Title
Corridors of Opportunity Emerging Developers Training Program Support
Action
Action:
A. Authorize the City Manager, or his designee, to negotiate and execute a contract for up to $600,000 with Local Initiatives Support Corporation for the operation, administration, and management of the currently named Corridors of Opportunity Emerging Real Estate Developers training program, and
B. Authorize the City Manager, or his designee, to execute, amend, and renew contracts and other documents as needed to complete this transaction.
Body
Staff Resource(s):
Tracy Dodson, City Manager's Office
Monica Holmes, Planning, Design & Development
Explanation
* This initiative is in support of the city's ongoing efforts to provide training for minority development professionals to engage in the corridors.
* The Corridors of Opportunity Emerging Real Estate Developers Training Program is being established to address challenges faced by emerging real estate developers, with a focus on minority-owned developers, specifically:
- Access to Capital: Emerging minority developers possess less personal or family wealth and critical investor and banking connections and face significant obstacles in accessing capital, particularly from traditional financial institutions.
- Access to Networks: Emerging minority developers disproportionately lack the access to and relationships with robust professional industry networks that would offer them advantages in the real estate development industry and ecosystem.
- Lagging Development Project Progression: Due to the difficulty in obtaining necessary funding, many emerging minority developers are not able to advance their development projects in a timely manner. The inability to complete development projects can hinder their economic impact in the City of Charlotte and the Corridors of Opportunity.
* The goal of the program is to train and support diverse professionals over three years to dramatically accelerate the number of credit-wort...
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