HomeMy WebLinkAbout921274.tiff r, ; i 4: 49
COLORADO E
701.- I
October 26, 1992
The Honorable George Kennedy
Chairman
Weld County Commissioners
918 10th Street
Greeley, Colorado 80631
Dear Commissioner Kennedy:
Office of It is my pleasure to inform you that the Financial Review
Business Development
1625 Broadway,Suite 1710 Committee ("FRC") has conditionally approved an
Denver,Colorado 80202 additional $430, 000 in Community Development Block Grant
(303)892-3840 ("CDBG") funds for the continuation of the Weld/Larimer
(303)892-3848 FAX Revolving Loan Fund ("RLF") . As part of the state work
plan adopted by the FRC, the Weld/Larimer RLF is required
Roy Romer to serve Weld and Larimer counties, exclusive of
Governor entitlement areas. Business assistance in entitlement
areas may be considered on an exception basis only.
Weld/Larimer RLF shall provide $400, 000 from the CDBG
grant for assistance to businesses and $30, 000 for
administrative costs. The RLF shall be required to
inject a minimum of $30, 000 toward administrative costs
during the contract period. Program income used for
administrative expense, in addition to the grant for
administrative costs, is limited to $32, 100 for the
extended contract period. This new allocation brings the
Weld/Larimer County RLF total capitalization level to
$850, 000. From its CDBG allocation, the Office of
Business Development intends to capitalize the
Weld/Larimer RLF, over time, to a minimum of $1,500,000.
To initiate contracting procedures for this project,
please contact Dominick Romero, the project monitor, at
(303) 892-3840. No funds are obligated by the state
until a grant contract has been properly executed. No
expenses incurred before the contract is fully executed
by all parties will be reimbursed by the state. As you
may also know, federal regulations prohibit local
grantees from obligating CDBG funds or incurring costs
for project activities until a formal release of funds
process has been properly followed by the grantee and
approved by the state.
4✓'" 921274
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The Honorable George Kennedy
Chairman
Weld County Commissioners
October 26, 1992
Page 2
We are hopeful that the revolving loan fund will continue to be
successful. With this RLF, business growth in your region will
result in net gains for all of Colorado.
We wish you success in the operation of the program and hope these
funds will make a substantial contribution to your local economic
development efforts.
Sincerely,
/9 • /�
/ John M. Mullins
Director
cc: William J. Argo, Greeley/Weld EDAP
Cathy Schulte, Greeley/Weld EDAP
Courtlyn Hotchkiss, Chair, Latimer County Commissioners
State Senator Don Anent
State Senator Tom Norton
State Senator Jim Roberts
State Senator Bob Schaffer
State Senator Dave Wattenberg
State Representative John J. Irwin
State Representative Bill Jerke
State Representative David T. Owen
State Representative Thomas J. Redder
State Representative Peggy Reeves
State Representative Pat Sullivan
Bill Timmermeyer, DOLA
Bonnie Kugler, DOLA
Mary Cornish, DOLA
ACCEPTED:
WELD COUNTY COMMISSIONERS
By: Date:
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