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06/23/2020 (2)
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06/23/2020 (2)
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9/17/2020 2:07:13 PM
Creation date
9/16/2020 11:37:20 AM
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Meetings
Meeting Type
BCC Regular Meeting
Document Type
Agenda Packet
Meeting Date
06/23/2020
Meeting Body
Board of County Commissioners
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more efficient and faster than trying to create our own RLF. We will work in close cooperation with <br />our county economic development partners (who you may have already heard from about this <br />application) to promote the program and identify potential borrowers. <br />In order to comply with grant requirements, a match of 20% is required (with the balance being <br />provided by the EDA), therefore $460,000 in matching funds are required with $1,840,000 coming <br />from the EDA for the overall $2.3 million RLF expansion. Considering the total population of the 3 <br />counties (620,753) and Indian River County's population (154,939), the County's share is 25%. This <br />equals $115,000. This is a one-time contribution to set up the fund, which will make loans with the <br />initial capital, and then new loans as loans are paid off. We will be contacting the other 2 counties as <br />well for their shares (St. Lucie at $230,000 and Martin at $115,000). In accord with EDA regulations, <br />all of the approximately $7,680,000 in new EDA funds will be pooled and made available for loans <br />across the expanding lending area of Monroe, Miami -Dade, Broward, Palm Beach, Martin, St. Lucie, <br />and Indian River counties. <br />In order to complete the grant application, we need a commitment letter from Indian River County <br />for the matching funds of $115,000. To be most competitive, we would like to submit the application <br />by the end of June. <br />Attached, is some additional information about the proposal and the SFRPC RLF. <br />Please contact me if I can be of any assistance. <br />Thomas Lanahan <br />Executive Director <br />Treasure Coast Regional Planning Council <br />421 SW Camden Avenue <br />Stuart, Florida 34994 <br />772-221-4060 <br />tlanahan(@tcrpc.org <br />4 <br />
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