HomeMy WebLinkAboutR33-Economic Development Agency
ECONOMIC DEVELOPMENT AGENCY
OF THE CITY OF SAN BERNARDINO
FROM:
'Maggie Pacheco, Deputy DirectorlDirector
Housing and Conununity Development
SUBJECT:
COMMUNITY INVESTMENT
CORPORATION (CIC)-MICRO
BUSINESS LOAN PROGRAM
DATE:
November 8, 2001
IIn'D 11"'" ' . :."
Ullllil.iJwt. ",.w-MIL.
Synopsis of Previous Commission/Council/Committee Action(s):
On October 18, 2001, the Redevelopment Committee reconunended that this item be forwarded to the Mayor and
Conunon Council without a reconunendation because of potential conflicts by respective Redevelopment Committee
members.
Recommended Motion(s):
(Mavor and Common Council)
MOTION:
RESOLUTION OF THE MAYOR AND COMMON COUNCIL APPROVING AND AUTHORIZING
EXECUTION OF AMENDMENT NO, I TO THE OCTOBER 18, 1999 COMMUNITY
DEVELOPMENT BLOCK GRANT AGREEMENT ('CDBG') BETWEEN THE CITY OF SAN
BERNARDINO AND COMMUNITY INVESTMENT CORPORATION (CIC)
Contact Person(s): Gary Van OsdellMaggie Pacheco
Phone:
663-1044
1-7
Project Area(s) All
Ward(s):
Supporting Data Attached: 0 Staff Report 0 Resolution(s) 0 Agreement(s)/Contract(s) 0 Map(s) 0 LetterlMemo
FUNDING REQUIREMENTS Amount: $ 101,349
Source:
CDBG
~)y? (]~
Maggie Pacheco. Deputy DirectorlDirector
Housing and Conununity Development
--c~;n;;;iss-i~DJC~uncii-N~te~;--------------------------------------------------------.--.--------------------------------------------.------------,--,----------------------
SIGNATURE:
1999-2001 Budget
Rr-so.f} '2<C<'>/- 3-S,+
GVO:MP:lag:ll-05-01 CIC
COMMISSION MEETING AGENDA
Meeting Date: 11/19/2001
Agenda Item Number:
f(~
ECONOMIC DEVELOPMENT AGENCY
STAFF REPORT
Amendment No.1 To The Al!reement Between The City Of San Bernardino And
Community Investment Corporation (CIC)-Micro Business Loan Prol!ram
BACKGROUND
The Community rnvestment Corporation (Cre) is a non-profit organization, established in 1994,
for the purpose of promoting business expansion and new job opportunities for small businesses.
Under the existing 1999 Agreement between the City and crc, crc administers a Micro
Business Loan Program funded by community development block grant funds (CDBG) (the
"Program") which includes providing loans, mentoring, coaching and counseling to City of San
Bernardino small businesses.
The original contract amount for the Program was $250,000. Per the original Agreement, these
funds were budgeted as follow: $37,500 for program administration; $25,000 for mentoring and
coaching of small businesses; and the $187,500 for a revolving loan fund to small businesses.
The loan program is intended to assist new or existing for profit businesses with five or fewer
employees. At least 51 % of the jobs created or retained, must be made available to
low/moderate income persons who meet the HUD low/moderate income guidelines; businesses
can apply for loans of up to $25,000 at a fixed 10% rate, with a seven (7) year term, These loans
can be used for: working capital, equipment and capital improvements. crc determines
eligibility of applicants through its own underwriting criteria. Loans range from unsecured,
partially secured, to fully secured and are made depending on the credit worthiness of the
applicant. crc spends a tremendous amount of time and effort in helping businesses prepare
fiscal and business plans, counseling and mentoring. crc has their own board that reviews and
approves all loans funded by crc. Once the loan is approved, crc has the responsibility of
preparing all loan documents, ensuring execution and recordation, collection of loan payments,
and setting up revolving loan accounts.
