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Council to award $339,340 CDBG public‑facility grant to Rising Tide Capital for underground retention tank
Summary
Staff presented a resolution to award Community Development Block Grant public‑facility funds of $339,340 to Rising Tide Capital for an underground water‑retention tank at 311–315 MLK Drive to address flooding on the nonprofit's property.
City staff presented a resolution to award $339,340 in Community Development Block Grant public‑facility funds to Rising Tide Capital to construct an underground water‑retention tank at 311–315 Martin Luther King Drive.
Brian Rance, who presented the item, said Rising Tide Capital is a nonprofit that provides business development and technical assistance to aspiring entrepreneurs. The organization requested funding to address water‑resiliency and flooding on its property. Staff said the proposal complied with federal requirements and recommended awarding the funds and executing a subrecipient agreement.
Council members received the presentation in caucus; the resolution will appear on the council agenda for formal approval and execution of the subrecipient agreement if awarded.
