5238114 Resolution 20-692, "Pay-For-Success Intermediary Agreement Emergency Declaration Resolution of 2014"

A RESOLUTION

                                                        

20-692

 

IN THE COUNCIL OF THE DISTRICT OF COLUMBIA

 

November 18, 2014         

                                                                                                                                             

 

To declare the existence of an emergency with respect to the need to approve the multiyear Pay-For-Success Intermediary Agreement with Social Finance, Inc., and Social Finance District of Columbia Teen Pregnancy Prevention and Educational Attainment 2014 Manager, Inc., to deliver Teen Outreach Program® services to selected District of Columbia schools with the goals of reducing the incidence of teen pregnancy and improving educational attainment for at-risk high-school students. 

 

RESOLVED, BY THE COUNCIL OF THE DISTRICT OF COLUMBIA, That this resolution may be cited as the “Pay-For-Success Intermediary Agreement Emergency Declaration Resolution of 2014”.

 

Sec. 2. (a) The City Administrator for the District of Columbia proposes to enter into the multiyear Pay-For-Success Intermediary Agreement with Social Finance, Inc. (“SFI”) and Social Finance District of Columbia Teen Pregnancy Prevention and Educational Attainment 2014 Manager, Inc. (“Managing Member”), in an amount not to exceed $10,588,700.00, to deliver Teen Outreach Program® services to selected District of Columbia schools with the goals of reducing the incidence of teen pregnancy and improving educational attainment for at-risk high-school students. 

(b) SRI and the Managing Member will be paid based on the achievement of specific outcomes based on defined performance targets in an amount not to exceed $10,588,700.00 for the period from the date of award through December 31, 2019. 

            (c)  Emergency approval of the Pay-For-Success Intermediary Agreement is necessary to allow the District to receive the benefit of these vital services in a timely manner from SFI and the Managing Member. . 

           

            Sec.  3.  The Council of the District of Columbia determines that the circumstances enumerated in section 2 constitute emergency circumstances making it necessary that the Pay-For-Success Intermediary Agreement Emergency Approval Resolution of 2014 be adopted on an emergency basis.

           

            Sec. 4.  This resolution shall take effect immediately.