CURRENT ISSUE
To date, crc has had an overwhelming interest in the program and has mentored and coached
sixty-four (64) small businesses thereby exhausting all funds allocated for administration,
mentoring and coaching of $62,500. In fact, given the amount of time and counseling that each
business or prospective business requires, crc has quantified the amount of staffing necessary to
counsel the City's business community at approximately $159,000. Out of the 64 businesses
assisted, five (5) businesses were approved for a micro loan, expending $86,151 of the $187,500
loan line item. Their loan efforts have assisted and resulted in twenty-three (23) jobs created and
GYO:MP:lag:ll-05-01 CIC
COMMISSION MEETING AGENDA
Meeting Date: 11/19/2001
Agenda Item Number: 1133
Economic Development Agency Staff Report
CIC-Amendment No.1
October 22,2001
Page Number -2-
retained for our community. A list of the businesses that benefited from CIC's services and the
loan program is attached. The attached report also shows that CIC has responded to over 102
inquires from individuals searching for assistance to either start a business, expand or leam to
prepare themselves fiscally for business opportunity.
Due to the overwhelming mentoring, coaching and counseling that is required by CIC for the
implementation of the Micro Business Loan Program, CIC is requesting the transfer of the
remaining $101,349 from the Loan Item to help CIC fund their expenses for mentoring,
coaching, service delivery and administration of the Program. In exchange for approving the
transfer request, CIC has been successful in securing $900,000 in private funds, through its
partnerships with Community Development Financial Institutions and has agreed to provide a
minimum of $200,000 of these loan funds to San Bernardino businesses. The reason for this
request is because counseling small businesses requires extensive amounts of time from CIC and
CIC is unable to use their private loan funds to pay for administration. The private loan funds
can only be used for loans to small businesses.
ENVIRONMENTAL
The requested action is "exempt" under the National Environmental Policy Act (NEPA)
guidelines.
FISCAL IMPACT
There will be no additional fiscal impact on the CDBG Program, as the $101,349 will be
transferring funds from one line item to another. $101,349 will be transferred to line item:
mentoring, coaching and service delivery.
RECOMMENDATION
That the Mayor and Common Council adopt the attached Resolution.
J:l2 P(2~~IDIRct"
Housing and Community Development
GVO:MP:lag:ll-05-01 ere
COMMISSION MEETING AGENDA
Meeting Date: 11/19/2001
Agenda Item Number: /(?J
"..
Community Investment Corporation
4250 Brockton Avenue, Suite 100
Riverside, CA 92501
(909) 786.1370 FAX (909) 786.0050
October 2, 2001
Maggie Pacheco, Director
Housing and Community Development
City of San Bemardino Economic Development Agency
201 North E. Street, Suite 301
San Bernardino, CA 92401
Dear Ms. Pacheco:
The City of San Bernardino, hereinafter referred to as "City," entered into an Agreement on
October 11, 1999 Economic Development Micro Business Loan Program CDBG Sub-Recipient
Agreement, hereinafter referred to as "Program," with Community Investment Corporation,
hereinafter referred to as "CIC". Funding was approvedfor CIC to operate a micro loan program.
Operations entailed making micro loans to business concerns who meet the program criteria;
creating or retainingjobs where 51% of which would befilled by low to moderate income persons;
provide mentoring and coaching, i,e" business technical assistance; and marketing the program,
and fielding inquiries. Initial funding was allocated in the following manner:
"
537,500
$25,000
$187,500
Activity Delivery to be billed over twelve months @ 53.125.
Mentoring and Coaching to be billed over twelve months @ $2,038.33
Micro Loans
Request For Contract Amendment
The annual amount allocatedfor activity delivery and mentoring and coaching has been expended.
