To: Board of Supervisors
From: County Administrative Office
Agenda Section: Consent
Vote Requirement: 4/5th
SUBJECT:
title
Approval of the Headwaters Fund Board's Recommended Loan of $1,500,000 to the Southern Humboldt Community Health Care District using the Revolving Loan Fund and the Community Investment Fund (4/5 Vote Required)
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RECOMMENDATION(S):
Recommendation
That the Board of Supervisors:
1. That the Board of Supervisors approve the Headwaters Fund Board's recommended Revolving Loan Fund (RLF) loan of up to $1,073,757 as part of a total participation loan of $1,500,000 to provide short term financing for working capital to the Southern Humboldt Community Healthcare District (SHCHD) (4/5 Vote Required); and
2. Authorize a one-time lending cap extension of RLF funds to RREDC in the amount of $588,774 for the purposes of this loan; and
3. Approve the Headwaters Fund Board's recommended Community Investment Fund (CIF) loan of up to $426,243 (4/5 Vote Required); and
4. Authorize utilization of the existing Master Participation Agreement between County of Humboldt and Redwood Region Economic Development Commission (RREDC) for administration of the RLF for the CIF loan component of the transaction with all interest earned on the Headwaters Fund (HWF) participation over RREDC's match remitted in full to the HWF (Attachment 2); and
5. Authorize the County Administrative Officer, or designee, to sign the Participation Certificates with SHCHD and RREDC (Attachments 3 & 4).
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STRATEGIC PLAN:
This action supports the following areas of your Board's Strategic Plan.
Area of Focus: Core Services/Other
Strategic Plan Category: 9999 - Core Services/Other
DISCUSSION:
The Headwaters Fund's Community Investment Fund of the Headwaters Fund supports projects that resolve financially and/or provide ongoing services in the community. Furthermore, Headwater's investments are intended to align with the County's Comprehensive Economic Development Strate...
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