Title
Resolution Authorizing Economic Development Appropriations to Non-Profit Entities for Fiscal Year 2020-2021
Body
Council Priority: Ensure Fiscal Stewardship, Transparency, and Accountability
Department: Planning
Council District: All
Public Hearing: June 2, 2020
Advertising Date/By: June 2, 2020
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 2020-2021 economic development appropriations.
BACKGROUND:
At the June 2, 2020 meeting, City Council conducted a public hearing on the proposed economic development appropriations to non-profit entities for the 2020-2021 fiscal year.
Pursuant to NCGS ? 158-7.1, the City Council must approve all economic development appropriations or expenditures after a public hearing. The following are proposed economic development appropriations and expenditures for FY 20-21:
(a) $400,000 to Piedmont Business Capital Loan Fund to provide loans to small and emerging business;
(b) $130,500 to Greensboro Partnership Economic Development to support new industry recruitment, existing industry expansion and marketing and branding initiatives;
(c) $100,000 to Greensboro Chamber of Commerce Economic Development 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;
(d) $75,000 to East Greensboro Now for operations and expenses for the implementation of the Urban Economic Development Plan for East Greensboro;
(e) $40,000 to the Greensboro Sports Foundation to host the National Scholastic Athletics Foundation New Balance Nationals;
(f) $75,000 to ArtsGreensboro for operations and expenses for the 2020-21 North Carolina Folk Festival;
(g) $50,000 to the Guilford County Economic Development Alliance (GCEDA) for marketing and countywide economic development;
These pr...
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