Of the $187,500 allocatedfor micro loans, $85,000 has been expended by CIC to fund requests
leaving $102,500, Community Investment Corporation requests that the remaining funds be
reallocated in the following manner:
1
$61,500
$41,000
Business Mentoring and Coaching - November 2001 through October 2002
Activity Delivery - November 2001 through October 2002
The City will benefit from approving this amendment by gaining greater access to loanfimdsfor
micro business. This amendment will allow CIC to maximize its ability to leverage funds on behalf
of the City and to fimnel them into the community assisting economic development, As a Community
Development Financial Institution (CDFI), acting in its capacity as a financial intermediary,
alternative sources will channel micro loanfimds through CIC concurrently with the community's
funds for CIC to perform the activities necessary to deliver a comprehensive micro loan program,
including individual entrepreneurial mentoring and coaching.
CIC
Community Lending Specialists
..-
Maggie Pacheco
October 2,2001
Page Two of Four
Cu"ently, the City has $102,500 available for micro loans. These funding sources have made
available to CIC a minimum of $200,000 for loan capital, which can be used in the City. Their
expectation is that the local community will provide funds to CIC to operate the program, To date,
CIC has raised approximately $900, 000 for micro loans. Based on cu"ent loan capital raised, the
City could leverage its $102,500 minimally at a rate of 4: 1. Further, CIC is on track to raise twice
this amount over the next two years.
CIC Funding Participation
Community Investment Corporation financially contributed to delivering the program by making
up the difference for the actual amount that it cost to operate the program for the first year under
the contract, It cost approximately $83,000 to deliver the program compared to the estimated
$62,500. The difference of$20, 496 was paid by CIC from the resources that it raisedfrom private
sources, Further, CIC carried the cost of operating the program for an additional nine months at
$76,076, which it paidfrom the private funds it raised. The City has received a total of$96,572 in
direct funding support from CIC to operate the program over the past twenty one months,
Additionally, CIC provided $20,000 of its own loan capital. The funds CIC has provided for
program operations and loans totals $116,572. This is compared to the $151,500 expended by the
City for the program.
The program cost to operate reached $83, 000 the first year, The increase in cost compared to the
projection was due to the increased staffing level required to deliver the program. The activity
generated by the marketing activities produced a higher level of inquires than anticipated. The
inquires were very labor intensive because the referral sources were getting a feel for what would
work with the program. Also, the increased volume coupled with the severely remedial micro
entrepreneurs seriously impacted CIC's resources.
Community Investment Corporation out sourced the drawing of its loan documents, loanjimdings,
booking, boarding, billing, collecting and servicing of its loans to Bank of America. The cost of
doing this was traditionally borne by the borrower through the payment of 10 an fees at closing. Bank
of America ceased to service all community development loan programs, This necessitated CIC to
develop the internal capability to perform all of the tasks once done by Bank of America, The
increase in the complexity and volume of activity in CIC 's fiscal area produced the need to create
and to fill fiscal related positions. This was not foreseen nor budgeted. Also, San Bernardino does
not allow CIC to collect loan fees at closing from borrowers. These fees were included in the
revenue projections.
Leverage
The cu"ent agreement, which we are requesting to be amended, was developed based on the
assumption that no private loan capital would come available during the early stage of the program.
,,-
Maggie Pacheco
October 2,2001
Page Three of Four
In addition, staff requested CIC to recommend a level of fimding sufficient to deliver the program
to meet the growing micro business activity in San Bernardino. A short and long range strategy to
make the program available at the projected level has been devised In the near term, the City would
make $102,500 available for mentoring, coaching and activity delivery from November 2001 to
October 2002 at a rate of$8, 642 per month (twelve months).
Further, CIC will use the City's resources to leverage more fimds for the program. This will be done
by recruiting a combination of private and other public sources. Participants have committed and
others who are considering making a commitment, have expressed willingness to make funds
available for loan capital, but are reluctant to fund operations. These participants also want
mentoring and coaching to be provided This necessitates the City to fund mentoring, coaching and
related program delivery. The City could do this by reallocating the remaining micro loan funds
amilable under the current contract, thus leveraging its funds to obtain access to greater amounts
of loan capital.
