Meeting Summary
The city council held a study session to continue discussions regarding a possible general obligation bond election, specifically focusing on an economic stimulus recovery package. The Economic Development Advisory Board (EDAB) is seeking more information before making a recommendation. Staff is exploring federal CARES Act funding opportunities through the Economic Development Administration (EDA) for small business recovery, which could potentially provide funds sooner than a local bond issue. Council members expressed interest in pursuing federal funds while also considering a local bond for unmet needs and potential economic development investments.
Financial Matters
General Obligation Bond Election for Economic Stimulus Recovery Package
Continued discussion on including an economic stimulus recovery package, potentially a $5 million revolving loan fund, as part of an upcoming general obligation bond election. Concerns were raised about increasing local taxes versus utilizing federal funds.
Federal CARES Act Funding through Economic Development Administration (EDA)
City staff is exploring opportunities to apply for federal CARES Act money through the EDA to establish a revolving loan program for small business recovery. A conference call with EDA staff is scheduled to determine application parameters and funding likelihood.
Oklahoma City Small Business Recovery Program
Oklahoma City's $5.5 million program received 600 applications totaling $20 million in requests within a three-week period, indicating high demand for business assistance.
Coming Up
Watch For
- Further information from EDA regarding CARES Act funding parameters and likelihood of success for grant applications.
- Next EDAB meeting to discuss new information and provide recommendations to council.
- Polling results on ballot measures within two and a half weeks.
- Resolution for council's consideration on the next agenda to support additional federal stimulus funding for budget and business recovery.
- Discussion on structuring the bond ordinances (one vs. three separate).
Agenda Summary
Continued discussion regarding a possible general obligation bond election to include an economic stimulus recovery package
Discussion focused on the economic stimulus recovery package component of a potential general obligation bond election, with input from the Economic Development Advisory Board (EDAB) and city staff regarding federal funding opportunities.