Fiscal Note
The proposed resolution amends the 2021 Adopted Capital Budget by increasing the General Fund GO Borrowing for the Small Business Equity and Recovery (SBER) capital program by $250,000 and authorizes a $250,000 Small Business Equity & Recovery (SBER) grant to the Center for Black Excellence & Culture, funded by the SBER capital program. This grant will be funded by the SBER capital program. No additional city appropriation is required.
Title
ALTERNATE - Amending the 2021 Adopted Capital Budget for the Economic Development Division’s Small Business Equity and Recovery capital program by appropriating an additional $250,000 in General Fund GO Borrowing, for a program funding total of $2.75 million in 2021, and Aauthorizing the Mayor and City Clerk to enter into a Memorandum of Understanding with the Center for Black Excellence & Culture (CBEC) and to allocate $250,000 from the $2.755 million in the 2021 Small Business Equity & Recovery (SBER) program in the Department of Planning & Community & Economic Development Capital Budget to be used for CBEC predevelopment costs.
Body
WHEREAS the City of Madison is currently engaged in updating the South Madison Plan; and,
WHEREAS the South Madison Market Study (Teska Associates, Inc., 2020) recommends support for the creation of a community development corporation (CDC) to lead community engagement, housing and economic development efforts in South Madison; provide multi-lingual and culturally sensitive services, materials and programs to small business; and provide assistance to small businesses for business plans, marketing, supply chain, etc.; and,
WHEREAS the Center for Black Excellence & Culture will foster a sense of community and family, celebrate and teach about impactful Black culture, help nurture and develop Black business and community leaders, connect employers with talented Black professionals, and become a new cultural landmark in South Madison; and
WHEREAS the Small Business Equity & Recove...
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