Projected Program Expenditures at Desired Program Level
11/01 -10/02
12 Mos
Program Cost
Mentoring, Coaching
& Activity Delivery
$155,000
($12,917per Mo)
San Bernardino
Request (minimum)
$102,500
($8,542 per Mo)
CIC Contribution
Mentoring & Coaching
& Activity Delivery
$ 52,500
Leverage 2.46: 1
CIC Contribution
Loan Capital
$200,000
CIC's funders and others considering participating, expect the program to be delivered in its
entirety. They view a micro loan program as having the ability to provide mentoring and coaching
for entrepreneurs throughout the cycle of the conception of their idea to the realization of a
profitable business to the graduation to conventionalfinancing. These sources, i.e., private lenders,
CDFI Fund, and the SBA, consider themselves partners with the City and CIC.
In exchange for their participation by making loan capital available for thc riskicst busincss
borrowers, they expect the City to fund CIC to deliver an integrated loan program. Mentoring and
coaching. pre and post loan, is critical for micro entrepreneurs to bridge the gap to reach
mainstreamfinancial quality. Further, intense, one on one mentoring and coaching is the tactic that
"...
Maggie Pacheco
October 2,2001
Page Four of Four
is needed to obtain desired repayment, Without this approach, participating parties are reluctant
to make loan capital available.
The partnership between the City and C1C was forged in 1999. The purpose was to provide non
corrventional sources of capital to businesses that wanted to form or expand in the City.
Participating with C1C would also enable the City to bring outside resources to its business
community such as the CDF1 Fund Program. San Bernardino would benefit from having a CDFI
as a compliment to its economic development tools.
In summary, CIC was incorporated in 1994, obtained jimding and hired its first director in 1995,
began providing mentoring and coaching and making micro loans in 1996. Certification as a CDFI
was obtained in March, 1998. Began delivering its program in San Bernardino in late 1999.
Economic Impact
"
In 2000, CIC funded the first loan, under its first contract with the City. In one year CIC has made
5 loans totaling $109,485, estimated to create 23 jobs. The City of San Bernardino positively
affected these jobs at a cost to create of$3, 891 per job. Mentoring and coaching of over 80 local
entrepreneurs was performed at an average rate of$781 per client. The City leveraged its $62,500
for the mentoring and coaching aspect of the program at a rate of 2.66: 1 by generating $166,000
in economic impact.
The program has grown and is at that juncture. Sources are willing to provide loan capital at an
amount greater than the $102,500. Amending the current contract will produce the funds needed
to leverage these new resources. Amendment to the above referenced Agreement for Economic
Development Micro Business Loan Program CDBG Sub-Recipient Agreement dated October II,
1999, is respectjitlly requested Please contact me in order for us to proceed (909) 786-1370.
Respectfully Submitted,
4tc-~
Pat Watson
Executive Director
c: Musibau Arogundade
Colin Strange
Accompaniments: Allocated Expensesfor 2000-2001
Proposed Expenses for 2001-2002
Sources of Leveraged Funds
'::>:1".1.1(1-2001 10:01 FFOi'1:
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vVllllllUlllLY IIIVC;:)LIIICIIL vVljJV'ClLlVl1
City of San Berliardino
Micro Enterprise Loan Program
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Loans Funded
Business Tvpe Date Originated Loan Number Amount Funded Jobs Location
Restaurant 9/14/00 33 $15,750,00 5 San Bernardino
Nanny Service 01/31/01 37 $26.259,00 2 San Bernardino
Restaurant 01/31/01 38 $26,150,00 13 San Bernardino
Restaurant 5/31/01 41 $20.925 . San Bernardino
Restaurant 8/9/01 44 I $20,405 3 San Bernardino
Total 5 I $109,489.00 23
Pipeline: Applications in Process
# Business Type Jobs Created/ Retained Amount
1 Auto Repair 6 $25,000
2 Skateboard Shop 1 $20,000
3 Auto Wreckino 8 $25,000
4 Restaurant 4 $18.000
Total 19 $88.000.00
Icro- oan rOlec Ion UIV , - une ,
Projected No. of Loans Projeeted Loan Amount Job "Mentoring and Coaching Inquiries Referrals
Creation/Retention
10 $220,000.00 46 70 102 41
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f J I 01 2001 J
30 2002
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RESOLUTION NO.
