Title
Consider/Discuss/Act on a Resolution Authorizing the ‘McKinney Strong’ COVID-19 Business Grant Program; and Providing an Effective Date
Summary
COUNCIL GOAL: Direction for Strategic & Economic Growth
MEETING DATE: April 21, 2020
DEPARTMENT: City Manager’s Office
CONTACT: Kim Flom, Assistant City Manager
RECOMMENDED CITY COUNCIL ACTION:
• Approval of the resolution.
ITEM SUMMARY:
• The McKinney Community Development Corporation (MCDC) and the City of McKinney propose a grant program to promote the city for the purpose of business development and supplement other relief efforts.
BACKGROUND INFORMATION:
• The Council directed the Business Support and Stimulus Team, comprised of staff from the City and MCDC, to explore a local business support program during the April 7, 2020 City Council Work Session.
• The proposed program would provide a one-time reimbursement grant of up to $1,500 to small businesses and small nonprofit organizations that have experienced financial hardship due to the COVID-19 pandemic.
• $500,000 is proposed for the program, which could provide maximum grants to over 330 businesses and nonprofits.
FINANCIAL SUMMARY:
• The program is proposed to be funded using unallocated MCDC promotional funds, subject to approval by MCDC.
BOARD OR COMMISSION RECOMMENDATION:
• On April 23, 2020, the McKinney Community Development Corporation will consider approving and funding this program in an amount not to exceed $500,000.