This ordinance reallocates $2,000,000 from the Downtown Economic Development Fund, specifically from the Laura Street Trio Project – Forgivable Loans account. These funds are being returned to the General Fund Operating – Special Council Reserve-Activity – Cash Carryover account. The reallocation is due to issues with developers and pending foreclosure proceedings related to the Laura Street Trio project, meaning the previously approved forgivable loan funds are no longer required for that project. The bill was introduced by Council Member Howland and approved by the Finance Committee 7-0 on 7/15/2025 and by the City Council 17-0 on 7/22/2025. This legislation essentially reverses a prior appropriation (Ordinance 2021-453-E) for a forgivable loan.