TO: Board of Supervisors
FROM: Planning and Building Services
MEETING DATE: December 8, 2020
DEPARTMENT CONTACT:
Adrienne Thompson
PHONE:
234-6650
DEPARTMENT CONTACT:
Brent Schultz
PHONE:
234-6650
ITEM TYPE: Consent Agenda
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
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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.
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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...
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