To: Board of Supervisors
From: County Administrative Office
Agenda Section: Consent
Vote Requirement: Majority
SUBJECT:
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Authorize the County Administrative Officer (CAO) to Execute Agreement Releasing the Federal Interest in the Economic Development Administration Revolving Loan Fund
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RECOMMENDATION(S):
Recommendation
That the Board of Supervisors:
1. Authorize the County Administrative Officer to execute the Agreement to Release the Economic Development Administration (EDA) Federal Interest in the Revolving Loan Fund Award on behalf of the County of Humboldt; and
2. Direct the County Administrative Officer to execute any subsequent administrative documents necessary to implement the agreement, provided such documents do not materially alter the terms approved by the Board.
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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: 2001 - Promote strong economic resiliency and growth
DISCUSSION:
The County of Humboldt and the Redwood Region Economic Development Commission (RREDC) were co-recipients of Economic Development Administration (EDA) Revolving Loan Fund (RLF) Award No. 07-79-07332. The RLF was established to provide financing opportunities that promote economic development and job creation within Humboldt County.
Pursuant to the Reinvigorating Lending for the Future Act, RREDC requested that the EDA release its federal interest in the Revolving Loan Fund. EDA has determined that all statutory requirements have been met, including that more than seven years have elapsed since the final disbursement of federal funds, the recipients have complied with the terms of the award, and the Revolving Loan Fund will continue to be used for economic development purposes consistent with the Public Works and Economic Development Act (PWEDA).
The agreement establishes that the current Revolving Loan Fund capital base is $3...
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