R2023-212 Resolution Authorizing City Manager to Amend the Terms of Agreement for the American Rescue Plan Funds to Land of Lincoln Credit Union

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ECONOMIC AND COMMUNITY DEVELOPMENT DEPARTMENT DATE: October 2, 2023 TO: Mayor Julie Moore Wolfe and City Council Members FROM: Scot Wrighton, City Manager Cordaryl "Pat"Patrick, Director of Economic and Community Development SUBJECT: Resolution Authorizing City Manager to Amend the Terms of Agreement for the American Rescue Plan Funds to Land of Lincoln Credit Union. RECOMMENDATION: Staff recommends the City Council approve the resolution and authorize the city manager to amend the terms of agreement with Land of Lincoln Credit Union to allow all city housing rehabilitation programs to be eligible for the contractor's loan fund utilizing ARP funds. BACKGROUND: At the May 16, 2022, City Council meeting, Council approved an agreement with Land of Lincoln Credit Union to provide a contractor's loan fund for the owner-occupied rehabilitation program. Staff recommends expanding the scope of city rehab programs to allow all city housing rehabilitation programs to be eligible for the contractor's loan fund rather than just the owner-occupied rehabilitation program. The contractor's loan fund will provide access to capital for small contractors that may not have the cash flow for payroll,materials, supplies, transportation, lodging, etc., to take on the owner-occupied rehabilitation program. This will help small contractors build personal credit and build their capacity as a business, which is critical to the success of our housing initiatives. ATTACHMENTS: None. POTENTIAL OBJECTIONS: Staff is not aware of objections. INPUT FROM OTHER SOURCES: None. STAFF REFERENCE: Should the City Council have any questions, they may contact Cordaryl M. Patrick, Director of Economic and Community Development, at 424-2727 or e-mail cpatrick(a,decaturil.gov. BUDGET/TIME IMPLICATIONS: None.