Agenda - Council - 10/27/2020 - Laserfiche WebLink

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Observations: Non -Contingent Approvals To date, the City has approved 14 grants totaling $137,473.18. CMDC has completed satisfactory underwriting demonstrating COVID-19 impacts for nine additional Ramsey businesses. These non -contingent approvals are labeled as 10.27.20 Grant Awards - No Contingencies on the attached Grant Summary sheet. Staff will process these grant agreement and disburse funds upon approval by the City Council. Approvals With Contingencies As previously mentioned, many business simply have not provided CMDC the information they need to complete the underwriting. Both CMDC And the City are making efforts to gather the information but it has been difficult at times. Without this information the CMDC is not able to verify that these businesses have been impacted by COVID-19. The businesses that have not provided the necessary information have been given a deadline of 4:30PM on October 23, 2020 to provide the information needed to complete underwriting. It should be noted that just because the information for underwriting has been provided to CMDC it doesn't guarantee approval as the financial COVID-19 impact test still must be met. As such, Staff is presenting all businesses in this category as Approval Contingent on Satisfactory Underwriting Completion on the Grant Summary Sheet. Staff will work with CMDC to process applications, complete grant agreements and disburse funds to those businesses that have been approved through underwriting if the Resolution #20-249 is adopted as presented. Alternatives: 1. Adopt Resolution #20-249 Approving City of Ramsey Small Business Relief Grants - CARES Act (Recommended Option) 2. Something else Funding Source: The City Council has already authorized an allocation of up to $410,000 for business grants and underwriting using the City's CARES Act allocation, if needed. Recommendation: Consistent with previous EDA recommendation, Staff recommends approval of Resolution #20-249 approving City of Ramsey Small Business Relief Grants - CARES Act. Action: Motion to adopt Resolution #20-249 Approving City of Ramsey Small Business Relief Grants - CARES Act. ACTION Resolution #20-249 Grant Summary 10.21.20 Attachments Form Review Inbox Reviewed By Date Tim Gladhill Tim Gladhill 10/22/2020 10:00 AM Sean Sullivan (Originator) Sean Sullivan 10/22/2020 10:23 AM Tim Gladhill Tim Gladhill 10/22/2020 10:28 AM Kurt Ulrich Kurt Ulrich 10/22/2020 11:14 AM Form Started By: Sean Sullivan Started On: 10/19/2020 03:09 PM Final Approval Date: 10/22/2020