HomeMy WebLinkAboutPR 15364: FUNDS TRANSFER FOR PORT ARTHUR EMERGENCY RELIEF FUNDinteroffice
MEMORANDUM
To: Mayor, City Council, City Manager
From: Floyd Batiste, CEO
Date: July 24, 2009
Subject: P. R. No. 15364; Council Meeting of July 28, 2009
Attached is
funds set aside
Program to assist
natural disaster
Arthur Fund).
P. R. No. 15364 authorizing the transfer of
for the Port Arthur Emergency Relief Loan
small credit challenged businesses affected by
to the City Revolving Loan Fund (The Grow Port
z.pr15364 memo
P. R. No. 15364
07-24-09 fb/mts
RESOLUTION NO.
A RESOLUTION AUTHORIZING THE CITY OF PORT
ARTHUR SECTION 4A ECONOMIC DEVELOPMENT
CORPORATION TO TRANSFER FUNDS ($100,000) SET
ASIDE FOR THE PORT ARTHUR EMERGENCY RELIEF
LOAN PROGRAM TO ASSIST SMALL CREDIT
CHALLENGED BUSINESSES AFFECTED BY NATURAL
DISASTER TO THE CITY REVOLVING LOAN FUND
(THE GROW PORT ARTHUR FUND)
WHEREAS, the City of Port Arthur Section 4A Economic Development Corporation
(the "PAEDC") Board of Directors desire to transfer funds ($100,000) set aside for its Port
Arthur Emergency Relief Loan Program to assist small credit challenged businesses affected by
Hurricane IKE, to the City of Port Arthur Revolving Loan Funds (the Grow Port Arthur Fund)
administered with the assistance of the National Development Council; and
WHEREAS, the PAEDC Board of Directors desire to continue its investment fund for
small business financing through the Grow America Fund (GAF) -Grow Port Arthur Fund
(GPAF) to achieve their goals; and
WHEREAS, GAF is recognized and certified by the U.S. Treasury Department as a
Community Development Financial Institution (CDFI) and Community Development Entity
(CDE) as a domestic corporation having a primary mission of serving or providing investment
capital for low income communities or low income persons; and
WHEREAS, GAF, a U.S. Small Business Administration ("SBA") licensed and
regulated Small Business Lending Company (SBLC) entitled to make SBA guaranteed loans to
z.pr15364
eligible small businesses in the nation's only SBLC devoted solely to economic and community
development financing; and
WHEREAS, the National Development Council, a national 501(c)(3) not-for-profit
corporation engaged in economic and community development, GAF its wholly owned
subsidiary, and the PAEDC, intend to continue its Agreement to create aself-sustaining
community investment fund for small business financing in the Port Arthur geography of
operation.
NOW THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE
CITY OF PORT ARTHUR, TEXAS:
Section 1. That the facts and opinions in the preamble are true and correct
Section 2. That the City Council authorizes the transfer of funds ($100,000) set aside
for the Port Arthur Emergency Relief Loan Program to the City Revolving Loan Fund
administered by PAEDC through the Grow Port Arthur Fund.
Section 3. That a copy of the caption of this Resolution be spread upon the Minutes of
the City Council.
READ, ADOPTED AND APPROVED on this day of July, A.D., 2009, at a
Meeting of the City Council of the City of Port Arthur, Texas, by the following vote: AYES:
Mayor
Councilmembers
NOES:
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ATTEST:
TERRI HANKS, CITY SECRETARY
APPROVED:
FLOYD BATISTE, PAEDC CEO
APPROVED AS TO FORM:
/ ~~~
MARK T. SOKOLOW, CITY ATTORNEY
DELORIS "BOBBIE" PRINCE, MAYOR
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