CITY OF EL PASO, TEXAS
LEGISTAR AGENDA ITEM SUMMARY FORM
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Details
District 8
Economic and International Development, Mirella Tamayo, (915) 212-1617
Economic and International Development, Karina Brasgalla, (915) 212-0094
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AGENDA LANGUAGE:
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Title
Discussion and action on a Resolution authorizing City Manager to sign a Chapter 380 Economic Development Program Agreement by and between the City of El Paso and Borderplex Community Capital, Inc. (BCC), a Texas non-profit organization. The purpose of this Agreement is to establish the "Frontera Future Fund,” a Revolving Loan Fund for small businesses within Tax Increment Reinvestment Zone No. 5 (TIRZ #5). TIRZ #5 will provide an initial $500,000 to establish the fund and an annual contribution of $250,000, with the goal of reaching a total investment of $1.5 million by 2028.
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