RESOLUTION NO. RS2002-1174

A resolution appropriating $375,000 in Urban Development Action Grant (UDAG) repayments to the Metropolitan Development and Housing Agency for use by the Nashville Minority Business Development Loan Fund, Inc.

Whereas, by Ordinance No. O90-112, the Metropolitan Council allocated a portion of the payments received in connection with the Capitol Mall Urban Development Action Grant (UDAG) to be used to provide economic development opportunities for persons residing within the Nashville’s designated Pocket of Poverty; and

Whereas, the Nashville Minority Business Development Loan Fund, Inc. is a not-for-profit established by the Nashville Minority Business Center to provide financing for Nashville area minority businesses to develop and expand their businesses and to create new employment; and

Whereas, UDAG repayments allocated to the Nashville Minority Business Development Loan Fund, Inc. will be used only for loans to businesses located within Nashville’s designated Pocket of Poverty; and

Whereas, The Nashville Minority Business Development Loan Fund, Inc. is proposing to raise over $10,000,000 in grants and loans from area financial institutions and government agencies over the next three years;

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

SECTION 1. That $375,000 in Urban Development Action Grant repayments be allocated to the Metropolitan Development and Housing Agency to be used by the Nashville Minority Business Development Fund, Inc. for the purpose of making loans and providing technical assistance for the development and expansion of minority businesses located within Nashville’s designated Pocket of Poverty.

SECTION 2. That $125,000 of this amount shall be invested in the fund during the current calendar year and that subsequent investments of $125,000 each shall be made during the years 2003 and 2004 on the condition that the Fund is reasonably achieving its performance goals for securing investments in the fund, making the projected volume of loans, and creating new jobs.

SECTION 3. That this resolution shall take effect from and after its passage, the welfare of the Metropolitan Government of Nashville and Davidson County requiring it.

Sponsored by: Eileen Beehan, Ludye Wallace, Edward Whitmore, Morris Haddox

LEGISLATIVE HISTORY
Referred to:	Federal Grants Review Committee
Introduced:	October 1 , 2002
Adopted:	October 1 , 2002
Approved:	October 3, 2002
By: