To: Board of Supervisors
From: Planning and Building Services
Meeting Date: December 8, 2020
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Department Contact: |
Adrienne Thompson |
Phone: |
234-6650 |
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Department Contact: |
Brent Schultz |
Phone: |
234-6650 |
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Item Type: Consent Agenda |
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Time Allocated for Item: N/A |
Agenda Title:
title
Adoption of a Revised Resolution Authorizing Mendocino County Chief Executive Officer to Submit an Application to Utilize On-hand Community Development Block Grant Program Income (CDBG PI) for Establishing and Funding a Business Assistance Revolving Loan Fund (RLF) and Execute any Agreements Associated with said Loan Funds
End
Recommended Action/Motion:
recommendation
Adopt the Resolution authorizing Mendocino County Chief Executive Officer to submit an Application to utilize On-hand Community Development Block Grant Program Income (CDBG PI) for establishing and funding a Business Assistance Revolving Loan Fund (RLF) and execute any Agreements associated with said Loan Funds; and authorize Chair to sign same.
End
Previous Board/Board Committee Actions:
On May 19, 2020, the Board adopted Resolution No. 20-065.
Summary of Request:
On May 19, 2020, the Board of Supervisors held a public hearing to adopt a resolution authorizing the creation of a Revolving Loan Fund to expend on hand Program Income (PI) collected from Community Development Block Grant projects. At the time of the public hearing, the County had approximately $300,000 in PI, however, since that time the County has received a large loan pay-off and now has $500,000 of PI available. HCD is requesting that the County adopt a revised resolution, updating the total funds in the PI account to reflect this loan payoff. Once the Resolution is approved and submitted back to HCD for processing, it is expected that the County can use the PI funds for Flexible Business Assistance Loans to retain local businesses and local jobs, as intended during the COVID-19 pandemic.
Alternative Action/Motion:
Provide direction to staff.
Supervisorial District: All
vote requirement: Majority
Supplemental Information Available Online At: N/A
Fiscal Details:
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source of funding: UD 0404 |
budgeted in current f/y: No |
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current f/y cost: $200,000 est. to loans |
if no, please describe: |
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annual recurring cost: $200,000 est. |
revenue agreement: N/A |
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budget clarification: Revolving loan fund services, unknown how many loans could be completed per year |
Agreement/Resolution/Ordinance Approved by County Counsel: Yes
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CEO Liaison: Steve Dunnicliff, Deputy CEO |
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CEO Review: Yes |
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CEO Comments:
FOR COB USE ONLY
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Executed By: Atlas Pearson, Deputy Clerk I |
Final Status:Adopted |
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Date: December 9, 2020 |
Executed Item Type: Resolution Number: 20-165 |
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