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Aurora, Illinois

File #: 25-0403    Version: 2 Name:
Type: Resolution Status: Passed
File created: 5/7/2025 In control: City Council
On agenda: 6/24/2025 Final action: 6/24/2025
Title: A Resolution authorizing the execution of a Third Amendment to the Memorandum of Understanding between the Cities for Financial Empowerment Fund, Inc., and the City of Aurora, expanding the FEC Expert Partner Scope of Work to include the Small Business Boost and to receive the $90,000 grant upon full execution of this Third Amendment).
Attachments: 1. FEC Expert Partner - Aurora - Fully Executed 6.30.22, 2. Aurora - First Amendment to FEC Expert Partner MOU - Fully Executed 1.10.24, 3. Aurora - Second Amendment to Expert Partner, 4. Aurora - Third amendment to Expert Partner
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TO: Mayor John Laesch

FROM: Toshia Moss, Program Manager, Financial Empowerment Center

DATE: May 28, 2025

SUBJECT:
A Resolution authorizing the execution of a Third Amendment to the Memorandum of Understanding between the Cities for Financial Empowerment Fund, Inc., and the City of Aurora, expanding the FEC Expert Partner Scope of Work by implementing the small business boost and accept the $90,000 grant upon full execution of this Third Amendment.

PURPOSE:
The Aurora FEC became an FEC Expert Partner in 2022 and will continue to operate an FEC as a high-quality public service, actively contribute to the national FEC learning community ("FEC Public Learning Community"), receive technical assistance resources, and continue to use the Cities for Financial Empowerment Fund ("the CFE Fund") central FEC database at no-cost. The Third Amendment reflects that the CFE Fund is expanding the Scope of Work of the Financial Empowerment Center Expert Memorandum of Understanding (the "MOU") to integrate FEC financial coaching within small business support organizations, convene small business stakeholders to identify strategies to strengthen coordination and synergy between partners.

BACKGROUND:
In 2019, the City of Aurora applied for and received the Financial Empowerment Center Implementation Grant funds from the CFE Fund as a match grant to support municipal engagement to improve the financial stability of low- and moderate-income households by embedding financial empowerment strategies into local government infrastructure. The Neighbor Project (TNP) was hired as the servicing contractors for the grant agreement with CFE. The Aurora FEC became a part of a growing network of FECs embedded in local governments across the country, committed to providing free, one-to-one financial counseling, delivered by professionally trained counselors, to low- and moderate-income residents.

The Aurora FEC was successful in its two-year pilot phase. Thereafter, the City of Aurora ...

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