TO: CRA Board of Commissioners
FROM: Alexina Jeannite, Grant Manager
THROUGH: Renée A. Jadusingh, Esq., CRA Executive Director
DATE: September 29, 2020
Title
FY 2020-2021 CRA A-GUIDE FUNDING AGREEMENT - OLD SCHOOL SQUARE, INC.
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Recommended Action:
Recommendation
Approve the A-GUIDE Funding Agreement with Old School Square, Inc. in the amount of $750,000 for Fiscal Year 2020-2021.
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Background:
Old School Square, Inc. (OSS) applied for A-GUIDE Funding for Recreation & Cultural Facilities in the amount of $750,000 for fiscal year 2020-2021 for the Cultural Arts Program. This represents 22% of the OSS’s proposed budget of $3,371,619.00.
At the August 25, 2020 CRA Regular Board meeting, and the subsequent Workshop Meeting on September 14, 2020, the Board considered the funding request from OSS and supported the funding request in the amount of $750,000.
Attached is the Funding Agreement outlining OSS’s reporting requirements and other responsibilities with regard to the funding provided. OSS will submit quarterly reports documenting the expenditure of funds and the progress towards the outcomes projected in the Goals and Outcomes Report and Budget for FY 2020-2021. Funds will be disbursed quarterly based on submittal of the associated quarterly reports.
Based on the Board’s feedback at the September 14, 2020 Workshop, regarding the A-GUIDE Grant Program, the following language was added to satisfy the board’s requirements.
In the event the OSS does not expend funds in accordance with its approved A-GUIDE funding application, attached as Exhibit “B”, the CRA shall provide written notice to the OSS of such deficiency(ies), and the OSS shall have fourteen (14) days from receipt of the notice to cure the deficiency(ies) to the satisfaction of the CRA. Should the OSS fail to cure such deficiency(ies) to the satisfaction of the CRA, the CRA shall be entitled to recoup the portion of the Funding Amount allocated and/or already disbursed to th...
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