HomeMy WebLinkAbout009 - 02/05/1991 - AUTHORIZING AN AGREEMENT FOR ADMINISTRATION OF ECONOMIC OPPORTUNITY FUNDS BY THE FORT COLLINS AREA F ORDINANCE NO. 9, 1991
OF THE COUNCIL OF THE CITY OF FORT COLLINS
AUTHORIZING AN AGREEMENT FOR ADMINISTRATION OF
ECONOMIC OPPORTUNITY FUNDS BY THE FORT
COLLINS AREA FOUNDATION FOR A TERM
OF UP TO FIVE YEARS
WHEREAS, the Fort Collins Area Foundation ("Foundation") , in conjunction
with the City of Fort Collins' Economic Opportunities Advisory Committee
("Committee") , undertook the administration of approximately $110,000 in funds
made available by the City of Fort Collins ("City") in 1988; and
WHEREAS, the funds were to be used to fund and encourage innovative
programs designed to stimulate and create economic opportunities for the
unemployed and underemployed residents of the City; and
WHEREAS, the administration of the money was subject to the terms of a
professional services contract; and
WHEREAS, during the term of that contract, the Foundation and the Committee
made grants in an approximate amount of $50,000; and
WHEREAS, Council desires that the balance of the funds be used for a
reasonable time period to build a permanent Economic Opportunity Fund which will
then fund additional innovative programs within the purposes described above in
the amount of that balance; and
WHEREAS, this agreement shall be self-funding and requires no appropriation
or support from the City's existing budget.
NOW, THEREFORE, BE IT ORDAINED BY THE COUNCIL OF THE CITY OF FORT COLLINS
as follows:
Section 1 . That an agreement between the City of Fort Collins and the Fort
Collins Area Foundation ("Foundation") is hereby authorized for the purpose of
administering approximately Sixty-five Thousand Dollars ($65,000) , the balance
remaining from the $110,000 in funds deposited by the City in 1988.
Section 2. That the agreement shall :
a. be for a maximum period of five (5) years, during which the
Foundation shall use the money to build a permanent Economic
Opportunity Fund and, ultimately, to fund innovative programs
designed to stimulate and create economic opportunities for
the unemployed and underemployed residents of the City;
b. specify that the Foundation shall receive twenty percent (20%)
of the interest earned each year upon the investment of the
remaining balance for performing these services; and
C. require that the Foundation invite those persons who were
members of the City's Economic Opportunities Advisory
Committee in December 1990 to participate in any award of
grants from the remaining balance for the programs and
purposes described above.
Introduced, considered favorably on first reading, and ordered published
this 15th day of January A.D. , 1991, and to be presented for final passage on
the 5th day of February A.D. , 1991.
CIA 0 k
Maw
ATT ST:
City Clerk
Passed and adopted on final reading this 5th day of February, A.D. 1991 .
Mayor
ATTEST:
City Clerk
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