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' .. <br /> COUNCIL �ORANDDl�I <br /> �93-02 <br /> January 14, 1993 I <br /> TO: The Honorable Mayor and City Council Members ', <br /> � <br /> FROM: James C. Bac�n, Jr. , City Manager <br /> RE: Resolution Authorizing Agreement with Illinois Department <br /> of Commerce and Community Affairs <br /> In January of 1991 the City received a grant from the <br /> Illinois Department of Commerce and Community Affairs. The <br /> purpose of the grant was to establish a new revolving loan <br /> program as part of the Community Investment Corporation of <br /> Decatur (CICD) . At that time, the CICD was envisioned to be a <br /> locally approved SBA 504 lender. Subsequently, the CICD Board of <br /> Directors decided not to seek such certification and rely on a <br /> statewide SBA 504 program. That program is operated by an <br /> organization known as the First Illinois Development Credit <br /> Corporation (FIDCC) . Accordingly, the CICD Board of Directors <br /> has asked the City of Decatur to return the grant to FIDCC. <br /> Such an action will allow them to take advantage of these funds <br /> and preserve Decatur's ability to make use of them on an <br /> as-needed basis. <br /> Adoption of the attached resolution will authorize the <br /> transfer and city staff supports this adoption. <br /> Attachment <br />