RESOLUTION OF THE MAYOR AND COMMON COUNCIL
APPROVING AND AUTHORIZING EXECUTION OF THE
AMENDMENT NO.1 TO THE OCTOBER 18, 1999 COMMUNITY
DEVELOPMENT BLOCK GRANT ("CDBG") AGREEMENT BETWEEN
THE CITY OF SAN BERNARDINO AND COMMUNITY INVESTMENT
CORPORATION (CIC)
WHEREAS, the Mayor and Common Council on October 18, 1999, approved
Community Development Block Grant ("CDBG") Agreement by and between the City of S
Bernardino (the "City") and Community Investment Corporation ("CIC") (the "Agreement") fo
the purpose of developing a loan program entailing counseling, mentoring and coaching by CI
with the objective of promoting business expansion, new job opportunities and business retentio
for City of San Bernardino small businesses (the "Program"); and
Whereas, the Mayor and Common Council have delegated the implementation an
administration responsibilities of the CDBG Program to the Redevelopment Agency of the Cit
of San Bernardino (the "Agency") including overseeing the administration of the CDB
Contract between the City and CIe.
WHEREAS, pursuant to the Agreement and the Program Budget, the Mayor an
Common Council allocated $250,000 for the Program as follows: $62,500 for mentoring
coaching. counseling and administration (the "Administration Line Item") and $187,500 t
provide small business loans (the "Loan Line Item") and the parties desire to amend (th
"Amendment No. I ") the Agreement to transfer funds from the Loan Line Item to th
Administration Line Item in exchange for CIC providing working capital for the City Program.
23
NOW, THEREFORE, THE MAYOR AND COMMON COUNCIL OF THE CITY 0
SAN BERNARDINO DOES HEREBY RESOLVE, DETERMINE AND ORDER AS
FOLLOWS:
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SECTION 1. The Mayor and Common Council hereby approve the transferring 0
$102,500 from the Loan Line Item to the Administration Line Item as stated in the Amendmen
No.1 attached hereto and incorporated herein by reference,
SECTION 2. The Executive Director of the Agency, or his or her designee ~the "Agency
Director") is directed to insure execution of the Amendment No.1 and is hereby authorized and
charged with the administration and implementation of the Agreement and the Amendment No. I
7 on behalfofthe City.
8 SECTION 3. The Agency Director is hereby authorized to make changes, clarifications,
9 interpretations to the Agreement, provided said changes are agreed to by Agency Counsel and
10 are not substantive in nature and do not increase the financial contribution of the City pursuant to
11 the Agreement and Amendment No. I.
SECTION 4. This Resolution shall become effective immediately upon its adoption.
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RESOLUTION OF THE MAYOR AND COMMON COUNCIL APPROVING AND
AUTHORIZING EXECUTION OF THE AMENDMENT NO. I TO THE OCTOBER 18,
1999 COMMUNITY DEVELOPMENT BLOCK GRANT ("CDBG") AGREEMENT
BETWEEN THE CITY OF SAN BERNARDINO AND COMMUNITY INVESTMENT
CORPORATION (CIC)
I HEREBY CERTIFY that the foregoing Resolution was duly adopted by the Mayor an
Common Council of the City of San Bernardino at a meeting thereof, hel
on the day of ,2001, by the following vote to wit:
Council Members:
Aves
Navs
ESTRADA
LIEN
MCGINNIS
SCHNETZ
SUAREZ
ANDERSON
MC CAMMACK
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16 The foregoing resolution is hereby approved this
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19 Approved as to form and Legal Content:
20 By: L? f~
21 lj'ity Attorney
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Abstain
Absent
Rachel G. Clark, City Clerk
day of
,2001.
