approval. Funds for these grants are available under Object: 02001000, Org: 548300.
RECOMMENDATION:
recommendation
The Land Use & Economic Development Committee recommends City Council approval of the gr...
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