Title
Recommended Uses for American Rescue Plan Act Funds
Action
Action:
A. Approve the use of up to $1,550,000 from the Coronavirus State and Local Fiscal Recovery Fund for small business and entrepreneurship support, as follows:
- Up to $750,000 for a Diversity, Equity, and Inclusion-focused early-stage entrepreneurship accelerator,
- Up to $800,000 for small business ecosystem strategy, and
B. Approve the use of up to $1,700,000 from the Coronavirus State and Local Fiscal Recovery Fund for Corridors of Opportunity programming, as follows:
- Up to $1,000,000 for commercial district organizational support,
- Up to $200,000 for a mobile symphony project by the Charlotte Symphony Orchestra,
- Up to $500,000 to support permanent workspaces for local creatives, and
C. Authorize the City Manager, or his designee, to negotiate and execute any necessary contracts and agreements related to these recommendations.
Body
Staff Resource(s):
Tracy Dodson, City Manager's Office
Holly Eskridge, Economic Development
Erin Gillespie, Economic Development
Explanation
* These actions authorize the City Manager to negotiate and execute any necessary contracts or agreements for the following recommended allocations of SLFRF funding provided by the American Rescue Plan Act of 2021:
* Up to $750,000 for DEI-focused early-stage accelerator
* Pilot a nationally recognized early-stage accelerator with a track record of DEI-focused programming for two years. The accelerator is planned to help develop 25-40 local innovation-driven companies per year.
* Up to $800,000 to create a small business ecosystem strategy
* Complete comprehensive assessment of small business ecosystem to help increase equitable opportunities and address challenges and gaps in resources.
* Up to $1 million for commercial district organizational support
* Grant program that supports corridor-based organizations that support small businesses and promote growth in the Corridors and/or provide workforce developm...
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