TITLE
Recommendation to approve the use of the Third Council District's one-time infrastructure funds transferred from the Capital Projects Fund (CP) in the Public Works Department (PW) into the Economic and Property Development (EP) FY 17 operating budget in the amount of $10,000 to support economic development efforts in the Naples Island business corridor; authorize City Manager to execute the necessary documents with the Naples Improvement Business Association, a non-profit organization, to support economic development efforts in the Naples Island business corridor in the amount of $10,000 to be used for beautification projects, signage, events and/or other economic development initiatives within a six-month period; and increase appropriations in the General Fund (GF) in the Economic and Property Development (EP) by $10,000.
DISCUSSION
The Naples Improvement Business Association (NIBA) exists to promote awareness of local business and greater Long Beach communities and to build relationships between local businesses so that they can thrive in our local economy. To further the economic development of the Naples Island business corridor, the Third Council District would like to provide NIBA funding in the amount of $10,000 from the District's one-time infrastructure funds. In FY 16, $10,000 of the Third District's one-time infrastructure funds was transferred to General Fund (GF) for a project that will no longer be done. This funding is now available to support economic development efforts in the Naples Island business corridor and is to be used for beautification projects, signage, events and/or other economic development initiatives within a six-month period.
FISCAL IMPACT
The total appropriation increase of $10,000 in the Economic and Property Development (EP) budget is offset by a previous transfer of one-time infrastructure funds to the General Fund from the Capital Projects Fund (CP) in the Public Works Department (PW)
SUGGESTED ACTION
Approve ...
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