Title
JPMorgan Chase AdvancingCities Challenge Grant
Description
This report requests City Council approval to support Local Initiatives Support Corporation (LISC) Phoenix in applying for a JPMorgan Chase AdvancingCities Challenge Grant.
Report
Summary
The JPMorgan Chase AdvancingCities Challenge Grant is a $500 million, five-year initiative to advance lasting solutions for small business growth and economically vibrant neighborhoods in U.S. cities. Successful applicants will be eligible for a three-year grant of up to $3 million. JPMorgan Chase expects to award four to six grants annually, and the lead applicant must be a 501(c)(3) organization with formal support from the local municipality.
The focus area for the application is the stretch of McDowell Road known as "The Miracle Mile," 7th Street east to Arizona State Route 51. This area aligns with the requirements of the grant, including focusing on a low- to moderate-income area with an existing coalition of non-profits, businesses, government, and other stakeholders already addressing the economic challenges and disparity among residents. The application will focus on small business expansion and investment and neighborhood revitalization with partners to be determined. LISC will work in coordination with the Community and Economic Development and Neighborhood Services departments.
Concurrence/Previous Council Action
This item was recommended for City Council approval by the Planning and Economic Development Subcommittee on Nov. 6, 2018, by a vote of 4-0.
Location
McDowell Road known as "The Miracle Mile," 7th Street east to Arizona State Route 51.
Council Districts: 4 and 8
Department
Responsible Department
This item is submitted by Deputy City Manager Karen Peters and the Chief Service Officer.