To: Board of Supervisors
From: County Administrative Office
Agenda Section: Time Certain Matter
Vote Requirement: 4/5th
SUBJECT:
title
10:30 AM - Receive Updates on Headwaters Fund Activities; Approve Extensions and Modifications to the Headwaters Fund Master Participation Agreements; Ratify Previous Agreement Amendment Dates; and Authorize Loan Participation of $2,000,000 of Headwaters Funds to Support Life Plan Humboldt (4/5 Vote Required)
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RECOMMENDATION(S):
Recommendation
That the Board of Supervisors:
1. Receive partner updates on Lending Activity through the Headwaters Fund Revolving Loan Fund;
2. Approve the 5th Amendment to the Redwood Region Economic Development Corporation's (RREDC) Headwaters Fund Lender Agreement to extend the agreement term to June 30, 2026 and increase funding available to $4,000,000 (Attachment 1);
3. Approve the 3rd Amendment to Arcata Economic Development Corporation's (AEDC) Headwaters Fund Lender Agreement to extend the agreement term to June 30, 2026 and increase funding available to $5,000,000 (Attachment 2);
4. Ratify effective dates of previous amendments to the Headwaters Fund Lender Agreements and Headwaters Fund Master Participation Agreements as described below; and
5. Authorize AEDC and RREDC to collectively draw $2,000,000 from the Headwaters Revolving Loan Fund to participate in interim financing for Life Plan Humboldt (4/5th vote required).
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STRATEGIC PLAN:
This action supports the following areas of your Board's Strategic Plan.
Area of Focus: A Diverse, Equitable & Robust Economy and Housing for All
Strategic Plan Category: 2001 - Promote strong economic resiliency and growth and 4002 - Increase and prioritize housing development
DISCUSSION:
This item is being brought forward for your consideration in order to support the objectives of the Headwaters Fund Charter and the Board of Supervisors Strategic Framework as it relates to the Headwaters Fund. The item before you today is a ...
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