Title
Receive a preliminary analysis report in response to Board Referral No. 2022.08 seeking the opportunity for expansion of commercial financing companies in Monterey County.
Report
Recommendation:
It is recommended that the Board of Supervisors:
1) Receive a preliminary response to Board Referral No. 2022.08 and;
a) Direct staff to proceed with completion of referral based on description in this report; or
b) Direct staff to:
i) Proceed with completion of referral based on modifications by the Board of Supervisors; or
ii) Return to the Board with a more comprehensive analysis of referral and anticipated effort for completion; or
iii) Receive referral response as complete.
2) Provide further direction, as appropriate.
Preliminary Analysis:
Referral Summary & Background: Referral 2022.08 was submitted by Supervisor Lopez and assigned by the CAO on 3.1.2022. The referral seeks to Provide an opportunity for expansion of commercial pace financing to additional companies throughout the County and provide a list of existing commercial pace financing companies currently operating in the County.
Proposed Project Description: Currently the County of Monterey has an existing agreement with California Statewide Communities Development Authority (CSCDA), which partners with fourteen (14) commercial pace financing companies to assist businesses. The fourteen (14) commercial pace financing companies are as follows: PACE Equity, Stonehill PACE, PACE Loan Group, Petros PACE Finance, LordCap PACE, Poppy Bank, Green PACE Capital, Cleanfund Commercial PACE Capital, Green Rock Healthcare Capital, Bayview PACE, White Oak, Castle Green Finance, Counterpointe SRE, and Nuveen Green Capital. CSCDA offers open competitive financing and oversight of all commercial pace participants. Should any potential Commercial CPACE financing company be interested in providing their services to Monterey County businesses there is a route for new providers to enter the County marketplace...
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