County of Monterey - File #: 20-681

• File #: 20-681
• Name: Authorize the Auditor-Controller to increase revenue and appropriations in the Economic Development Fund (Fund 011 - Department 1050 - Unit 8516 - Appropriations Code CAO040) to recognize the investment of $1,760,000 by the U.S. Department of Commerce, Ec
• Type: General Agenda Item
• Status: Passed - Auditor-Controller's Office
• File created: 8/21/2020
• In control: Board of Supervisors
• On agenda: 9/15/2020
• Final action: 9/15/2020
• Title: a. Authorize the Auditor-Controller to increase revenue and appropriations in the Economic Development Fund (Fund 011 - Department 1050 - Unit 8516 - Appropriations Code CAO040) to recognize the investment of $1,760,000 by the U.S. Department of Commerce, Economic Development Administration (EDA) in the County's Small Business Revolving Loan Fund (SBRLF) (4/5th vote required). b. Authorize the Housing Program Manager or their Designee to sign the Financial Assistance Award grant from the U.S. Department of Commerce, EDA and any other documents and certifications that may be required to comply with the grant terms and conditions; c. Approve changes to the SBRLF Administrative Manual to make the program more responsive to the current needs of the business community; and, d. Certify that the SBRLF is being operated consistent with the EDA approved Administrative Plan.

Date	Action By	Action	Result
9/15/2020	Board of Supervisors

Title
a. Authorize the Auditor-Controller to increase revenue and appropriations in the Economic Development Fund (Fund 011 - Department 1050 - Unit 8516 - Appropriations Code CAO040) to recognize the investment of $1,760,000 by the U.S. Department of Commerce, Economic Development Administration (EDA) in the County's Small Business Revolving Loan Fund (SBRLF) (4/5th vote required).
b. Authorize the Housing Program Manager or their Designee to sign the Financial Assistance Award grant from the U.S. Department of Commerce, EDA and any other documents and certifications that may be required to comply with the grant terms and conditions;
c. Approve changes to the SBRLF Administrative Manual to make the program more responsive to the current needs of the business community; and,
d. Certify that the SBRLF is being operated consistent with the EDA approved Administrative Plan.
Report
RECOMMENDATION:
It is recommended that the Board of Supervisors:
a. Authorize the Auditor-Controller to increase revenue and appropriations in the Economic Development Fund (Fund 011 - Department 1050 - Unit 8516 - Appropriations Code CAO040) to recognize the investment of $1,760,000 by the U.S. Department of Commerce, Economic Development Administration (EDA) in the County's Small Business Revolving Loan Fund (SBRLF);
b. Authorize the Housing Program Manager or their Designee to sign the Financial Assistance Award grant from the U.S. Department of Commerce, EDA, and any other documents and certifications that may be required to comply with the grant terms and conditions;
c. Approve changes to the SBRLF Administrative Manual to make the program more responsive to the current needs of the business community; and
d. Certify that the SBRLF is being operated consistent with the EDA approved Administrative Plan.

SUMMARY:
The County of Monterey has managed an SBRLF since 1989. The SBRLF is available to assist businesses throughout the County. On May 8, 2020, EDA invited the County to ...