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Council authorizes up to $1.05M to launch North Star Fund with performance thresholds
Summary
Council approved a resolution and funding agreement to provide up to $1,050,000 in seed funding to the newly formed North Star Fund, contingent on performance thresholds (first-year fundraising target of $200,000) to unlock multi-year funding and to support hiring an executive director.
The North Las Vegas City Council on June 17 authorized up to $1,050,000 in seed funding to support the North Star Fund, a newly formed Nevada nonprofit intended to marshal public-private partnerships to address community needs.
Will Hardy, assistant city manager and CFO, outlined the Fund's mission to bring together government, businesses and philanthropists to support community initiatives. The funding agreement requests $350,000 per year but includes accountability thresholds: staff wrote that if the Fund does not raise at least $200,000 in its first year to help cover an executive director, the city's funding for years two and three will not continue. "This puts some accountability and ownership on this funding," Hardy said.
Council members praised the concept as timely given the city's momentum and approved both a resolution authorizing the funding and the associated funding agreement.
