TITLE: Title
Resolution Returning Unused Emergency COVID-19 Funds to the CTDA
PURPOSE: This Resolution will return un-loaned funds used to supplement the Emergency COVID-19 Business Loan program back to the CTDA.
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DEPARTMENT: Economic Development
CONTACT INFORMATION: Jon Hartman-Brown - 919-391-7846 - Jhartman-Brown@TownofCarrboro.org
INFORMATION: The Tourism Development Authority’s (TDA) budget has been severely impacted by the COVID-19 pandemic due to the dramatic decrease in travel and hotel stays. The TDA has originally transferred $175,000 to the Town to be used as Emergency COVID-19 Pandemic Business Loans. While a substantial portion of the original funds have been loaned, there remains $65,596 of un-loaned funds sitting in the Town’s account. The TDA, due to their sever decrease in revenue, is requesting these un-loaned funds be returned to the TDA to help balance their budget for this fiscal year and continue the tourism efforts for the Town.
FISCAL & STAFF IMPACT: Fiscal impacts include decreasing the current loan fund by $65,596.
RECOMMENDATION:r Staff recommend approval of the resolution and transfer of the funds back to the TDA.