Judith Valles, Mayor,
City of San Bernardino
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AMENDMENT NO.1 TO THE COMMUNITY DEVELOPMNT BLOCK GRANT
(CDBG) AGREEMENT DATED OCTOBER 18,1999 BETWEEN THE CITY OF SAN
BERNARDINO AND COMMUNITY INVESTMENT CORPORATION (CIC)-
MICRO BUSINESS LOAN PROGRAM
THIS AMENDMENT NO.1 ("Amendment No, 1") dated as of this 19TH day of
November 2001, to the Agreement, dated October 18, 1999, (the "Agreement"), by and between
the City of San Bernardino, a Municipal Corporation ("City"), and Community Investment
Corporation, a California non-profit corporation, ("CIC") in view of the facts set forth in the
8
following Recitals;
9
RECITALS
10
WHEREAS, the City and crc have previously entered into the Agreement for the
11
purpose of developing and implementing a loan program entailing counseling, mentoring and
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coaching by crc with the objective of promoting business expansion, new job opportunities and
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business retention for City of San Bernardino small businesses (the "Micro Business Loan
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Program") as more specifically described in the Agreement; and;
15
WHEREAS, the Mayor and Common Council have delegated the implementation and
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administration responsibilities of the CDBG Program to the Redevelopment Agency of the City
17
of San Bernardino (the "Agency") including overseeing the administration of the CDBG
Contract between the City and crc; and
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WHEREAS, the City and crc desire to amend Sections 1,4,5 and 12 of the Agreement
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in order to transfer funds from the Loan Line Item in the remaining amount of $101,349 to the
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Administration Line Item in exchange for crc contributing not less than $200,000 from their
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own resources to make loans to San Bernardino small businesses pursuant to the Agreement and
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pursuant to Section 3 of this Amendment No. 1. All other provisions of the Agreement shall
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remain unchanged and in full force and effect.
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P:\Fonns\Housing Forms\Housing Misc\CIC Amend I.doc
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NOW, THEREFORE, IN CONSIDERATION OF THE MUTUAL COVENANTS
.--. 2 HEREIN SET FORTH AND THE MUTUAL BENEFITS TO BE DERIVED THEREFROM,
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3 THE PARTIES HERETO AGREE AS FOLLOWS:
4 Section 1. The meaning of the words and phrases as used in this Amendment No. I
5 shall be the same as set forth in the Agreement.
6 Section 2. CIC and the City mutually acknowledge and agree that as of the date of
7 approval of this Amendment No. I, no default exists under the Agreement, nor is either party
8 aware of any fact, with the giving of notice and the passage of time, would constitute a default
9 under the Agreement.
10 Section 3. Amendment No. I shall modify Section I (Award of Funds) of the
11 Agreement as follows: 1- Award of City Funds/CIC, Business Loan
12 CommitmenURepavment of Business Loans:
13 The original 1999 Award of Funds in the amount of $250,000 shall be used to operate City's
14 Micro Business Loan Program, principally as follows:
15 $163,849 ($62,500 of this $163,849 has already been expended pursuant to the
16 Agreement) shall be used for mentoring, coaching, counseling to small businesses or borrowers,
17 administration and loan portfolio servicing and management (the "Administration Line
18 Item"). The City shall use the Administration Line Item to pay crc monthly for their services
19 performed under the Agreement and Amendment No. I commencing on October 18, 1999 to
20 October 30, 2002.
$86,151 has been used for loans to small businesses (the "1st Revolving Loan Line
Item") in accordance with Exhibit I of the Agreement.
