ORDINANCE NO. 230411

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Sponsor: Councilmember Lee Barnes, Jr.

Authorizing the City Manager to execute a grant agreement with WeDevelopment Federal Credit Union in the amount of $125,000.00 to subsidize the credit union's rent expenses for a period of five years.

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WHEREAS, WeDevelopment Federal Credit Union ("WeDevelopment FCU") provides banking and loan services and wealth coaching to residents of the East Side of Kansas City; and

WHEREAS, pursuant to Resolution No. 130604, the City Manager was authorized and encouraged to invest $250,000.00 or up to the policy limit of National Credit Union Association insurance with WeDevelopment Federal Credit Union ("WeDevelopment FCU") and said deposit was made on March 14, 2023; and

WHEREAS, on September 26, 2018, the City Manager agreed to provide WeDevelopment FCU a grant in the total amount of $125,000.00, subject to appropriation, which appropriation was made over a five-year period in the amount of $25,000.00 per year; and

WHEREAS, the City and WeDevelopment FCU believe it to be in the best interests of all parties to formalize the commitment via a grant agreement; NOW, THEREFORE,

BE IT ORDAINED BY THE COUNCIL OF KANSAS CITY:

Section 1. That the City Manager is authorized to execute a grant agreement with WeDevelopment Federal Credit Union in the total amount of $125,000.00 for the purpose of subsidizing the credit union's rent expenses for a period of five years in the amount of $25,000.00 per year, using funds previously appropriated to Account No. 24-1000-121465-B. The contract, approved in substantial form, is on file with the office of the Director of the Finance Department.

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A hereby certify that there is a balance, otherwise unencumbered, to the credit of the appropriation to which the foregoing expenditure is to be charged, and a cash balance, otherwise unencumbered, in the treasury, to the credit of the fund ...

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