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A resolution amending RS2022-1905 and RS2024-203 by changing the proposed uses of certain American Rescue Plan Funds appropriated to Fisk University.
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WHEREAS, Resolution RS2021-966 approved the acceptance of grant funds from the Coronavirus State and Local Fiscal Recovery Funds established by the American Rescue Plan Act of 2021 ("ARP Funds"); and
WHEREAS, Resolution RS2021-966 established a COVID-19 Financial Oversight Committee ("the Committee") to consider and recommend appropriate uses of ARP Funds; and
WHEREAS, as recommended by the Committee, Resolution RS2022-1905 appropriated $10,000,000 (the "Fisk Appropriation") in ARP Funds for use in renovating Burrus Hall on the Fisk University campus (the "Project") for use as a small business incubation and innovation center; and
WHEREAS, Resolution RS2024-203 amended RS2022-1905 to extend the time for completion of the Project and permit a portion of the Fisk Appropriation to be used for personnel and employee benefits; and
WHEREAS, $2,500,000 of the Fisk Appropriation has been paid to Fisk University, of which $1,100,000 has been used as provided by RS2022-1905, as amended by RS2024-203; and
WHEREAS, Fisk University has determined that the business incubation and innovation work contemplated in RS2022-1905, as amended by RS2024-203, can best be accommodated at present in the University's existing business school and that expanding the allowable uses of the Fisk Appropriation to include both those approved by RS2022-1905, as amended by RS2024-203, as well as those specified below would best enable it to pursue its educational mission while preserving the opportunity to undertake the Project in the future; and
WHEREAS, the Committee has reviewed and recommends expansion of the allowable uses of the Fisk Appropriation to include both those approved by RS2022-1905, as amended by RS2024-203, and those below; and
WHEREAS, approval of the revised uses of the Fisk Appropriation funds as provided herein is i...
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