ACTION REQUESTED:
Title
Communication from the City Manager and the Assistant City Manager with a Request to APPROVE a RESOLUTION for the Defederalization of the City of Peoria REVOLVING LOAN FUND (Award No. 06-39-02255).
Body
BACKGROUND:
Reinvigorating Lending for the Future Act (the Act) authorizes EDA to release its federal interest in certain Revolving Loan Fund (RLF) awards that have operated satisfactorily for seven years beyond disbursement of grant funds. By authorizing EDA to release its federal interest in certain
RLF awards, the Act will reduce RLF the City’s administrative burden and allow RLF award funds to be used for broader economic development purposes.
FINANCIAL IMPACT: The Revolving Loan Fund balance is $207,000.00 as of last reporting. The RFL has approved 49 loans over the life of the fund, with five are active loans totaling $1,250,000 disbursed funds.
NEIGHBORHOOD CONCERNS: N/A
IMPACT IF APPROVED: N/A
IMPACT IF DENIED: Status Quo of reporting to EDA
ALTERNATIVES:
EEO CERTIFICATION NUMBER:
WHICH OF THE GOALS IDENTIFIED IN THE COUNCIL’S 2017 - 2032 STRATEGIC PLAN DOES THIS RECOMMENDATION ADVANCE?
1. Grow Peoria
2. Financially Sound City
3. Choose an item.
WHICH CRITICAL SUCCESS FACTOR(S) FROM THE COMPREHENSIVE PLAN DOES THIS RECOMMENDATION IMPLEMENT?
1. Grow employers and jobs.
2. Have an efficient government.
3. Choose an item.
DEPARTMENT: City Manager's Office