TO: Mayor and Members of City Council
THRU: Kelly Strickland, Assistant City Manager
FROM: Robert Van Geons, President and CEO of Fayetteville-Cumberland Economic Development Corporation
DATE: June 9, 2025
RE:
Title
Public Hearing to Award Round 1 Can Do Performance Financing Program Funding
end
COUNCIL DISTRICT(S):
Council District(s)
All
b
Relationship To Strategic Plan:
Goal 2 - The City of Fayetteville will have a Responsive City Government supporting a diverse and viable economy.
Goal 3 - The City of Fayetteville will be a city invested in Today and Tomorrow
Goal 4 - Continue the City's Commitment to revitalization efforts.
Executive Summary:
FCEDC launched the Can Do Performance Financing Program in partnership with the City of Fayetteville and the Community Development Foundation (CDF) in January 2025. This program addresses historical barriers to capital that has limited the growth of sustainable businesses within Fayetteville's low- to moderate-income census tracts, especially those that are minority-, veteran-, and woman-owned. This program supports many of the City's goals, including supporting a diverse procurement pool and a viable economy.
Two companies have qualified to receive funds from the Can Do Performance Financing Program in the initial application cycle. Ashley Johnson of A & A Holdings Corporation has requested $125,000 to create five jobs. Latisha Perkins of Maybridge Development LLC has requested $300,000 to create twelve jobs in two phases. We respectfully submit these two requests for City Council approval. Upon approval, the candidates will enter into an Incentive Agreement detailing project terms and performance conditions. If all requirements are met, the company will have no repayment obligations.
Background:
The Can Do Performance Financing Program was established with $2.5 million from the City of Fayetteville and $2.5 million from the State of North Carolina. The program offers patient financing for...
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