24-1436
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