CIC agrees to contribute not less than $200,000 (the "2nd Revolving Loan Line Item")
of their own resources to loan to San Bernardino small businesses in accordance with Exhibit I
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of the Agreement in return for the City increasing the amount of funds in the Administration
2 Line rtem,
3 In totality, crc will use both the I" Revolving Loan Line Item and the 2nd Revolving
4 Loan Line Item amounts of not less than $286,151 to make Business Loans during the Term of
5 this Agr~ement (the "Business Loan"). As crc collects the Business Loan repayments of not
6 less than $286,151, crc shall continue to loan said funds to qualifying San Bernardino
7 businesses pursuant to the Agreement. A complete full cycle of the Business Loans shall occur
8 when the 1" Revolving Loan Line Item and 2nd Revolving Loan Line Item of not less than
9 $286,151 has been fully loaned and fully repaid.
10 Section 5. Term of Agreement, Section 4, of the Agreement shall be modified as
11 follows: The Term of the Al!reement shall begin upon the date of execution of the original
12 Agreement, or commencing October 18, 1999 and continue thereafter for one full cycle of the
13 Business Loan fund of not less than $286,151, or' for a period of seven (7) years, whichever
14 occurs first.
Section 6.
Section 5, Payment of Funds, paragraph 1 and items a-c shall be removed
in its entirety and modified as follows: Payment of CDBG funds to crc for operations and
loans pursuant to the Agreement and Amendment No. 1 will be carried out as a budgeted
expense not to exceed the amount of $250,000 awarded by the City pursuant to this Agreement.
Payments will be made by City as follows: (1) $86,151 has been disbursed by City to crc for
Micro Business Loans; and (2) $101,349 out of$163,849 ($62,500 has been disbursed) will be
used by the City to pay crc for mentoring, coaching assistance to inquirers, applicants and
borrowers, administration services, loan servicing and loan collection and management in
accordance with Exhibit I, Scope of Services. Section d through g of Section 5, shall become
Section a thru d. Section d (iv) shall be modified as follows: "crc shall establish a Special and
Separate Bank Account and shall deposit all funds received by crc from City in that account,
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I including the 2nd Revolving Loan Line Item amount being provided by crc pursuant to Section 3
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2 of this Amendment No. I. Section d (v) shall be modified as follows: crc shall maintain said
3 Special and Separate Bank Account in such a manner as to permit the tracking of all funds received
4 by crc from City and the 2nd Revolving Loan Line Item to their final disbursement or expenditure
5 and to permit the submittal of such reports as may be required by City concerning such funds.
6 Records shall be maintained to show the distribution of all funds referenced in Section 3 of this
7 Amendment No. I, Section d (vi) shall remain unchanged.
8 Section 7: Section 12, Amendments or Variations, of the Agreement shall be modified to
9 read as follows: No part of the Agreement or Amendment No. I shall be modified, altered, amended,
10 waived or changed without the express written consent of all parties. Notwithstanding, the
II Executive Director of the Agency, shall be authorized to make non-substantive changes,
12 clarifications, corrections to the Agreement and this Amendment No. I, including budget line item
13 adjustments, provided such actions or changes are agreed to by agency counsel and do not increase
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15 Section 8: This Amendment No. I shall take effect following its approval by the Mayor and
16 Common Council.
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IN WITNESS WHEREOF, the parties have caused this Amendment No. I to the
Agreement to be executed as of the day and year first written above.
