File #: 20-598    Version: 1 Name:
Type: Informational Report Status: Passed
File created: 5/9/2020 In control: County Administrative Office
On agenda: 5/19/2020 Final action: 5/19/2020
Title: 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
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- with signature page.docx, 5. Attachment 4 - First Amendment-Master Participation Agreement-RREDC with signature page, 6. Attachment 5 - Executed AEDC 1st MPA Amendment.pdf, 7. Attachment 6 - Executed AEDC 2nd Amendment to the Lender Agreement.pdf

 

To:                                                               Board of Supervisors

 

From:                                          County Administrative Office                                          

 

Agenda Section:                     Consent                                                               

 

SUBJECT:

title

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

end

 

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. 

 

Body

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 included in the fiscal year 2019-20 Adopted Budget and are reimbursable by the Headwaters Fund.

 

STRATEGIC FRAMEWORK:

This action supports your Board’s Strategic Framework by retaining existing and facilitating new living-wage private sector jobs and housing and providing community-appropriate levels of service; and supporting business, workforce development and creation of private-sector jobs.

 

OTHER AGENCY INVOLVEMENT:                     

Arcata Economic Development Corporation

Redwood Region Economic Development Commission

Humboldt Area Foundation

City of Arcata

City of Eureka

City of Fortuna

Vocality Community Credit Union

 

ALTERNATIVES TO STAFF RECOMMENDATIONS:                     

Your Board could choose to not approve the clarifications to Agenda Item 20-411 as recommended by Headwaters Fund Board and staff. This is not recommended.

 

ATTACHMENTS:                     

Attachment 1 - Second Amendment AEDC Lenders Agreement BOS 4-22

Attachment 2 - Third Amendment RREDC Lenders Agreement BOS 4-22

Attachment 3 - First Amendment-Master Participation Agreement-AEDC

Attachment 4 - First Amendment-Master Participation Agreement-RREDC1

 

PREVIOUS ACTION/REFERRAL:

Board Order No.: Click or tap here to enter text.                     

Meeting of: April 28, 2020

File No.: 20-411