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File #: 20-1054    Version: 1
Type: Bill Status: Passed
File created: 9/25/2020 In control: Finance & Governance Committee
On agenda: 10/26/2020 Final action: 10/26/2020
Title: A bill for an ordinance establishing a new Fund in the Economic Opportunity Fund Series for the "DEDO Clearing Fund" program. Establishes a new Fund in the Economic Opportunity Fund Series, the "DEDO Clearing" Fund, to receive payments generated through the Denver Economic Development and Opportunity's programs. The Committee approved filing this item at its meeting on 10-6-20.
Indexes: Zach Rothmier
Attachments: 1. BR20 1054 DOF DEDO Clearing Fund, 2. CB20-1054 DOF_DEDO Clearing Fund, 3. 20-1054 Filed Bill_DOF_DEDO Clearing Fund, 4. 20-1054 - signed, 5. 20-1054 A bill for an ordinance establishing a new Fund in the Economic Opportunity Fund Series for the “DEDO Clearing Fund” program
Finance Item/Grant Request Template

Date Submitted: 9-25-20

Requesting Agency: Finance
Division:

Subject Matter Expert Name:

Name: Tara Olden and Rachel Bardin
Email: Tara.Olden@denvergov.org; 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 Fund Series for the "DEDO Clearing Fund" program.
Establishes a new Fund in the Economic Opportunity Fund Series, the "DEDO Clearing" Fund, to receive payments generated through the Denver Economic Development and Opportunity's programs. The Committee approved filing this item at its meeting on 10-6-20.
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 Denver Economic and Development Opportunity (DEDO) has a need for a Clearing Fund to serve as a holding account for payments generated by programs it administers, until said payments can be disbursed. Revenues to the fund will include program income associated with grants and other non-General Fund revenue.

One example of this is payments received through the Skyline Development program. DEDO and HOST collectively manage grant programs where loans are distributed to small businesses and other community organizations in service of economi...

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