Title
Hearing to consider adoption of Resolution 135-2008 authorizing a reallocation of resources that will result in an amendment by the California Department of Housing and Community Development to Economic Development Block Grant 06-EDBG-2767, reallocating grant funds in the amount of $112,000, increasing resources for Business Loan Program activities, and decreasing resources for Microenterprise Technical Assistance activities.
FUNDING: State grant funds.
Body
BUDGET SUMMARY:
Total Estimated Cost $0.00
Funding
Budgeted $
New Funding $
Savings $
Other $
Total Funding Available $0.00
Change To Net County Cost $0.00
Fiscal Impact/Change to Net County Cost: No change. The $3,500 required match for Standard Agreement 06-EDBG-2767 was authorized with submittal of the application and has been met with a portion of the FY 2007/08 Community Services General Fund Contribution budgeted for this purpose.
Background: On January 23, 2007 the Board adopted Resolution No. 012-2007 authorizing submittal of an application to the California Department of Housing and Community Development (HCD) for an Economic Development Block Grant (EDBG) in the amount of $500,000 to continue to provide the activities of Microenterprise Technical Assistance and Business Loans. The Resolution further authorized the Director of Human Services, upon approval of the application, to execute and administer the Standard Agreement with the State of California and any subsequent amendments that do not affect the dollar amount or the term, contingent upon approval by County Counsel and Risk Management. The grant was subsequently awarded on May 21, 2007 and Standard Agreement #06-EDBG-2767 was approved for execution on August 30, 2007 by County Counsel and Risk Management.
Reason for Recommendation: Since submittal of the application, the Business Loan Program has received loan applications exceeding the amount of g...
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