Ithaca staff reports loan portfolio current, grants update and staffing shifts

City economic-development staff reported on grants, loans and personnel at the Feb. 10 Ira Economic Development Committee meeting, saying the loan portfolio is current and outlining next steps for staffing and grant deadlines.

"Our loan portfolio, everybody is current as we speak today," Speaker 2 said, adding that occasional late payments have been resolved with the loan servicer (M&T Bank). Staff described grant activity that intersects economic development, including Finger Lakes Reuse (expected to apply for funding again), Hospitality Employment Program (has spent down pandemic-era funds and begun a new round) and Historic Ithaca (which will not continue a job-placement program).

Staff warned of CDBG timely-spend requirements: roughly $600,000 remained to be spent before May 31 under current reporting, and recent drawdowns (about $300,000) have reduced the near-term gap. Speaker 2 said anticipated federal funding levels for the coming year were roughly consistent with the prior year (an expected $660,000–$680,000 in CDBG and about $230,000 in HOME funds), subject to program allocations.

Personnel updates: Speaker 2 said the part-time accountant accepted a full-time position with Tompkins County and that the city is recruiting an Economic Development specialist to succeed Tom Knight (who resigned for a county role). Staff expect the Common Council to authorize advertising for the ED specialist position soon.

Logistics and next steps: Staff reminded the committee that applications for the funding round are due Feb. 20 and that the committee will meet March 10 to review submissions; an April meeting was tentatively offered if more review time is needed. No votes or formal actions were taken on staffing or grant allocations at the meeting.

Provenance: Staff report and grant/ staffing discussion appear around mid-to-late meeting (topicintro: SEG 1252; topfinish: SEG 1393).