Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Economic Development topic
No spam. Unsubscribe anytime.
IURA committee concurs with neighborhood investment allocations after modest CDBG and HOME increases
Summary
At its April 14 meeting, the IURA Economic Development Committee unanimously moved to concur with neighborhood investment committee recommendations after staff reported an extra $25,000 in CDBG and $70,000 in HOME funds; the vote also acknowledged ED loan fund balances and a tight CDBG timeliness deadline.
The IURA Economic Development Committee voted unanimously April 14 to concur with the neighborhood investment committee’s recommended economic development allocations after staff reported modest increases to federal funding. Nels, speaking for agency staff, said, “we got, you know, another 25,000 in CDBG and another 70,000 in home.”
The allocations shown in the committee packet would direct full funding to two job-training placement activities and add funds to the agency’s economic development (ED) loan program, according to the neighborhood investment matrix presented by staff. Committee discussion drew attention to the ED loan fund balance: staff said allocating roughly $73,000 against current resources would leave a projected balance of $320,003.20, though those funds could not be accessed until August.
Staff described several active items in the pipeline, including one borrower potentially restructuring, one possibly repaying early and general expressions of interest from prospective projects. Nels clarified that loan program income is program income generated from repayments and that while federal entities would not claw that money back, the agency itself can reallocate loan-fund program income to other projects during the year.
The committee’s motion to concur with the economic development allocations was moved by the chair and noted as seconded; the committee answered “aye” and the motion carried unanimously. Members did not record a named roll-call in the public portion of the meeting.
Staff also flagged grant-management timing: the agency must pass the CDBG timeliness test by June 2 and currently needs to spend about $300,000; staff said there is a plan to spend $400,000, with monthly loan repayments of roughly $16,000 helping the cash flow picture. The committee heard that several reprogramming activities and construction projects are already in motion to help meet that deadline.
The committee later moved into executive session to discuss a proposed real estate transaction whose publicity might affect its value; members voted to enter the executive session and the public broadcast ended. No formal action was announced in open session after that discussion.
