HomeMy WebLinkAboutPR 15777: EDC/TRANSFER FUNDS FOR PT. ARTHUR EMERGENCY RELIEF LOAN PROGRAMInteroffice. .
1VIEIVI®1~ANI)UlVI
To: Mayor, City Council, City Manager
From: Floyd Batiste, CEO
Date: March 2, 2010
Subject: P. R. No: 15777; Council Meeting of March 9, 2010
Attached is P. R. No.. 15777 authorizing the City of Port .
Arthur Section 4A Economic Development Corporation to transfer
funds 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).
P. R. No. 15777
3/2/2010
RESOLUTION NO.
' _ .. ,
A RESOLUTION AUTHORIZING THE CITY OF PORT
ARTHUR SECTION 4A ECONOMIC DEV"ELOPMENT
CORPORATION TO TRANSFER FUNDS 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 the unutilized funds set aside for its Port
Arthur Emergency Relief Loan Program (the "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 City Council of Port Arthur at its regular meeting of July 28, 2009
tabled this item to allow more time for businesses to take advantage of the Program; 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.primazy 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
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 the unutilized funds 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 March, A.D., 2010, at a
Meeting of the City Council of the City of Port Arthur,~Texas, by the following vote: AYES:
Mayor
Page 2
p750799
NOES:
DELORIS "BOBBIE" PRINCE, MAYOR
ATTEST:
TERRI HANKS, CITY SECRETARY
APPROVED:
FLOYD BATISTE, PAEDC CEO
APPROVED AS ORM:
GUY N. GOODSON, PAEDC ATTORNEY
TO FORM:
r.
~\'~
VALECIA R.
APPROVED AS TO THE AVAILABILITY OF FUNDS:
y~, j
Xl~ u'l~r~~~~~~~ ,
DIRECTOR OF FINANCE
Page 3
k750799