title
A resolution approving amendment one to a Where It Starts: Breaking Barriers to Business grant from Living Cities in partnership with Main Street America and the Truist Foundation to the Metropolitan Government, acting by and through the Metropolitan Finance Department, to strengthen the relationship between local government and commercial corridor business support organizations with the goal of fostering an equitable entrepreneurial ecosystem and address systemic barriers for business owners during each stage of business development and growth.
body
WHEREAS, the Metropolitan Government, acting by and through the Metropolitan Finance Department, previously entered into a grant agreement with the Living Cities in partnership with Main Street America and the Truist Foundation, to strengthen the relationship between local government and commercial corridor business support organizations with the goal of fostering an equitable entrepreneurial ecosystem and address systemic barriers for business owners during each stage of business development and growth approved by RS2023-2142; and,
WHEREAS, amendment one adds several terms and conditions to the grant agreement, changes the grant budget year from FY24 to FY25, and updates the budget plan; and,
WHEREAS, it is to the benefit of the citizens of The Metropolitan Government of Nashville and Davidson County that amendment one be approved.
NOW, THEREFORE BE IT RESOLVED BY THE COUNCIL OF THE METROPOLITAN GOVERNMENT OF NASHVILLE AND DAVIDSON COUNTY:
Section 1. That amendment one to the grant by and between Living Cities in partnership with Main Street America and the Truist Foundation to the Metropolitan Government, acting by and through the Metropolitan Finance Department, to strengthen the relationship between local government and commercial corridor business support organizations with the goal of fostering an equitable entrepreneurial ecosystem and address systemic barriers for business owners during each stage of business development and growth, a copy of which amendment one is attached hereto and incorporated herein, is hereby approved, and the Metropolitan Mayor is authorized to execute the same.
Section 2. That this resolution shall take effect from and after its adoption, the welfare of The Metropolitan Government of Nashville and Davidson County requiring it.
Agenda Analysis
Analysis
This resolution approves an amendment to a Where It Starts: Breaking Barriers to Business grant from Living Cities in partnership with Main Street America and the Truist Foundation to the Metropolitan Government, previously approved by Resolution No. RS2023-2142. The original grant amount was not to exceed $100,000 with no cash match required. The term of the grant began on June 30, 2023, and ends on June 30, 2026. The grant is used to strengthen the relationship between local government and commercial corridor business support organizations with the goal of fostering an equitable entrepreneurial ecosystem for business owners of color in Nashville and address systemic barriers for business owners of color during each stage of business development and growth.
The amendment under consideration would extend the grant period to December 31, 2026. In addition, several terms and conditions would be added to the grant, including specifications regarding the payment, conditions for disbursement, and requirements for participation. The grant budget attachment would be updated to reallocate existing funding to support for business corridors. The overall amount of the grant would remain the same.