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Date
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August 24,
2009
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Agenda
Item No. 34 Roll
Call No. 09- Communication No. 09-596 Submitted by: Matt Anderson, Office of Economic
Development |
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AGENDA
HEADING:
Approving the Iowa Department of Economic
Development Community Development Block Grant Business Disaster Recovery Fund
Contract.
SYNOPSIS:
Recommend Council approval of the Business Disaster
Recovery Fund Contract with the Iowa Department of Economic Development (IDED)
to provide funding for the Business Rental Assistance Program. This program is
designed to provide forgivable loans to businesses and non-profit organizations
currently renting space, or planning to rent space in a building physically impacted
by the 2008 disasters.
FISCAL
IMPACT:
Amount:
$250,000
Funding
Sources: The Iowa Department of Economic Development
is providing funding for the Business Rental Assistance Program. No city
matching funds are required.
ADDITIONAL
INFORMATION:
The Iowa
Department of Economic Development has announced a program to assist small
businesses and non-profit organizations impacted by the 2008 disasters. The Business Rental Assistance Program will
provide forgivable loans to small businesses and non-profit organizations that
are currently operating or planning to operate in a rental property that was
physically impacted by the 2008 disasters.
These loans will be equal to six months of rental payments up to a
maximum $50,000. Businesses and non-profit organizations must have a 1-year
market rate lease agreement in order to qualify for the program.
PREVIOUS
COUNCIL ACTION(S): NONE
BOARD/COMMISSION
ACTION(S): NONE
ANTICIPATED
ACTIONS AND FUTURE COMMITMENTS: NONE
For more information on this and other agenda items,
please call the City Clerk’s Office at 515-283-4209 or visit the Clerk’s Office
on the second floor of City Hall,