HomeMy WebLinkAbout20073493.tiff RESOLUTION
RE: APPROVE AMENDMENT TO POLICY STATEMENT, DATED SEPTEMBER 30, 1996,
AND AUTHORIZE CHAIR TO SIGN - GREELEY/WELD ECONOMIC DEVELOPMENT
ACTION PARTNERSHIP, INC., DBA UPSTATE COLORADO ECONOMIC
DEVELOPMENT (UPSTATE)
WHEREAS, the Board of County Commissioners of Weld County, Colorado, pursuant to
Colorado statute and the Weld County Home Rule Charter, is vested with the authority of
administering the affairs of Weld County, Colorado, and
WHEREAS, the Board has been presented with an Amendment to the Policy Statement,
dated September 30, 1996, between the County of Weld, State of Colorado, by and through the
Board of County Commissioners of Weld County, and the Greeley/Weld Economic Development
Action Partnership, Inc., dba Upstate Colorado Economic Development(Upstate), to change the
reimbursement method of the policy statement to allow Upstate to be fully reimbursed for costs
incurred in administering the Weld/Larimer Revolving Loan Program, and
WHEREAS,after review,the Board deems it advisable to approve said amendment,a copy
of which is attached hereto and incorporated herein by reference.
NOW, THEREFORE, BE IT RESOLVED by the Board of County Commissioners of Weld
County, Colorado, that the Amendment to the Policy Statement, dated September 30, 1996,
between the County of Weld, State of Colorado, by and through the Board of County
Commissioners of Weld County,and the Greeley/Weld Economic Development Action Partnership,
Inc., dba Upstate Colorado Economic Development (Upstate), to change the reimbursement
method of the policy statement to allow Upstate to be fully reimbursed for costs incurred in
administering the Weld/Larimer Revolving Loan Program be, and hereby is, approved.
BE IT FURTHER RESOLVED by the Board that the Chair be, and hereby is, authorized to
sign said amendment.
2007-3493
F10045 /
RE:AMENDMENT TO POLICY STATEMENT, DATED SEPTEMBER 30, 1996-GREELEY/WELD
ECONOMIC DEVELOPMENT ACTION PARTNERSHIP, INC., DBA UPSTATE COLORADO
ECONOMIC DEVELOPMENT
PAGE 2
The above and foregoing Resolution was, on motion duly made and seconded, adopted by
the following vote on the 14th day of November, A.D., 2007.
BOARD OF COUNTY COMMISSIONERS
WE COUNTY, COLORADO
�/ f 9 oE ..Cay
ATTEST: t i�"' e' ) e 1
avid E. Long, Chair
Weld County Clerk to th of FY"
Willia L-. J r Po-Tem
BY: (=-�
De y Cle to the Boa d
William F. Garcia
APP ORM: EXCUSED
Robert D. Masden
u ty Attorney
I / ougla ademache
-1 Date of signature: I 4 `07
2007-3493
FI0045
AMENDMENT TO THE POLICY STATEMENT DATED SEPTEMBER 30, 1996,
BETWEEN GREELEY/WELD ECONOMIC DEVELOPMENT ACTION
PARTNERSHIP, INC. DBA UPSTATE COLORADO ECONOMIC
DEVELOPMENT (UPSTATE) AND THE BOARD OF WELD COUNTY
COMMISSIONERS
On September 30, 1996, Greeley/Weld Economic Development Action Partnership, Inc.
dba Upstate Colorado Economic Development (Upstate) and The Board of Weld County
Commissioners approved a policy statement regarding the administration of the
Weld/Larimer Revolving Loan Fund Revolved Program Income Funds. The policy
statement has serviced both organizations well over the period time Upstate has
administered the program. However, there is a need to amend the policy statement to
insure that Upstate fully recovers the cost of the administering this program.
Therefore, the policy statement dated September 30, 1996, between Greeley/Weld
Economic Development Action Partnership, Inc. dba Upstate Colorado Economic
Development(Upstate) and The Board of Weld County Commissioners is hereby
amended to change the reimbursement method of the policy statement to allow Upstate to
be fully reimbursed for costs incurred in administering the Weld/Larimer Revolving Loan
Fund by:
Deleting the following paragraph of the policy statement:
In addition to the lending philosophy discussed above, this policy statement also covers
the following agreement reached between EDAP and Weld County regarding
administrative reimbursement for loans made from revolved funds. At a regular meeting
of the EDAP Board of Directors, held on September 18, 1996, it was agreed that EDAP
shall be reimbursed for administrative costs resulting from the making and servicing of
loans from revolved funds by payment of a servicing fee based on a percentage of each
loan made. In addition to this servicing fee, a percentage of all program income earned
from revolved funds will be deposited in a separate reserve account to cover loan losses
and collection costs. The percentage rates for the servicing fee and reserve account shall
be set by the EDAP Board of Directors annually, on or about January 15`h, using local
commercial lending rates as a guideline, with approval of the percentage made by the
Weld County Commissioners.
2007-3493
Replacing the deleted paragraph with the following:
Upstate shall be reimbursed for any and all administrative or other associated costs
resulting from administering the Weld/Larimer Revolving Loan Fund Program. The
reimbursement amount shall be transferred from the restricted Weld/Larimer Revolving
Loan Fund Revolved Program Income Funds to Upstate's unrestricted funds on a
monthly basis. Upstate shall retain evidence of the documentation supporting the
reimbursement amount for six years and may be reviewed and/or audited by Weld County
at any time after providing a 72 hour notice to Upstate.
The change shall be applied retroactively to January 1, 2003 for calculating the full
reimbursement due Upstate from the Weld/Larimer Revolving Loan Fund Revolved
Program Income Funds.
The undersigned hereby agree to the above amendment to the policy statement dated
September 30, 1996,between Greeley/Weld Economic Development Action Partnership,
Inc. dba Upstate Colorado Economic Development(Upstate) and The Board of Weld
County Commissioners effective November 14, 2007.
Dated: NOV 1 4 2007 Dated: NOV 1 4 2uu1
LJ C
David E. Long, Chair Larry oodyd, Chair a''
Board of Weld County Co missioners Greeley/Weld Economic
Development Action Partnership,
Inc. dba Upstate Colorado Economic
Development
Revolving Loan and Amendment RE Reimbursement
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