A resolution appropriating $250,000 in Urban Development Action Grant (UDAG) repayments to the Metropolitan Development and Housing Agency for economic development purposes.

WHEREAS, Technology 2020 Finance Corporation, Inc. a community development organization, provides capital and technical assistance to underserved markets in Tennessee and the Appalachian Corridor; and

WHEREAS, the Metropolitan Development and Housing Agency and Technology 2020 Finance Corporation, Inc. recognize the need for capital that small start-up businesses, early stage businesses, and disadvantaged existing businesses (including minority businesses) have in Nashville's pocket of poverty; and

WHEREAS, Technology 2020 Finance Corporation, Inc. desires to bring its services and financial resources to Nashville; and

WHEREAS, the UDAG monies will match funding from Technology 2020 Finance Corporation, Inc. and be used to make loans to businesses as described above.

NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE METROPOLITAN GOVERNMENT OF NASHVILLE AND DAVIDSON COUNTY:

Section 1. That $250,000 in Urban Development Action Grant repayments be allocated to the Metropolitan Development and Housing Agency to provide access to capital for small start-up businesses, early stage businesses, and disadvantaged businesses (including minority businesses) in a partnership with Technology 2020 Finance Corporation, Inc.

Section 2. That this resolution shall take effect from and after its enactment, the welfare of the Metropolitan Government of Nashville and Davidson County requiring it.

Sponsored By: Eileen Beehan & Lawrence Hall & Tony Derryberry

LEGISLATIVE HISTORY
Referred to:	Federal Grants Review Committee
Introduced:	October 2, 2001
Adopted:	October 2, 2001
Approved:	October 4, 2001
By: