Title
Consider/Discuss/Act on a Resolution Increasing the Program Budget for the Tri-City Collin County Small Business Grant Program in an Amount not to Exceed $5,600,000 of Collin County Direct Allocation Cares Act Funds; and Providing for an Effective Date
Summary
COUNCIL GOAL: Direction for Strategic & Economic Growth
MEETING DATE: July 21, 2020
DEPARTMENTS: City Manager's Office
McKinney Economic Development Corporation (MEDC)
CONTACT: Kim Flom, Assistant City Manager
Peter Tokar, MEDC Executive Director
REQUESTED ACTION:
* Resolution approval.
ITEM SUMMARY:
* Consider a resolution increasing the program budget for the Tri-City Small Business Grant Program.
* The budget amendment proposes adding $600,000 of the Direct Cost Program allocation of CARES Act funding from Collin County to the Tri-City Business Grant Program.
* If approved, Business Grant Program would utilize up to $5,600,000 of the $10,098,347.55 Collin County CARES Act Direct Allocation funds.
BACKGROUND INFORMATION:
* The City Council authorized the Tri-City Small Business Grant Program on June 23, 2020.
* 231 applications were received, requesting a total amount in excess of program funds.
* Rather than deny some applications based on scoring, the program budget can be increased in order to fund all eligible applications.
* Application reviews are still in process, but the third-party administrator estimates that eligible funding requests would not exceed $5,209,000. Associated administrative costs are estimated at $390,630, resulting in a total funding requirement of $5,599,630.
* The budget amendment has been drafted as a not to exceed of $5,600,000. Because the reviews are not finalized, it is possible that the total funding needed will be less than the proposed amount.
* If the program budget remains at $5,000,000, the third-party administrator will continue to review. Funding will be awarded to the most eligible applicants based on score, per the program guide...
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