(a) The Mayor may establish specific line items within the annual recommended budget presented to Council to fund the Incentive Grant Program and the Incentive Loan Program according to the funding sources listed in this section. Economic and Community Development shall award grants and loans based in part on the amount of appropriation Council approves annually through the budget process. The line items shall include costs for staff oversight for the programs. Council may approve additional funding for each program above what the Mayor has proposed, in conformity with Section 307.05(c) of the City's Codified Ordinances, in addition to the funding sources outlined in this section.
(b) The Mayor may sign agreements with banking institutions or other business entities to participate in the Incentive Grant Program or Incentive Loan Program by providing grant or low-interest loan funding that the City may match through either program.
(c) The City may accept contributions earmarked to fund either the Incentive Grant Program or the Incentive Loan Program.
(d) Funds repaid to the City as part of the Incentive Loan Program shall directly go back into that program to help fund additional loans.
(e) The City may set aside Community Development Block Grant funding or other state, federal or other grant, loan or funding source proposed by the Mayor and approved by Council for the Incentive Grant Program or Incentive Loan Program.
(Ord. 18-12017. Passed 7-18-17.)