STRATEGIC PRIORITY: Workforce, Education, & Equity
AGENDA DATE: June 28, 2023
COUNCIL DISTRICT(S): All
DEPARTMENT: Office of Equity and Inclusion
EXECUTIVE: M. Elizabeth Cedillo-Pereira
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SUBJECT
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Authorize the (1) acceptance of the Municipal Bond Markets & Racial Equity Technical Assistance and Grant from the Public Finance Initiative, in partnership with PFM Financial Advisors, PFM Consulting Group LLC, The Government Alliance on Race & Equity, and other national partners, which was launched with the support of the Robert Wood Johnson Foundation in partnership with Third Sector New England, a 501c3 organization, in the amount of $50,000.00 to develop an equity-driven selection framework to recommend an increase of future bonds allocations in the following grant payment structure: 50% of the grant will be paid immediately upon execution of the grant agreement, expected to be no later than July 15, 2023; and 50% will be paid no later than October 30, 2023; (2) receipt and deposit of funds in an amount not to exceed $50,000.00 in the Municipal Bond Markets & Racial Equity Grant Fund; (3) establishment of appropriations in amount not to exceed $50,000.00 in the Municipal Bond Markets & Racial Equity Grant Fund; and (4) execution of the grant agreement with Public Finance Initiative, in partnership with PFM Financial Advisors, PFM Consulting Group LLC, The Government Alliance on Race & Equity, and other national partners, and all terms, conditions, and documents required by the grant agreement - Not to exceed $50,000.00 - Financing: Municipal Bond Markets & Racial Equity Grant Funds
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BACKGROUND
On April 2023, the Office of Equity and Inclusion partnered with Office of Bond Construction Management, Office of Art and Culture, Department of Housing & Neighborhood Revitalization, and the City Controller's Office submitted a grant application to the Public Finance Initiative (PFI), PFM Grou...
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