PURPOSE
The initial funding shall be $2.5 Million in 2017 general obligation bond funds from Proposition I. Additional funds, including general funds, may be added at the sole discretion of the City Council. Council finds that the Fund satisfies the purpose of Proposition I, which authorized bonds for “the purpose of providing funds for promoting economic development throughout the city” and “through the city’s programs for economic development and housing including [… ] making grants of bond proceeds and otherwise providing assistance for private commercial, industrial, retail, residential and mixed-use development, neighborhood revitalization projects, and mixed-income development.”
BUSINESS GROWTH
For purposes of this program, a “small business” will be determined using the U.S. Small Business Administration definitions and standard