Fiscal Note
The Common Council previously authorized $664,145 in EECBG funding for the BEEP program (RES-10-00590, Legistar ID# 18845, 7/7/2010). This Resolution permits the CD Division to reapportion these funds in reconfigured amounts, and among a revised slate of selected BEEP projects and recipients. No additional appropriation is required.
Title
Approving the reapportionment of $664,145 in previously-approved EECBG funds for the Community Development Division’s Business Energy Incentives Program (BEEP), and authorizing the Mayor and City Clerk to execute all requisite agreements with the designated recipient businesses and organizations.
Body
Background
On July 7, 2010, the Common Council approved the funding of $664,145 in EECBG funds from the U.S. Department of Energy (DOE) for 12 energy efficiency (“BEEP”) projects (RES-10-00590, Legistar ID# 18845). The selected projects had been recommended for funding by the BEEP Review Committee out of an initial pool of 42 applicant businesses and organizations. The funding assistance awarded to each recipient was not to exceed 75% of that project’s cost, with 50% of the award provided as a grant, and 50% provided as a loan.
Subsequent to that Resolution’s enactment, a number of the recipient businesses and organizations informed the Community Development Division that they would prefer to accept the grant portion but not the loan portion of their award, thereby reducing their award by half. The net cumulative effect of this is that $137,842 of the initially approved funds for BEEP now remains unallocated.
The BEEP Review Committee, in consultation with the Community Development Division’s Energy staff, recommends that these unallocated funds be awarded to similar BEEP-eligible projects. To that end, and in consideration of the DOE’s priority directive that these Federal stimulus funds be distributed to recipients as swiftly as possible, Division staff request that the City forego another RFP process for the un...
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