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A resolution accepting the Financial Empowerment Cities Grant from the Cities for Financial Empowerment Fund and a donation from the Community Foundation of Middle Tennessee to the Metropolitan Government, acting by and through the Office of Mayor, in connection with the establishment of an Office of Financial Empowerment.
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WHEREAS, the Cities for Financial Empowerment Fund, Inc., (the “CFE Fund”) has awarded its Financial Empowerment Cities Grant in the amount of $160,000 (the “Grant”) to the Metropolitan Government, acting by and through the Office of the Mayor, for the purposes of establishing an Office of Financial Empowerment within the Office of the Mayor that will use the CFE Fund’s model to create, implement, and manage financial empowerment programs and services that improve the financial stability of low and moderate income households in Metropolitan Nashville-Davidson County; and,
WHEREAS, as a condition of receiving the Grant, the Metropolitan Government is required to fundraise an additional $120,000 in support of the Office of Financial Empowerment and the Grant; and,
WHEREAS, the Community Foundation of Middle Tennessee has agreed to donate $127,949.60 to the Metropolitan Government in support of the Office of Financial Empowerment and the Grant; and,
WHEREAS, as part of the Grant, the CFE Fund also has agreed to additionally pay for or defray expenses associated with travel and accommodations of any Metropolitan Government employee who is required to attend Grant-related convenings for training and technical assistance related to the launch and implementation of the Office of Financial Empowerment; and,
WHEREAS, it is to the benefit of the citizens of the Metropolitan Government that the Grant and donation be approved and accepted.
NOW, THEREFORE, BE IT RESOLVED BY THE COUNCIL OF THE METROPOLITAN GOVERNMENT OF NASHVILLE AND DAVIDSON COUNTY:
Section 1. That the grant contract for the Financial Empowerment Cities Grant by and between the Metropolitan Government, acting by and through the Office of the Mayor, and the Cities for Financial Empowerment Fund, Inc., for the establishment of the Office of Financial Empowerment, a copy of which in substantially the form is attached hereto as Attachment A and incorporated herein, is hereby approved, and that the Metropolitan Mayor, or his designee, is authorized to execute the same, with such reasonable insertions of CFE Fund exhibits, updates, or supplements of information to complete the grant contract as required by the CFE Fund.
Section 2. That the Metropolitan Government, acting by and through the Office of Mayor, is hereby authorized to accept from the CFE Fund the payment of, or the reimbursement for, travel and accommodation-related expenses in connection with the Grant.
Section 3. That the donation in the amount of $127,949.60 to the Metropolitan Government from the Community Foundation of Middle Tennessee, pursuant to the donation documentation attached hereto as Attachment B and incorporated herein, is hereby approved.
Section 4. That the amounts of the Grant, donation, and any travel or accommodation-related reimbursements from CFE Fund, based upon actual amounts received, shall be appropriated to the Office of the Mayor for the purposes as provided for in the Grant.
Section 5. 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 accepts a Financial Empowement Cities Grant from the Cities for Financial Empowerment Fund (“CFE Fund“) and a donation from the Community Foundation of Middle Tennesssee to the Office of the Mayor.
The grant would be used to establish an Office of Financial Empowerment within the Office of the Mayor that will use the CFE Fund’s model to create, implement, and manage financial empowemrenet programs and services that improve the financial stability of low and moderate income households in Nashville and Davidson County.
The grant amount is $160,000 with no local cash match required. The grant term is effective February 1, 2025, and would end on April 30, 2027.
The Metropolitan Government is required to raise $120,000 for the program as a condition for the grant. To achieve this, this resolution separately accepts a donation from the Community Foundation of Middle Tennessee to the Metropolitan Government in the amount of of $127,949.60 with no required cash match.