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File #: 21-120    Version: 1 Name:
Type: Agendas Status: Agenda Ready
File created: 4/14/2021 In control: Board of Aldermen
On agenda: 4/20/2021 Final action:
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.
Attachments: 1. Attachment A - Request Letter from CTDA, 2. Attachment B - RESOLUTION TO RETURN UNUSED CTDA FUNDS
Date Ver.Action ByActionResultAction DetailsMeeting DetailsVideo
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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.