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TO: Mayor Richard C Irvin
FROM: Martha Paschke, Director of Innovation & Strategy
DATE: December 12, 2024
SUBJECT:
A Resolution authorizing the Director of Purchasing to enter into a new contractual agreement for The Neighbor Project (TNP) to continue as a service partner to the Aurora Financial Empowerment Center (FEC) through December 31, 2025 and to allocate $201,845.04 of budgeted funds for The Neighbor Project (TNP), with up to two (2) one (1) year extensions for a total not to exceed amount of $623,882.83.
PURPOSE:
Since 2019, The Aurora Financial Empowerment Center (FEC), has committed to providing free, individualized one-on-one financial coaching to low- and moderate-income residents, delivered by professionally trained coaches. The financial coaching services include improvement of credit score, creation of savings plans, debt reduction, safe banking practices and home ownership education. The Neighbor Project (TNP) has served as the city's program partner developing trusted relationships with clientele and local community organizations. To sustain the city's commitment to residents' economic mobility, a new contractual agreement has been developed to maintain continuity of FEC services with TNP through December 31, 2025.
BACKGROUND:
On December 17, 2019, City Council approved a resolution to accept a two-year matching grant from the Cities for Financial Empowerment (CFE) to create a Financial Empowerment Center (FEC) in the city of Aurora (ref. R19-412). Under the agreement with CFE, The Neighbor Project (TNP) was identified as the community-based organization to lead CFE counseling standards.
In December 2021, Council approved an amendment to the original agreement between CFE and FEC to extend grant related services ending the cohort on April 30, 2022 (ref. R21-376). City Council further approved an extension of the original contractual agreement with TNP to continue services to the FEC and to allocate $100,485 of budgeted funds for T...
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