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RESOLUTION NO. cDc/2005-15
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RESOLUTION OF THE COMMUNITY DEVELOPMENT
COMMISSION OF THE CITY OF SAN BERNARDINO APPROVING
AND AUTHORIZING AMENDMENT NO.1 TO THE CAPITAL
GRANT PARTICIPATION AGREEMENT BY AND BETWEEN THE
REDEVELOPMENT AGENCY OF THE CITY OF SAN
BERNARDINO AND GROW AMERICA FUND, INC., FOR THE
GROW SAN BERNARDINO FUND PROGRAM
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WHEREAS, the Redevelopment Agency (the "Agency") and Grow America Fund, Inc.
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(the "GAF") are parties to that certain Capital Grant Participation Agreement dated as 0
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November 1, 1999 (the "Base Agreement"); and
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WHEREAS, the GAF originates and services certain Small Business Administratio
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loans to qualified borrowers in the City of San Bernardino which is generally described as th
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"Grow San Bernardino Fund Program"; and
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WHEREAS, Grow San Bernardino Fund have made six (6) loans to San Bernardin
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businesses since November 1999 totaling $2,791,000 retaining or creating approximately 20
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jobs for the community; and
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WHEREAS, the GAF's operation and management of the San Bernardino Fund for th
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past five (5) years has resulted in the San Bernardino business community receiving significan
benefits in the form of capital which has allowed new ventures to be established and th
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expansion of existing businesses; and
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WHEREAS, the Agency and the GAF wish to amend the Base Agreement for th
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principal purpose of extending the time period covered thereby for another five (5) years endin
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July 1, 2010 and modify the Administrative Fee.
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NOW, THEREFORE, THE COMMUNITY DEVEWPMENT COMMISSION OF THE
CITY OF SAN BERNARDINO DOES HEREBY RESOLVE, DETERMINE, AND ORDER, AS
FOLLOWS:
Section 1. The Commission herby acknowledges receipt of the Agency Staff report dated
April 18, 2005, which describes the relevant features of the Grow San Bernardino Fund Loan Program.
Section 2. The Commission hereby approves Amendment No. 1 to the Capital Grant
Participation Agreement by and between Grow America Fund and the Redevelopment Agency
of the City of San Bernardino in the form as presented at this meeting. The Chairperson of the
Community Development Commission is hereby authorized and directed to execute
Amendment No. 1 to the Capital Grant Participation Agreement on behalf of the Agency,
together with such technical and conforming changes as may be recommended by the Executive
Director in consultation with the Agency Counsel. The effective date of the Amendment shall
be set forth in Section 2 of the Amendment thereof.
The Resolution shall become effective immediately upon its adoption.
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Section 3.
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RESOLUTION OF THE COMMUNITY DEVELOPMENT
COMMISSION RESOLUTION OF THE COMMUNITY
DEVELOPMENT COMMISSION OF THE CITY OF SAN
BERNARDINO APPROVING AND AUTHORIZING AMENDMENT
NO.1 TO THE CAPITAL GRANT PARTICIPATION AGREEMENT
BY AND BETWEEN THE REDEVELOPMENT AGENCY OF THE
CITY OF SAN BERNARDINO AND GROW AMERICA FUND, INC.,
FOR THE GROW SAN BERNARDINO FUND PROGRAM
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I HEREBY CERTIFY that the foregoing Resolution was duly adopted by the
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Community Development Commission of the City of San Bernardino at a regular meeting
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thereof, held on the 18th day of April
, 2005, by the following vote to wit:
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Commission Members: Aves Nays Abstain Absent
ESTRADA x
LONGVILLE x
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MCGINNIS x
DERRY ~
KELLEY x
JOHNSON x
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The foregoing resolution is hereby approved this ;;.,oli. day of April
,2005.
MC CAMMACK
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Ju9it alles, Chairperson
Cf>n unity Development Commission
~ft e City of San Bernardino
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Approved as to form and Leg~o~Lt:
By' ~IL~
Agency unsel
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AMENDMENT NO.1 TO THE
CAPITAL GRANT PARTICIPATION AGREEMENT
THIS AMENDMENT NO. 1 TO THE CAPITAL GRANT PARTICIPATION
AGREEMENT (this "Agreement") is made as of April~, 2005, by and between the
Redevelopment Agency of the City of San Bernardino, a body corporate and politic (the
"Agency") and Grow America Fund, Inc., a Delaware non-profit corporation ("GAF")
WHEREAS, the Agency and GAF are parties to that certain Capital Grant Participation
Agreement dated as of November 1, 1999 (the "Base Agreement"); and
WHEREAS, the Agency and GAF wish to amend the Base Agreement for the principal
purpose of extending the time period covered thereby and to increase the administrative fee per
Section 3(B) hereof.
NOW, THEREFORE, in consideration of the premises and for other good and valuable
consideration, the receipt and legal sufficiency of which are hereby acknowledged, the parties
hereto agree as follows:
1. Terms. Capitalized terms defined in the Base Agreement and not otherwise defined
herein, shall have the meanings given to them in the Base Agreement.
2. Effective Date. This Agreement and the changes to terms of the Base Agreement
described in Sections 3 and 4 hereof shall become effective as of the later of June 30, 2005, or
the date upon which all of the conditions specified in A2 of the Base Agreement have been
fulfilled or reiterated for purposes of this Agreement (the "Effective Date").
3. Amendments to Base Agreement. As of the Effective Date, the Base Agreement is
amended in the following respects:
A Restatement of Certain Dates. Each existing reference in the Base Agreement to
the year 2005 shall be revised to refer to the year 2010.
B. Section D.l.d. Notwithstanding the provisions of Section 3(A) above, Section
D.l.d of the Base Agreement is amended to replace "2%" with "3%" effective
from and after July 1, 2005.
4. Representations.
A GAF hereby reiterates and affirms its representations set forth in Section A3 of
the Base Agreement as if made as of the Effective Date. GAF hereby
acknowledges that the Agency has prior to the Effective Date made Agency
Grants aggregating $1,000,000.00.
B. The Agency hereby reiterates and affirms its representations set forth in Section
A8 of the Base Agreement as ifmade as of the Effective Date.
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. 5. General. The foregoing amendments to the Base Agreement are limited as provided
herein and do not extend to any other provisions of the Base Agreement not specified herein, or
to any other matter. The Base Agreement, which shall continue in full force and effect as
amended hereby, is hereby ratified and confirmed. This Agreement may be executed in any
number of counterparts with the same effect as if the signatures hereto were upon the same
instrument.
IN WITNESS WHEREOF, the Parties have caused this Agreement to be duly executed
as of the date first above written.
THE REDEVELOPMENT AGENCY OF
THE CITY OF SAN BERNARDINO
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APPROVED AS TO FORM:
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GROW AMERICA FUND, INC.,
( A Dela~ar~n~~r:~t corpor~ti~~)
if)l:'
Name:
Title:
Robert W. Davenport
Chairman of Grow America
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