ATTEST:
10
11 Rachel Clark, City Clerk
12 APPROVED AS TO FORM AND
13 LEGAL CONTENT:
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CITY OF SAN BERNARDIN9,
A Municipal Corporation
By:
Judith Valles, Mayor
City of San Bernardino
COMMUNITY INVESTMENT CORPORATION
(CIe), A CALIFORNIA NON-PROFIT
CORPORATION
By:
P:\Forms\Housing Forms\Housing Misc\CIC Amend I.doc
Pat Watson, Executive Director
Sub-Recepient
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CITY OF SAN BERNARDINO
Interoffice Memorandum
CITY CLERK'S OFFICE
Records and Information Management (RIM) Program
DATE:
November 27, 2001
TO:
Lisa Gomez, Staff Assistant
FROM:
Michelle Taylor, Senior Secretary
RE:
Transmitting Documents for Signature - Resolution 2001-354
At the Mayor and Common Council meeting of November 19, 2001, the City of San Bernardino
adopted Resolution 2001-354 - Resolution approving and authorizing execution of Amendment
No, 1 to the October 18, 1999 Community Development Block Grant (CDBG) between the City
of San Bernardino and Community Investment Corporation (CIC),
Enclosed is one (1) original agreement. Please obtain signatures in the appropriate locations and
return the original agreement to the City Clerk's Office as soon as possible, to my attention.
If you have any questions, please do not hesitate to contact me at ext. 3206. Thank you.
Michelle Taylor
Senior Secretary
I hereby acknowledge receipt of the above mentioned documents.
Signed:
Please sign and return
Date:
CITY OF SAN BERNARDINO
Interoffice Memorandum
CITY CLERK'S OFFICE
Records and Information Management (RIM) Program
DATE:
November 30, 2001
TO:
Finance
FROM:
Michelle Taylor, Senior Secretary
RE:
Resolution 2001-354- Community Investment Corporation (CIC)
CC:
Attached is a fully executed copy of Amendment No.1 to the October 18, 1999 Community
Development Block Grant (CDBG) between the City of San Bernardino and Community
Investment Corporation (CIC). The original agreement is on file in the City Clerk's Office.
If you have any questions, please call me at ext. 3206.
.
"
** FOR OFFICE USE ONLY - NOT A PUBLIC DOCUMENT **
RESOLUTION AGENDA ITEM TRACKING FORM
Meeting Date (Date Adopted): ~ Item # l2. 33 Resolution #
Vote: Ayes ,-5, f) Nays k Abstain -G-
Change to motion to amend original documents:
2.<::0 I - 3.S If
Absent (,
Reso. # On Attachments: ~ Contract term:
-
NullNoid After: -
Note on Resolution of Attachment stored separately: -=-
Direct City Clerk to (circle 1): PUBLISH. POST. RECORD W/COUNTY
By:-
Date Sent to MaYOr:f>'r ~
Date of Mayor's Signature: ~
Date ofClerk/CDC Signature: ~
Reso, Log Updated:_.,,/'
Seal Impressed: ~
Date Memo/Letter Sent for Signature: I \ I~ 0 I
60 Day Reminder Letter Sent on 30th day:
90 Day Reminder Letter Sent on 45th day:
See Attached: / Date Returned: 1[- ~ 9 -0 \
See Attached:
See Attached:
Request for Council Action & Staff Report Attached: Yes L
Updated Prior Resolutions (Other Than Below): Yes
Updated CITY Personnel Folders (6413, 6429, 6433,10584,10585,12634): Yes
Updated CDC Personnel Folders (5557): Yes
Updated Traffic Folders (3985, 8234, 655, 92-389): Yes
No By
No / By
No -.L By
No Y By
No/ B
Copies Distributed to:
City Attorney /
Parks & Rec,
Code Compliance
Dev. Services
EDA /'
Finance ./
MIS
Police
Public Services
Water
Olhers:
Notes:
BEFORE FILING. REVIEW FORM TO ENSURE ANY NOTATIONS MADE HERE ARE TRANSFERRED TO THE
YEARLY RESOLUTION CHRONOLOGICAL LOG FOR FUTURE REFERENCE (Contract Term. etc.)
Ready to File: nrr
Date: 11- 8Cl-01
Revised 01/12/01