Narrative of Resolution:
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Amend Resolution No. 33-24
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RESOLUTION INTRODUCED BY EXECUTIVE COMMITTEE TO AMEND RESOLUTION 33-24 REGARDING THE TRANSFER OF REVOLVING LOAN BALANCES AND EXISTING LOANS TO SULLIVAN COUNTY FUNDING CORPORATION FOR ADMINISTRATION
WHEREAS, the Commissioner of Planning & Community Development is charged with the loaning of, and the collection of, grant funds through the Rural Business and Economic Grant (RBEG), a USDA funded grant; and
WHEREAS, the Commissioner of Planning & Community Development is charged with the loaning of, and the collection of, grant funds through the Main Street Micro Enterprise Grant, a HUD funded grant; and
WHEREAS, the Commissioner of Planning & Community Development is charged with the loaning of, and the collection of, grant funds through the Sullivan County Economic Development Revolving Loan Fund (SCEDRLF) a HUD funded grant; and
WHEREAS, many of the current County Revolving Loan Fund loan recipients are also recipients of reciprocal Sullivan County Industrial Development Agency (IDA) and/or Sullivan County Funding Corporation loans (SCFC); and
WHEREAS, IDA and SCFC have established infrastructure, standards and protocol for the distribution of grant funds to the community; and
WHEREAS, the Commissioner of Planning & Community Development, after consultation with the County Manager and legal counsel, believes that the IDA and/or SCFC are in the best position to most efficiently loan and distribute the revolving loan funds to those in need within the Sullivan County community; and
WHEREAS, the County Manager has participated in these discussions and likewise concurs that the IDA and/or SCFC are currently better situated to most effectively administer these loans and get loans out into the Community to spur Economic Development, which is the original purpose of the Revolving Loan Fund.
WHEREAS, the Sullivan County Legislature enacted resolution 33-24 on January 25, 2024
NOW, THEREFORE, BE IT RESOLVED, that resolution 33-24 is hereby amended to state that the RBEG loan balance and existing loans be transferred to the SCFC for distribution and collection; and
BE IT FURTHER RESOLVED, that resolution 33-24 is hereby further amended to state that the Main Street Micro Enterprise loan balance and existing loans be transferred to the SCFC for distribution and collection; and
BE IT FURTHER RESOLVED, that resolution 33-24 is hereby further amended to state that the SCEDRLF loan balance and existing loans be transferred to the SCFC for distribution and collection; and
BE IT FURTHER RESOLVED, that the County Manager is authorized to execute all documents necessary to effectuate a smooth transition of the administration of the aforementioned loans to the SCFC, in such form to be approved by the County Attorney.
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