Martin County

File #: 20-0837   
Type: Departmental Status: Passed
In control: Board of County Commissioners
On agenda: 7/28/2020 Final action: 7/28/2020
Title: REVOLVING LOAN FUND GRANT APPLICATION TO ECONOMIC DEVELOPMENT ADMINISTRATION FROM TREASURE COAST REGIONAL PLANNING COUNCIL
Attachments: 1. RLF MC matching funds request 6-19-2020.pdf

PLACEMENT: Departmental

TITLE:

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REVOLVING LOAN FUND GRANT APPLICATION TO ECONOMIC DEVELOPMENT ADMINISTRATION FROM TREASURE COAST REGIONAL PLANNING COUNCIL

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EXECUTIVE SUMMARY:

executive summary

The Treasure Coast Regional Planning Council is requesting that the County contribute toward the creation of a Revolving Loan Fund for tri-county recovery from economic damage caused by the Coronavirus Pandemic.

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DEPARTMENT: Administration                     

PREPARED BY:                      Name: George M. Stokus                     

                     Title:                     Assistant County Administrator                     

REQUESTED BY:                                                

 

PRESET:     

PROCEDURES: None                     

 

BACKGROUND/RELATED STRATEGIC GOAL:

 

The Treasure Coast Regional Planning Council (TCRPC) is an applicant for a competitive Economic Development Administration (EDA) grant. This is a funding opportunity to create a Revolving Loan Fund (RLF) to assist small and medium size businesses in recovery from economic damage caused by the Coronavirus Pandemic.

 

The TCRPC is seeking to create an RLF with a value of $1,000,000 with an additional $40,000 for administrative expenses. This will be a tri-county RLF shared by Indian River, St. Lucie and Martin Counties. TCRPC does not currently operate an RLF and proposes working with the South Florida Regional Planning Council to operate this RLF. Based upon the respective population sizes TCRPC is requesting $52,000 from Martin County as non-federal match for the RLF.  A more in-depth description of this program can be found in the attachments.

 

ISSUES:

 

None

 

LEGAL SUFFICIENCY REVIEW:

 

To the extent this item contains legal issues, it has been reviewed for legal sufficiency; although this is primarily a matter of Board policy.

 

RECOMMENDED ACTION:

 

RECOMMENDATION

If the Board wishes to proceed with an RLF staff recommends:

Move that the Board approve participation in the RLF and provide the requested contribution to the RLF.

 

ALTERNATIVE RECOMMENDATIONS

Direct staff with further instructions.

 

FISCAL IMPACT:

 

RECOMMENDATION

If the Board wishes to proceed with an RLF, staff recommends the requested contribution be paid from the Economic Trust Fund.

                     

Funding Source

County Funds

Non-County Funds

Economic Trust Fund

$52,000

 

 

 

 

 

 

 

Subtotal

 

 

Project Total

 


ALTERNATIVE RECOMMENDATIONS

None

 

DOCUMENT(S) REQUIRING ACTION:

Budget Transfer / Amendment                      Chair Letter                                                               Contract / Agreement

Grant / Application                                          Notice          Ordinance                     Resolution

Other:     

This document may be reproduced upon request in an alternative format by contacting the County ADA Coordinator (772) 320-3131, the County Administration Office (772) 288-5400, Florida Relay 711, or by completing our accessibility feedback form at www.martin.fl.us/accessibility-feedback <http://www.martin.fl.us/accessibility-feedback>.