To: Board of Supervisors
From: County Administrative Office
Agenda Section: Consent
SUBJECT:
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Headwaters Fund Agenda Item 20-411, Clarifying Retroactive Effective Date of March 20, 2020, for Amendments to Lender Agreements and Master Participation Agreements with Arcata Economic Development Corporation and Redwood Regional Economic Develop Corporation, approved by Board of Supervisors on April 28, 2020
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RECOMMENDATION(S):
Recommendation
That the Board of Supervisors:
1. Affirm that 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 Amendment to the HWF Master Participation Agreements with AEDC and RREDC, approved on April 28, 2020, are retroactive to March 20, 2020.
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SOURCE OF FUNDING:
Headwaters Fund Fund-3843 and Fund-3846
DISCUSSION:
To facilitate local business loans through the Headwaters Funds' Revolving Loan Fund, your Board approved amendments to the Lender Agreements and Master Participation Agreements with AEDC and RREDC on April 28, 2020. The intent of the agenda item was to have an effective date of March 20, 2020, the day the County's Shelter in Place order was implemented, for all documents approved.
Your Board's approval of this clarification will make clear that all changes to the HWF-RLF and loans made by AEDC and RREDC beginning March 20, 2020, were made pursuant to the amended rules in the HWF Lender Agreement Amendments and Master Participation Agreement Amendments.
The original amendments to the Lender Agreements and Master Participation Agreements as submitted with agenda item 20-411 on April 28, 2020 are attached as attachments 1 through 4.
FINANCIAL IMPACT:
There is no financial impact to the County General Fund. There is minimal staffing cost associated to the proposed clarification to the effective date of the contracts. Staffing costs have been in...
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