HomeMy WebLinkAbout20002167.tiff RESOLUTION
RE: APPROVE MEMORANDUM OF UNDERSTANDING AND AUTHORIZE CHAIR TO
SIGN - GREELEY/WELD ECONOMIC DEVELOPMENT ACTION PARTNERSHIP, INC.
(EDAP)
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 a Memorandum of Understanding
between the County of Weld, State of Colorado, by and through the Board of County
Commissioners of Weld County, and Greeley/Weld Economic Development Action Partnership,
Inc. (EDAP), with terms and conditions being as stated in said Memorandum of Understanding,
and
WHEREAS, after review, the Board deems it advisable to approve said Memorandum of
Understanding, 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 Memorandum of Understanding between the County of Weld.
State of Colorado, by and through the Board of County Commissioners of Weld County, and
Greeley/Weld Economic Development Action Partnership, Inc. (EDAP), be, and hereby is
approved.
BE IT FURTHER RESOLVED by the Board that the Chair be, and hereby is, authorized
to sign said Memorandum of Understanding.
The above and foregoing Resolution was, on motion duly made and seconded, adopted
by the following vote on the 11th day of September, A.D., 2000.
BOARD OF COUNTY COMMISSIONERS
WELD COUNTY, COLORADO
t4 '4 ATTEST:
A%A1!_ r-i
Barbara;J. eyer, Chair O
Weld County Clerk to t
41/419 ir
, . l !��►► M. J. G ile, Pro-Tem
BY:
Deputy Clerk to the B v\l / `- ' �� —
cqe axter ,
APPROVED AS JO'FORM:
Dale K. Hall '
C j
Court,{Attorney wALif Eli-i'7\
Glenn Vaad
2000-2167
BC0029
Memo of Understanding
Made and entered this Nit day of ) ,_, 2000, between the Greeley/Wekl
Economic Development Action Partnership, Inc. (EDAP) and Weld County.
WHEREAS, EDAP and Weld County entered inl:o a Letter of Understanding(sec copy
attached) on September 23, 1997 allowing all funds repaid under the then current CDBG
Contract#C854963 (as well as funds repaid under all previous CDBG contracts, which ,o that
date amounted to $1,166,998) to be classified as "Miscellaneous Income" and allowing the fund,
to be retained as an asset of EDAP for use for future business development and expansion loans
according to the established loan policies for the Weld/Larimer Revolving Loan Fund (KIT);
and,
WHEREAS, EDAP has since that date fulfilled all requirements and obligations of
CDBG Contract#C854963 and closed the contract; and,
WHEREAS, EDAP was awarded a new CDBG Contract #CDB97-787 in the amount of
$555,000 on March 13, 1998; and,
WHEREAS, EDAP funded a loan to Morwai Dairy, LLC in the amount of$500,000 on
December 16, 1999 from CDBG Contract#CDB97-787; and,
WHEREAS, it was the implied intent of the original Letter of Understanding that all
CDBG funds received by the RLF for business expansion loans, once repaid, would be retained
as an asset of EDAP for use for future business development and expansion loans according to
the established RLF loan policies;
NOW THEREFORE, the parties agree that all CDBG funds repaid under this current
open CDBG Contract#CDB97-787 and any future CDBG contracts awarded to EDAP for the
purpose of future business development and expansion loans according to the established ltLF
Page 1 oft 200(1-2167
/,\.9 Lt. Z i_i
X
loan policies shall be classified as "Miscellaneous Income" by Weld County and retained as an
asset of EDAP in accordance with all of the provisions of the September 23, 1997 Letter of
Understanding.
IN WITNESS WHEREOF, the parties hereto have executed this Letter of Understanding
on the day first above written.
WE ) COUNTY /
1BY' —
arbara Kirkmeyer, hair
Board of Commissioners
(09-1l-Zocn)
ATTES : ,� -,.
Weld County Clerk 'he ‘ ' ra
1861 - 1F P�
i to j )
By: :,ii1 %t . fiN
COi1RngV��`�
4�--1- GREELEY/WELD ECONOMIC
DEVELOPMENT ACTION
PARTNERSHIP, INC.
- L ille Mantelli, Chair
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