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Council approves reallocating roughly $19,000 in EDA surplus funds to legacy business grants
Summary
Council voted 5-0 to reallocate approximately $19,000 in Economic Development Authority surplus support-agreement funds to the city's legacy business grant program to help existing local businesses; staff said they will consider expanding program eligibility and present updates later.
Charles Bennett, staff to the Hopewell Economic Development Authority, asked the council to reallocate surplus EDA support-agreement funds (totaling about $19,000) into the legacy business grant program to assist existing local businesses with improvements such as signage, equipment or parking upgrades. "That's the resolution that you have before you," Bennett told council.
Vice mayor Joyner moved the resolution and a second was made; council discussion emphasized support for legacy businesses and requested a future EDA presentation on program eligibility and structure. Bennett and staff said the EDA will consider expanding eligibility and that limited grant sizes would be expected given the current funding level.
Council voted on the resolution and approved the reallocation 5-0. Bennett said the EDA's chair would be available to present an update later this summer.
