Title
Ordinance in the Amount of $200,000 Amending the FY 2015-16 Economic Development Fund Budget for the Appropriation of Funds in Support of the Renaissance Community Cooperative Located on Phillips Ave in Northeast Greensboro
Body
Department: CMO
Council District: 2
Public Hearing:
Advertising Date/By:
Contact 1 and Phone: Chris Wilson - Assistant City Manager, City of Greensboro 373-2002
Contact 2 and Phone: Kathi Dubel - Manager, Economic Development & Business Support 373-4579
PURPOSE:
The purpose of this ordinance is to appropriate funds from the Economic Development Fund Budget in the amount of $200,000 in support of the Renaissance Community Cooperative located at on Phillips Ave in Northeast Greensboro.
BACKGROUND:
The Renaissance Coop Committee (RCC), a group of community residents, in collaboration with other groups, was formed to identify opportunities for a community-owned cooperative grocery store on Phillips Avenue in Northeast Greensboro. The Renaissance Community Cooperative will be a community-owned cooperative, democratically controlled by its member-owners, the majority of whom will be drawn from Northeast Greensboro. This project will have a significant impact on alleviating food disparity issues in a food desert in Greensboro, create new jobs, and assist in the revitalization of the Renaissance Shops at Phillips Avenue
In April 2015, City Council authorized support of the Renaissance Community Cooperative with a challenge grant in an amount not to exceed $250,000. The Challenge Grant was to be funded by the Community Development Block Grant in an amount of $50,000 and the Economic Development Fund in an amount of $200,000. The Renaissance Community Cooperative entered into a performance-based grant agreement with the City of Greensboro. The terms of the grant agreement are in the attachment Challenge Grant Terms.
The Renaissance Coop Committee (RCC) has satisfied the fundraising terms of the challenge grant.
BUDGET IMPACT: A maximum amount of up to $250,000 was authorized by City Council for the Challenge Grant: with $200,000 from the Economic Development Fund and $50,000 from the CDBG Fund.
The Challenge Grant portion from the Economic Development Fund, in the amount of $200,000 is to be paid in FY 2015-16, with approval of the budget ordinance.
RECOMMENDATION / ACTION REQUESTED:
It is recommended that City Council approve the budget ordinance to the Economic Development Fund in the amount of $200,000 for the Renaissance Community Cooperative.
COMMITTEE ACTION: This item was referred to Council by the General Government, Infrastructure and Community Services Committees.