SUBJECT
title
Authorizing the City Manager to accept and execute all relevant documents to amend Contract FY23-087 by extending the program period for one additional year, and increasing program funding by $250,000. Amended total program funding amount will be $750,000.00. Contract FY23-087 provides micro-lending services by LiftFund, Inc. for the City of Laredo Zero Percent Interest Loan Program. All other terms on the contract shall remain unchanged and as presented to Council on November 20, 2023. Funding is available in the American Rescue Act Plan Fund.
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PREVIOUS COUNCIL ACTION
On 11/20/23, Council approved award contract FY23-087 to LiftFund, Inc in the amount of $500,000 to provide micro-lending services to the City of Laredo. Services provided and approved under the contract utilize ARPA funding and the term of contract is for a period of one year, subject to future appropriations and may be extended for one additional one-year period.
BACKGROUND
Additional allocations from ARPA for Economic Development are available to increase total funding under the program and provide extended services to small businesses that have suffered financial losses due to the Covid-19 pandemic. In order to account for the increase in funds, the original term would also need to be extended to allow sufficient time to expend the funds.
COMMITTEE RECOMMENDATION
N/A
STAFF RECOMMENDATION
recommendation
Recommends approval of the amendment to the existing contract.
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Fiscal Impact
Fiscal Year: 2024
Budgeted Y/N?: Y
Source of Funds: ARPA
Account #: 271-9813-513-5526
Change Order: Exceeds 25% Y/N: NA
FINANCIAL IMPACT:
Funding is available in the American Rescue Act Fund. Account 271-9813-513-5526