ORDINANCE NO. 176724

* Agreement with Mercy Corps International for $53,043 for the Portland Entrepreneur Initiative and provide for payment. (Ordinance)

The City of Portland ordains:

SECTION 1. The Council finds that:

1.  A City goal is to stimulate business opportunities for low and moderate-income residents. However, many new start-up and existing small businesses have had difficulty accessing funding and technical assistance from traditional banks.

2.  In 1999 Mercy Corps and Cascadia Revolving Fund collaborated on the design of a citywide community development-financing program entitled the Portland Entrepreneur Initiative (PEI). The program's goal was to make private community development financing and technical support available to microentrepreneurs who wished to start or expand small businesses in the City.

3.  PEI, in its third year of operations, has seen a significant increase in the demand for its services.

4.  The approved FY 02/03 Bureau of Housing and Community Development budget authorizes funding in the amount of $53,043 to support the PEI program.

5.  The City now desires to enter into an agreement in the amount of $53,043 with Mercy Corps to implement the fourth year of the Portland Entrepreneur Initiative program.

NOW, THEREFORE, the Council directs:

a. The Commissioner of Public Works is hereby authorized to enter into an agreement with Mercy Corps International for the Portland Entrepreneur Initiative in a form substantially in accordance with the agreement attached as Exhibit A (attached to original ordinance only).

b. The Mayor and City Auditor are hereby authorized to pay for said contract from the Housing and Community Development Fund and General Fund.

Section 2. The Council declares that an emergency exists because delay in funding would interrupt Mercy Corps International's ability to provide the Portland Entrepreneur Initiative Program; therefore, this ordinance shall be in force and effect from and after its passage by Council.

Passed by the Council, JUL 10 2002

                  GARY BLACKMER

Commissioner Erik Sten            Auditor of the City of Portland

Howard Cutler                By /S/ Susan Parsons

July 3, 2002                      Deputy

BACKING SHEET INFORMATION

AGENDA NO. 865-2002

ORDINANCE/RESOLUTION/COUNCIL DOCUMENT NO. 176724