File #: 20-411    Version: 1 Name:
Type: Informational Report Status: Passed
File created: 3/23/2020 In control: County Administrative Office
On agenda: 4/28/2020 Final action: 4/28/2020
Title: Headwaters Fund Board's Recommended Temporary Amendments to the Headwaters Fund Revolving Loan Fund in Response to COVID-19 Business Needs, Including Advancing Funds to Headwaters Fund Approved Lender, Supplemental Budget and Appropriation Transfer (4/5 Vote Required)
Attachments: 1. Staff Report, 2. Attachment 1 - Second Amendment AEDC Lenders Agreement BOS 4-22, 3. Attachment 2 -Third Amendment RREDC Lenders Agreement BOS 4-22, 4. Attachment 3 - First Amendment-Master Participation Agreement-AEDC, 5. Attachment 4 - First Amendment-Master Participation Agreement-RREDC, 6. Attachment 5 - AEDC Master Participation Agreement 2014, 7. Attachment 6 - RREDC Master Participation Agreement 2014.pdf, 8. Attachment 7 - RLF Amended Lender Manual - BOS Clean version 4-22-20, 9. Attachment 8 - Redlined Revolving Loan Fund Lender Manual, 10. Attachment 9 - Resolution Adopting Amendments to Headwaters RLF Lender Manual, 11. Attachment 10 - HWF Board Special Meeting minutes from March 27, 2020, 12. Attachment 11 - HWF Board Meeing Draft minutes from April 14, 2020, 13. Attachment 12 - Summary of Temporary Changes to HWF-RLF Guidelines, 14. Resolution 20-32, 15. Executed Second Amendment AEDC Lenders Agreement BOS 4-22.pdf, 16. Executed Third Amendment RREDC Lenders Agreement BOS 4-22.pdf

To: Board of Supervisors

From: County Administrative Office

Agenda Section: Departmental

SUBJECT:
title
Headwaters Fund Board's Recommended Temporary Amendments to the Headwaters Fund Revolving Loan Fund in Response to COVID-19 Business Needs, Including Advancing Funds to Headwaters Fund Approved Lender, Supplemental Budget and Appropriation Transfer (4/5 Vote Required)
end

RECOMMENDATION(S):
Recommendation
That the Board of Supervisors:
1. Review and approve Amendments to the Headwaters Fund (HWF) Revolving Loan Fund (RLF) Lender Agreements with Arcata Economic Development Corporation (AEDC) and Redwood Region Economic Development Commission (RREDC), and Amended HWF Master Participation Agreements with AEDC and RREDC;
2. Approve Resolution 20-______ adopting revised Headwaters Revolving Loan Fund Manual to increase access to RLF funding for small businesses in light of County of Humboldt's Shelter in Place Order issued on March 20, 2020 and Local Emergency issued on March 30, 2020 due to the COVID-19 pandemic;
3. Approve increasing capital availability to AEDC and RREDC from current allocations of $3.5 million each to an amount not to exceed $5.5 million to either organization. An additional $2,000,000 in capital to be provided on an "as-needed" basis for both organizations to assist the immediate needs of businesses in the County of Humboldt as a result of the COVID-19 Local Emergency;
4. Ratify emergency advances of RLF funds of $1,000,000 to AEDC and $500,000 to RREDC and authorize additional advances of up to $500,000 on as-needed basis as determined by HWF Executive Director and approved by County of Humboldt County Administrative Officer (CAO);
5. Authorize emergency advance of additional $1,000,000 to AEDC for loans made in the US Small Business Administration (SBA) Paycheck Protection Program (PPP); a 100% SBA guarantee program;
6. Authorize the Auditor/Controller to transfer $2,000,000 from Headwaters Funds Fund-3846 (Community Inve...

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