Finance Item/Grant Request Template
Date Submitted: 3-19-20
Requesting Agency: Finance
Division:
Subject Matter Expert Name:
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Name: Rachel Bardin |
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Email: Rachel.Bardin@denvergov.org |
Item Title & Description:
(Do not delete the following instructions)
These appear on the Council meeting agenda. Initially, the requesting agency will enter a 2-3 sentence description. Upon bill filling, the City Attorney’s Office should enter the title above the description (the title should be in bold font).
Both the title and description must be entered between the red “title” and “body” below. Do not at any time delete the red “title” or “body” markers from this template.
title
A bill for an ordinance establishing a new fund in the Economic Opportunity Special Revenue Fund Series for the “Coronavirus Emergency Business Support” program, making a rescission from General Fund Contingency, making an appropriation in the General Fund, and making cash transfers to the new Special Revenue Fund.
Establishes the Coronavirus Emergency Business Support Special Revenue Fund in the Economic Opportunity Fund Series, authorizes a cash transfer of $1,500,000 from the Business Incentives Fund to the new Special Revenue Fund, and rescinds $2,000,000 from General Fund Contingency to make a cash transfer to the new Special Revenue Fund. Councilmember Black approved direct filing this item on 3-19-20.
body
Affected Council District(s) or citywide? Citywide
Executive Summary with Rationale and Impact:
Detailed description of the item and why we are doing it. This can be a separate attachment.
The fund will support local businesses with grants or loans as they weather the economic impacts of the coronavirus. The Denver Economic Development and Opportunity will administer the new program, which establishes specific criteria for businesses seeking support as outlined in the accompanying executive summary. This fund will leverage contributions from private and philanthropic contributions.
Industries will also be prioritized if their employees and customers have frequent close contact with individuals who may be infected with coronavirus, have been forced to close or operate at reduced hours due to employee sick leave/quarantine, or the business has limited ability to apply for and receive traditional loans.
This fund will be revenue-based and non-lapsing. The Executive Director of DEDO is the expending authority. The new Accounting number is 17803. When the fund is no longer needed, the ED of DEDO may close the fund and transfer unused balances to the General Fund of the Business Incentives Fund.
This bill request also approves a $2 million rescission from General Fund Contingency to make a cash transfer to the new SRF as well as a $1.5 million transfer from the Business Incentives Fund.
The Business Incentive Fund (11847) was established through Ordinance No. 866, Series of 2005, “for the purpose of offering financial incentives to companies relocating or expanding in Denver that will create significant new jobs and tax revenues.” By supporting small businesses through the pandemic through a cash transfer, the BIF will help businesses stay open, retain their employees, and ultimately continue to support the City with tax revenue.
Type (choose one: Grant; Supplemental; Fund Creation; Fund Rescission; Fund Transfer; Appropriation; Other):
Amount:
Budget Year:
Fund and Funding Source (Fund/Org/Grant Number, if applicable):
Grantor (if applicable):
Fund Matching Requirements (if applicable):
Fiscal Impact: