SUBJECT
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A Resolution of the City Council of the City of Laredo, Texas ratifying the authorization of the City Manager to accept amendments to professional services contract FY23-088 with LiftFund by allocating additional funding in the amount of $300,000.00 and amending scope of work and services necessary and required to administer the Small Business Financial Assistance Grant Program. This program is part of an emergency response to the October 2024 Boil Water Notice to provide emergency relief to businesses from the negative economic impact of this event designated as a disaster at the local and state level. Funding is available in the American Rescue Plan Act Fund.
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PREVIOUS COUNCIL ACTION
During the 10/21/24 Special City Council Meeting, Council approved the recommendation of the City Manager to allocate additional ARPA funding to create an emergency financial assistance program for small businesses that were negatively impacted by the October 2024 Boil Water Notice.
BACKGROUND
Council approved award for contract FY23-088 with LiftFund on November 20, 2023 to provide microlending services for the City of Laredo Small Business Grant Program 3.0. This program was launched as part of the ongoing response to the Covid19 pandemic and to support all local small businesses who continue to recover from negative economic losses due to the public health emergency. On October 11, 2024 the City of Laredo declared a local state of disaster to the citywide Boil Water Notice (BWN) followed by an emergency disaster declaration by Texas Governor on October 16, 2024. The Economic Development Department requested authorization to reallocate ARPA funding to develop and launch an emergency financial assistance program for small businesses.
COMMITTEE RECOMMENDATION
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STAFF RECOMMENDATION
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Approval of this Resolution to amend the original Small Business Grant Program 3.0 contract to allocate additional funding and amend scopes and services.
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Fiscal Impact
Fiscal Year: 2025
Budgeted Y/N?: Yes
Source of Funds: ARPA
Account #: 271-9813-513-5526
Change Order: Exceeds 25% Y/N: Yes
FINANCIAL IMPACT:
Funding is available in the American Rescue Plan Act Fund.