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RESOLUTION APPROVING DEDA RESOLUTION 20D-42 AUTHORIZING A GRANT AGREEMENT WITH THE NORTHEAST ENTREPRENEUR FUND, INC. TO IMPLEMENT A COVID-19 EMERGENCY LOAN PROGRAM IN THE AMOUNT OF $125,000.
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CITY PROPOSAL:
RESOLVED, that pursuant to Resolution 10-0229, the city council hereby approves Resolution No. 20D-42 of the Duluth economic development authority (“DEDA”) authorizing a grant agreement with the Northeast Entrepreneur Fund, Inc. to implement a COVID-19 Emergency Loan Program in the amount of $125,000.
Statement of Purpose
STATEMENT OF PURPOSE: This resolution approves DEDA’s agreement with the Northeast Entrepreneur Fund, Inc. in the amount of $125,000. Pursuant to Resolution 10-0229, city council must approval DEDA expenditures over $100,000. DEDA Resolution no. 20D-42 and the agreement are attached hereto as Exhibit A.