Ricine Banner
File #: 15-00687    Version: A Name: Semi-annual plan certification Mar. 31, 2015 (Res No. 15-0313)
Type: Communication Status: Passed
File created: 7/23/2015 In control: Finance and Personnel Committee
On agenda: Final action: 8/18/2015
Title: 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...
Attachments: 1. Communication to Mayor and CC- March Certs, 2. RCEDC Memo to City Council regarding RLF interest, 3. Amended RLF Plan Certification March 2015 City
Related files: Res.15-0313

Title

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-circulate.