Discussion and action on a Resolution authorizing City Manager to sign a Chapter 380 Economic Development Program Agreement by and between the City of El Paso and Borderplex Community Capital, Inc. (BCC), a Texas non-profit organization. The purpose of this Agreement is to establish the "Frontera Future Fund,” a Revolving Loan Fund for small businesses within Tax Increment Reinvestment Zone No. 5 (TIRZ #5). TIRZ #5 will provide an initial $500,000 to establish the fund and an annual contribution of $250,000, with the goal of reaching a total investment of $1.5 million by 2028.

Committee

City Council

Requested by

Economic and International Development

Introduced

October 8, 2024

On agenda

October 22, 2024

Where it was heard

City Council Oct 22, 2024 Approve Pass

Watch El Paso

Say what matters to you — a street, a company, a subject — and we will email you when El Paso files something about it.

Watch this

Free for 14 days, no card — and nothing charges itself: at day 14 the emails simply stop unless you choose to subscribe ($19 a month). One email when something matches, and nothing else. Unsubscribe from any of them. Searching stays free — it is public record.