Posting Language
Title
Authorize negotiation and execution of a contract for professional consulting and economic development and lending services with Community Initiatives Development Corporation, for a term of three years in an amount not to exceed $261,180.
[Note: Sole source contracts are exempt from the City Code Chapter 2-9B (Minority-Owned and Women-Owned Business Enterprise Procurement Program); therefore, no subcontracting goals were established].
Body
Lead Department
Financial Services Department.
Client Department(s)
Economic Development Department.
Fiscal Note
Funding in the amount of $87,060 is available in the Fiscal Year 2023-2024 Operating Budget of the Economic Development Department.
Funding for the remaining contract term is contingent upon available funding in future budgets.
Purchasing Language:
Sole Source.
For More Information:
Direct questions regarding this Recommendation for Council Action to the Financial Services Department - Central Procurement at FSDCentralProcurementRCAs@austintexas.gov or 512-974-2500.
Additional Backup Information:
This contract will provide consulting and lending services for various economic development projects and financing programs. The Economic Development Department manages the Family Business Loan Program, which makes low-interest loans for business expansions creating jobs for low-to-moderate-income residents. The program currently manages over $5 million in Council-approved loans and is working to develop an additional $6 million in new loans to local City businesses that agree to hire one low-to-moderate-income resident for every $35,000 borrowed.
Community Initiatives Development Corporation is the current provider of these services. This contract replaces a previous contract that expired January 26, 2024. Community Initiatives Development Corporation is a nationally recognized expert in Housing and Urban Development Section 108 lending programs and has served as the department's program...
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