To: Board of Supervisors
From: County Administrative Office
SUBJECT:
title
Approval of the Headwaters Fund Board's Recommended Community Investment Fund Loan to the Southern Humboldt Community Healthcare District (4/5 Vote Required)
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RECOMMENDATION(S):
Recommendation
That the Board of Supervisors approve the Headwaters Fund Board's (HFB) recommended Community Investment Fund (CIF) loan of $500,000 as part of a total participation loan of $1,800,000 to provide short term financing for working capital to the Southern Humboldt Community Healthcare District (SHCHD)(4/5 vote required); authorize utilization of the existing Master Participation Agreement between County of Humboldt and Redwood Region Economic Development Commission (RREDC) for administration of the Revolving Loan Fund for the CIF loan component of the transaction as well; authorize the Chair of the Board to sign the Participation Certificate with SHCHD and RREDC; and direct the Clerk of the Board to return the signed Loan Participation Certificate to Economic Development.
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SOURCE OF FUNDING:
Headwaters Fund-Community Investment Fund # 3846
DISCUSSION:
The CIF of the Headwaters Fund (HWF) is currently designed to support its mission to seed programs/projects that resolve financially and/or provide ongoing services in the community. The County's Comprehensive Economic Development Strategy (CEDS), Prosperity! 2012, identified the Targets of Opportunity which included Diversified Health Care. The District is part of the health care industry cluster and provides essential services to Southern Humboldt County.
The SHCHD is in need of short term financing for working capital due to an unusually large amount of working capital being submitted to the State of California as part of an Intergovernmental Transfer (IGT) request that will result in the District receiving funds from the federal government for qualified Medicaid expenditures.
Under the IGT program, local entities like the D...
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