SUBJECT:
Title
Request Approval of the Amendment to the COVID Healthcare Incentive Program Grant Agreement with Ocala Metro Catalyst Fund, Inc. (Budget Impact - Neutral; not to exceed $75,000)
Body
INITIATOR: DEPARTMENT:
Angel Roussel, P.E., Assistant County County Administration
Administrator
DESCRIPTION/BACKGROUND:
Marion County received funds allocated by Section 9901 of the American Rescue Plan Act (ARPA) from the Coronavirus Local Fiscal Recovery Fund. It is the intent of the Board of County Commissioners (Board) to promote value-added economic development activities by providing financial incentives to new and expanding target industries which create new jobs and capital improvements within Marion County. To facilitate the COVID response and ongoing issues due to COVID, the County created the COVID Healthcare Incentive Program (CHIP) grant to assist businesses who are facilitating resolutions to some of these issues.
Ocala Metro Catalyst Fund, Inc. (OMCF), is a 501(c)3 non-profit created to serve as a Community Development Financial Institution (CDFI) that provides loans to disadvantaged entrepreneurs. The OMCF programming assists underserved communities in Marion County through microlending and technical support. On October 15, 2024, the Board approved a CHIP Grant Agreement with OMCF to be used to expand the capacity of the CDFI program and respond to the public health emergency with respect to the continuing negative economic impacts of COVID-19.
The attached amendment to the agreement extends the effective date from December 31, 2026, to December 31, 2027, and expands the scope of businesses that can be served.
BUDGET/IMPACT:
Neutral; not to exceed $75,000.
RECOMMENDED ACTION:
Recommended action
Motion to approve and authorize the Chairman and Clerk to execute the amendment to the agreement with OMCF.
end