Number
010207
Version
SUBSTITUTE 1
Reference
Sponsor
THE CHAIR
Title
Substitute resolution relative to revolving loan funds from the Lincoln Neighborhood Redevelopment Corporation Revolving Loan Program.
Analysis
Body
Whereas, Lincoln Neighborhood Redevelopment Corporation has operated a Revolving Loan Program since 1999, and
Whereas, In 2000 the Revolving Loan Program earned interest in the amount of $5,701.54; now, therefore, be it
Resolved, That the Community Development Committee on June 6, 2001 approved interest earned in the amount of $5,701.54 can be revolved to Lincoln Neighborhood Redevelopment Corp.; and, be it
Further Resolved, That the Community Block Grant Administration is responsible for awarding a subrecipient contract for this activity; and, be it
Further Resolved, That this organization is required to submit budget and activity reports in amounts and according to any conditions approved by the Common Council and the Mayor, and in conformance with File Number 74-92-5v to the Community Block Grant Administration and the City Comptroller for their review and approval; and, be it
Further Resolved, That payments for CDBG costs incurred shall be paid in accordance with approved CDBG reimbursement policy based on the approval by the Community Block Grant Administration and City Comptroller of a Budget Forecast (CDA-51).
Requestor
Drafter
2001-LRNC
05/25/01