Speaker 0: Thank you. That that concludes those district transfers. Let's go and go to item 20. We're going to go out on 26.
Speaker 13: Item 26 Report from Economic Development Recommendation to execute a grant agreement with the Long Beach Community Development Corporation in an amount not to exceed 125,000 to support the establishment of a community development corporation citywide.
Speaker 0: Think I'm wondering. I'm not sure. Mr. MODICA This is actually a pretty big item and one that I want the council to be engaged, engaged on to do. How long is a presentation? Long are we up for it? For right now.
Speaker 8: Okay. Ready to answer questions?
Speaker 0: Okay. Well, this is this is the to accept the grant for the Community Development Corporation. There's a motion in a second. I don't see any public comment on this. Are there any questions? I guess we don't need to go that much discussion then to go and get your votes.
Recommendation to authorize City Manager, or designee, to execute a grant agreement with the Long Beach Community Development Corporation, a 501(c)3 organization to be located in Long Beach, in an amount not to exceed $125,000, to support the establishment of a Community Development Corporation (CDC) to deploy programs and services that support economic development and financial empowerment of low-median income communities; and

Increase appropriations in the General Fund Group in the Economic Development Department by $125,000, offset by proceeds received from the sale of Successor Agency properties.  (Citywide)