Economic Development Fund Grant Proposal Process

The Mission of the EDF is to: ”provide for the economic development of the city through the financing of projects or activities, which shall be defined at those projects or activities, including but not limited to, projects or activities that expand and attract new business; retain and support growth in existing business; support workforce development and recruitment; diversify the economy; create new jobs and wealth; expand the local tax base; increase private sector capital and investment; and, generally improve the entrepreneurial climate of the city.”

“If you have a promising venture that needs additional investment to flourish, you may be able to tap the city’s Economic Development Fund. Created in 1991 via a property tax millage, the fund helps a variety of businesses generate long-term economic impact by attracting visitors, creating jobs, building structures and engaging in dozens of other projects. The definition of applicable uses is quite broad, but this advantageous financing cannot be the sole source of your organization’s operating capital. “

Economic Development Fund Grant Locations

Brief History of EDF Grant Program

• 1991: Voters approve 2.5 mills for creation of EDF
• 1995: Voters approve reduction of EDF to 1.25 mills.
• A nine member board advises the “Mayor and Council concerning appropriations from the Economic Development Fund.”
• Board Selection Process:
• Chamber of Commerce nominates of six members.
• Black Economic Development Council nominates of six members.
• Of this list, the Mayor selects three from each group and adds three of his exclusive appointment for a total of nine members.

Procedures:

• First public hearing is held to inform the public about the economic development fund, the new application process by which funding is requested, and the economic development priorities of the city.
• Application Instructions are made public using standard dissemination methods, i.e. city website, email, postal service and on site at OCD offices. Various economic development organizations are given applications to disseminate. The application cycle is also advertised in the city’s official journal, and other media venues.
• CDFI conducts an in-depth review of all applications for compliance with ordinance and eligibility. All incomplete and/or ineligible applications are removed from consideration
• The remaining applications are then read and analyzed by CDFI and separated into applications recommended for approval or denial. The analysis will most probably be based upon the following criteria: the purpose of the project must further an economic development department goal, the organization must have capacity to carry out the project, the budget must be reasonable, not solely for the organization’s operational costs and not 100% of the project cost.
• The applications are then submitted to the Economic Development Advisory Committee (EDAC) and the Executive Assistant to the Mayor for review/final authorization.
• The EDAC reviews each application and either votes to approve, deny, or modify the application. All applicants are invited to give a presentation to the EDAC during the second public hearing.