TITLE
Recommendation to authorize City Manager, or designee, to execute a grant agreement with the Long Beach Community Development Corporation, a 501(c)3 organization to be located in Long Beach, in an amount not to exceed $125,000, to support the establishment of a Community Development Corporation (CDC) to deploy programs and services that support economic development and financial empowerment of low-median income communities; and
Increase appropriations in the General Fund Group in the Economic Development Department by $125,000, offset by proceeds received from the sale of Successor Agency properties. (Citywide)
DISCUSSION
On November 7, 2017, the City Council approved a package of initiatives to begin exploring strategies to address goals and objectives from the economic inclusion focus area of the City’s Blueprint for Economic Development (Blueprint). The package of initiatives titled ‘Everyone In,’ proposed a number of activities, including a listening tour, to gather input and recommendations from the community for increasing access to economic opportunities in low-income communities and communities of color, with the goal of advancing economic equity and inclusion citywide. As follow-up to the listening tour, Councilmember Rex Richardson partnered with the Local Initiative Support Coalition (LISC) and Wells Fargo, to host a series of implementation discussions with the community to collect feedback on potential implementation strategies.
On June 11, 2019, Councilmember Rex Richardson presented the ‘Everyone In’ Implementation Plan (Plan) final report to the City Council for review, discussion, and approval. The Plan highlights five key strategies, including the establishment of a Community Development Corporation (CDC), to deliver programs that promote access to information and services at the individual or neighborhood level in low-median income (LMI) communities in City of Long Beach. Traditionally, CDCs are structured to enhance the economic...
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