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File #: RS2021-842    Version: 1 Name:
Type: Resolution Status: Passed
File created: 3/26/2021 In control: Metropolitan Council
On agenda: 4/6/2021 Final action: 4/6/2021
Title: A resolution determining a plan for expenditure of a direct appropriation grant from the State of Tennessee in the amount of $10,000,000 and amend Contract # L-4626 with Pathway Lending to administer a portion of the grant funding.
Sponsors: Kyonzte Toombs
Attachments: 1. RS2021-842 Exhibit
title
A resolution determining a plan for expenditure of a direct appropriation grant from the State of Tennessee in the amount of $10,000,000 and amend Contract # L-4626 with Pathway Lending to administer a portion of the grant funding.
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WHEREAS, the State of Tennessee General Assembly adopted Public Chapter 760 wherein a direct appropriation grant in the amount of $10,000,000 (the "Grant") was made to The Metropolitan Government of Nashville and Davidson County to provide funds offsetting the loss of local revenues or supplementing local revenue; and,

WHEREAS, by Resolution RS2020-440, adopted on July 21, 2020, the Metropolitan Council approved the acceptance of the Grant and appropriated the funds to the Department of Finance; and,
WHEREAS, the State of Tennessee requires that all grant funds be expended or contractually obligated by June 30, 2021; and,

WHEREAS, by Resolution RS2020-440, adopted on July 21, 2020, the Metropolitan Council determined that no portion of the Grant was to be expended until a plan for the disbursement of funds (the "Plan") is approved by resolution; and,
WHEREAS, the Plan is now presented to the Metropolitan Council for approval in this resolution; and,

WHEREAS, for purposes of administering the Small Business Relief portion of the Plan, the Metropolitan Government desires to amend its existing contract with Pathway Lending, the entity that assisted with administration of CARES Act relief funds, (the "Amendment") attached hereto as Exhibit 1; and,
WHEREAS, it is to the benefit of the citizens of The Metropolitan Government of Nashville and Davidson County that the Plan and the Amendment be approved.

NOW, THEREFORE BE IT RESOLVED BY THE COUNCIL OF THE METROPOLITAN GOVERNMENT OF NASHVILLE AND DAVIDSON COUNTY:

Section 1. That the plan for disbursement of the grant funds is as follows:
$5,000,000 will be transferred from the Department of Finance (Fund #30096) to the Barnes Fund (Fund #30114).
$500,000 will be utilized for Sec...

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