Title
Recommended Uses for Coronavirus Relief Funds
Action
Action:
Authorize the City Manager to negotiate and execute any necessary contracts and agreements related to the Coronavirus State and Local Fiscal Recovery Fund provided by the American Rescue Plan Act of 2021, for the following investment recommendations:
A. Up to $14 million for small business, workforce, and hospitality support:
- Up to $2.5 million for a Small Business Partner Support Program,
- Up to $2.5 million for a Small Business Innovation Grant Program,
- Up to $3.0 million to implement recommendations associated with the Employment Study for the City's Corridors of Opportunity,
- Up to $500,000 for the Renewable Energy and Energy Efficiency Training Program,
- Up to $1.5 million for a Workforce Partner Support Program,
- Up to $4.0 million for the Charlotte Regional Visitors Authority for Hospitality Sector Support,
B. Up to $3.5 million for non-profit operating grants, and
C. Up to $1.5 million in operating support for a local foods production and distribution facility.
Body
Staff Resource(s):
Shawn Heath, City Manager's Office
Tracy Dodson, City Manager's Office
Teresa Smith, Finance
Background
* On March 11, 2021, in response to the COVID-19 public health emergency, President Biden signed the American Rescue Plan Act of 2021 (ARPA).
* ARPA included the Coronavirus State and Local Fiscal Recovery Fund (SLFRF), which provided $130 billion in direct assistance for local governments to be used to mitigate the fiscal effects stemming from the COVID-19 public health emergency.
* The SLFRF provides direct payments to metropolitan cities and counties; Charlotte was one of the 990 cities across the nation that met the criteria.
* The U.S. Treasury Department is releasing SLFRF funding to local governments in two equal installments. Charlotte received its first installment of approximately $71 million in May 2021, with the second installment expected in May 2022.
* Funds from ...
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