Agmt20 CDBG - Renaissance Entrepreneurship Center (Igniting the Power of Entrepreneurship)

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AGREEMENT RENAISSANCE ENTREPRENEURSHIP CENTER (Igniting the Power of Entrepreneurship to Build Economically Vibrant Families and Communities in San Mateo County) THIS AGREEMENT, made and entered into this 1sf day of July 2020, by and between the CITY OF REDWOOD CITY, a charter city and municipal corporation of the State of California ("City") and RENAISSANCE ENTREPRENEURSHIP CENTER, a California nonprofit organization ("Subrecipient"; collectively the "Parties") WITNESSETH: WHEREAS, the United States Department of Housing and Urban Development ("HUD") Community Development Block Grant Program ("CDBG"), authorized pursuant to Title I of the Housing and Community Development Act of 1974 (P.L. 93-383), as amended (the "Act"), provides the City with federal entitlement grant funds to finance a continuum of activities ranging from public services to economic development and the preservation and production of affordable housing; and WHEREAS, Subrecipient provides certain services through programs, including the Project described in Exhibits "A" ("Program & Quantitative Goals"), and "B" ("Program Budget"), attached hereto and made a part hereof; and WHEREAS, Subrecipient has requested financial assistance from CDBG funds in order to conduct the Project described in Exhibit A for residents of the City during the fiscal year commencing July 1, 2020, and ending June 30, 2021 (the "Fiscal Year") NOW, THEREFORE, the Parties hereby agree as follows - 1 . ollows: 1. FINANCIAL ASSISTANCE. City will allocate to Subrecipient the sum of Fifty Thousand and No/100 Dollars ($50,000) (the "Subaward") for exclusive use by Subrecipient during the fiscal year commencing July 1, 2020, and ending June 30, 2021, solely for the purposes described in Paragraph 3. REV: 08-13-2020 SK ATTY/AGR.2020.145/RENAISSANCE ENTREPRENEURSHIP CENTER (Page 1 of 20)