ACTION REQUESTED:
Title
Communication from the City Manager with a Request to ADOPT an ORDINANCE Amending the City of Peoria 2021 REVISED ANNUAL BUDGET Relating to the Recognition of a Grant Received from the Illinois Department of Commerce & Economic Opportunity for Local Cure's Economic Support Payments Grant Program known as the Business Recovery Grant Program and the Corresponding Expenditures, in the Amount of $1,385,000.00 (Council District All)
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BACKGROUND:
At the October 29, 2020 council meeting, the City Council approved a set aside of funds to support the grant application of $1,185,000 and the authorization to provide funding with city funds to be reimbursed by the Local CURES's Economic Support Payments Grant program made available through the Illinois Department of Commerce and Economic Opportunity (DCEO). In February 2021, city staff submitted a modification request to extend the disbursement period to June 30, 2021 and increase the grant amount by an additional $200,000 which would bring the total grant amount to $1,385,000. The additional time would allow sufficient time to deploy grant funds. The additional grant amount reflects known, unmet demand amounts. The attached ordinance amends the 2021 Revised Annual Budget to recognize the grant terms requiring the City of Peoria to distribute funds and apply for reimbursement of funds to the Illinois Department of Commerce and Economic Opportunity based on the funds distributed.
The program's name is "Peoria Business Recovery Grant Program". The Economic Support Payments grant program provides reimbursement to the City of Peoria for direct payments to local businesses with COVID-19 related expenses. The Peoria Business Recovery Grant Program provides reimbursement to businesses in three categories including: Business Sustainability, Business Capacity Building and Business Transformation. Each category represents an opportunity for businesses to receive reimbursement payments from the City...
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