Narrative of Resolution:
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Transfer Revolving Loan Funds to Sullivan County IDA
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RESOLUTION INTRODUCED BY EXECUTIVE COMMITTEE TO TRANSFER REVOLVING LOAN FUNDS TO SULLIVAN COUNTY INDUSTRIAL DEVELOPMENT AGENCY 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 IDA loans; and
WHEREAS, Sullivan County Industrial Development Agency (IDA) has established infrastructure, standards and protocol for the distribution of grant funds to the community; and
WHEREAS, the Commissioner of Planning & Community Development, after consolation with the County Manager and legal counsel, believes that the IDA is 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 is 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.
NOW, THEREFORE, BE IT RESOLVED, that the RBEG fund balance and existing loans be transferred to the IDA for distribution and collection; and
BE IT FURTHER RESOLVED, that the Main Street Micro Enterprise fund balance and existing loans be transferred to the Sullivan County Funding Corporation for distribution and collection; and
BE IT FURTHER RESOLVED, that the SCEDRLF fund balance and existing loans be transferred to the Sullivan County Funding Corporation 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 IDA and Sullivan County Funding Corporation, in such form to be approved by the County Attorney.
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