To: Board of Supervisors
From: County Administrative Office
Agenda Section: Consent
Vote Requirement: Majority
SUBJECT:
title
Approve Extensions to the Headwaters Fund Master Participation Agreements
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RECOMMENDATION(S):
Recommendation
That the Board of Supervisors:
1. Approve the 6th amendment to the Redwood Region Economic Development Commission (RREDC) Headwaters Fund Lender Agreement to extend the term to June 30, 2027; and
2. Approve the 5th amendment to Arcata Economic Development Corporation (AEDC) dba North Edge Financing Headwaters Fund Lender Agreement to extend the term to June 30, 2027; and
3. Authorize and direct the County Administrative Officer, or designee, to sign the lender agreement amendments between the County and North Edge Financing and RREDC (Attachments 3 and 4).
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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
Strategic Plan Category: 2002 - Promote a robust tourism economy
DISCUSSION:
In November 2002, your Board approved issuing a Request for Proposals (RFP) for loan services for the Headwaters Fund Revolving Loan Fund (RLF).
In April 2003, your Board established the Headwaters Fund RLF with an $8 million allocation to support local economic development through business lending. The RLF was designed to provide financing to a wide range of businesses to fill the gaps in the market for available financing.
In September 2004, your Board approved the first lender agreement with AEDC. In 2013 to increase the opportunities for community partners to work with the Headwaters RLF and increase the loan returns to the fund, your Board authorized issuance of a new RFP, the results yielding two qualified respondents: AEDC and RREDC.
Since that time, the county has partnered with local lending organizations, AEDC dba North Edge Financing and RREDC, under agreements that have been periodically reviewed, updated and extended ...
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