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Subject: Communication from the Racine County Economic Development Corporation (RCEDC) requesting semi-annual plan certifications for the period ending March 31, 2015 for the City Revolving Loan Fund (City-RLF) and Administrative Fees associated with administering the City RLF. (Res No. 15-0313)
Recommendation of the Finance & Personnel Committee on 8-10-15: That the City certify for the semi-annual reporting period ending March 31, 2015: the City-Revolving Loan Fund (City-RLF) Plan is consistent with and supportive of the area's current economic and adjustment strategy; and the City-RLF is being operated in accordance with the policies and procedures contained in the City-RLF Plan and the loan portfolio meets the standards contained therein. Also approve to use up to 100% of interest earned from monthly RLF loan repayments to reimburse RCEDC for actual administrative costs incurred.
Fiscal Note: No impact to city budget or funds. RLF will have a reduced amount of money to re-circul...
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