Title
Resolution Authorizing Economic Development Appropriations to Non-Profit Entities for Fiscal Year 2019-2020
Body
Council Priority: Create an Environment to Promote Economic Development Opportunities and Job Creation
Department: Executive
Council District: All
Public Hearing: Yes
Advertising Date/By: May 23, 2019, July 6, 2019/ City Clerk
Contact 1 and Phone: David Parrish, Ext. 2002
Contact 2 and Phone: Kathi Dubel, Ext. 4579
PURPOSE: To recommend adoption of a resolution on the proposed Fiscal Year 2019-2020 economic development appropriations.
BACKGROUND: There was a public hearing held on June 4, 2019, with no speakers. Council directed the amount for Piedmont Capital be increased from $300,000 to $400,000. At the July 16, 2019 meeting, City Council conducted a public hearing on the increased Piedmont Capital proposed appropriation. The proposed economic development appropriations to non-profit entities for the 2019-2020 fiscal year are:
(a) $400,000 to Piedmont Business Capital Loan Fund to provide loans to small and emerging business;
(b) $100,000 to Greensboro Area Chamber of Commerce for the Launch Lab Accelerator Program to launch businesses and assist them as they grow, expand and hire with an emphasis on minority entrepreneurs and to hire interns to work on special projects;
(c) $250,000 to East Greensboro Now for operations and expenses for the implementation of the Urban Economic Development Plan for East Greensboro and the continuation of the Fa?ade Grant Improvement Program;
(d) $40,000 to the Greensboro Sports Commission to host the National Scholastic Athletics Foundation New Balance Nationals;
(e) $75,000 to ArtsGreensboro for operations and expenses for the 2019-20 North Carolina Folk Festival;
(f) $100,000 to the Guilford County Economic Development Alliance (GCEDA) for marketing and countywide economic development;
(g) $130,500 to the Greensboro Area Chamber of Commerce - Economic Development to support new indust...
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