TO: Mayor and Members of City Council
THRU: Kelly Olivera, Assistant City Manager
FROM: Christopher Cauley, MPA, Economic and Community Development Director
Robert Van Geons, CEcD, President and CEO of Fayetteville Cumberland Economic Development Corporation
DATE: December 12, 2022
RE:
Title
Public Hearing on the City of Fayetteville Support for Economic Equity Venture Capital Fund with American Rescue Plan Funds
end
COUNCIL DISTRICT(S):
Council District(s)
All
b
Relationship To Strategic Plan:
Strategic Operating Plan FY 2022 - 2026
Goal II: The City of Fayetteville will have a Responsive City Government supporting a diverse and viable economy.
2.1: To ensure a diverse City tax base
2.2: To invest in community places to ensure revitalization and increase quality of life
2.3: To leverage partnerships for job creation and retention, with a focus on the local and regional workforce to increase per capita income
Executive Summary:
During the 2021 Session of the North Carolina General Assembly, the Community Development Foundation (CDF), a local 501c3 nonprofit, was awarded up to $2.5M in State funding to develop an Economic Equity Venture Capital Fund. The funding is contingent on the CDF raising matching funds. Mr. Robert Van Geons is the Executive Officer of the CDF as well as the Chief Executive Officer and President of the Fayetteville Cumberland Economic Development Corporation. Council is requested to hold an Economic Development Public Hearing and authorize the City Manager to execute a contract with the CDF to support the Economic Equity Venture Capital Fund in the amount of $1.25M. City Economic Development and Legal staff will ensure program compliance by reviewing and approving all investments undertaken by the CDF.
Background:
The Economic Equity Venture Capital Fund concept was developed to respond to studies that found that barriers to non-interest-bearing capital significantly impeded the creation of sustainable minori...
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