City of Milwaukee - File #: 230692

• File #: 230692
• Version: 1
• Type: Resolution
• Status: Passed
• File created: 9/1/2023
• In control: COMMON COUNCIL
• Final action: 9/19/2023
• Title: Substitute resolution authorizing acceptance of funding of the Financial Empowerment Center (FEC) Implementation Grant from the Cities for Financial Empowerment Fund, Inc.
• Sponsors: ALD. STAMPER
• Indexes: COMMUNITY DEVELOPMENT GRANTS ADMINISTRATION, MUNICIPAL FINANCE

Date	Ver.	Action By	Action	Result	Tally
9/28/2023	1	MAYOR	SIGNED
9/19/2023	1	COMMON COUNCIL	ADOPTED	Pass	14:0
9/7/2023	0	COMMUNITY & ECONOMIC DEVELOPMENT COMMITTEE	RECOMMENDED FOR ADOPTION	Pass	5:0
9/1/2023	0	COMMON COUNCIL	ASSIGNED TO

Number
230692
Version
SUBSTITUTE 1
Reference
Sponsor
ALD STAMPER
Title
Substitute resolution authorizing acceptance of funding of the Financial Empowerment Center (FEC) Implementation Grant from the Cities for Financial Empowerment Fund, Inc.
Analysis
This resolution authorizes the Department of Administration’s Community Development Grants Administration (CDGA) to accept, and fund the Financial Empowerment Center (FEC) Implementation Grant from the Cities for Financial Empowerment Fund, Inc.
Body
Whereas, the Cities for Financial Empowerment Fund, Inc. (CFE Fund) is a national nonprofit based in New York which aims to improve financial stability by embedding financial empowerment in local government, having received funding for the Financial Empowerment Center (FEC) Implementation initiative from Bloomberg Philanthropies, the Citi Foundation, JP Morgan Chase & Co., and the Wells Fargo Foundation, and serving as both funder and technical assistance provider for the Financial Empowerment Center (FEC), the CFE Fund has selected the City of Milwaukee’s application for a funded award; and

Whereas, The City of Milwaukee appears to be eligible for grant funds from the Cities for Financial Empowerment Fund, Inc. for the Financial Empowerment Center (FEC) Implementation Grant; and

Whereas, Riverworks Development Corp., is the designated project partner on this grant and the agency responsible for project implementation; designated to receive the $150,000 grant award to perform the Financial Empowerment Center (FEC) activity; and

Whereas, This grant will be a 27-month engagement, an estimated 3-month build phase and two years of FEC operations. The operations of this grant would cost $150,000 which will be provided as the grantor share; now therefore, be it

Resolved, By the Common Council of the City of Milwaukee, that the Community Development Grants Administration (CDGA) is hereby authorized to accept and allocate funding awards to Riverworks Development...