To: Board of Supervisors
From: County Administrative Office
Agenda Section: Consent
SUBJECT:
title
Approval of Headwaters Fund Revolving Loan Fund Contract Extensions to Arcata Economic Development Corporation and Redwood Region Economic Development Commission
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RECOMMENDATION(S):
Recommendation
That the Board of Supervisors:
1. Review and approve the Headwaters Fund (HWF) Revolving Loan Fund (RLF) lender agreements with the Arcata Economic Development Corporation (AEDC) and the Redwood Region Economic Development Commission (RREDC) through June 30, 2024;
2. Authorize and direct the Chair of the Board to sign the lender agreements between the county and both AEDC and RREDC (Attachments 1 and 2); and
3. Authorize that any consent or approval in these agreements required of county, the HWF Board, or the HWF staff, may be exercised by the County Administrative Officer or, upon the County Administrative Officer's written authorization, by the HWF Coordinator.
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SOURCE OF FUNDING:
Headwaters Revolving Loan Fund, Fund 3843
DISCUSSION:
On November 5, 2002 the Board of Supervisors approved issuing a Request for Proposals (RFP) for loan services for the Headwaters RLF. On April 22, 2003, the Board allocated $8 million to the RLF from the original Headwaters funds. The Board approved a lender agreement with Arcata Economic Development Corporation (AEDC) on September 14, 2004, extended it on December 11, 2007, and approved a new contract on July 1, 2010. Your Board approved a three-month extension of this contract to September 30, 2013. Under the lender agreement, AEDC could access up to $3 million. Similarly, Redwood Region Economic Development Commission (RREDC) was under contract to be a lender for the RLF and could access up to $3.5 million.
Your Board approved the original lender agreement with RREDC on July 8, 2003, extended it on March 30, 2004, and again on December 11, 2007, and approved a new contract on July 1, 2010. On February 7, 2...
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