HomeMy WebLinkAbout950330.tiffPUBLIC NOTICE AND NOTICE OF PUBLIC HEARING
FOR POST -AWARD HEARING
The Board of Commissioners for Weld County will conduct a public hearing at 9:00 a.m. on
Monday, March 6, 1995, at 915 10th Street, First Floor Hearing Room, Greeley, Colorado. The
purpose of the hearing is to allow citizens to review and comment on the performance of the
Greeley/Weld Economic Development Action Partnership, Inc., dba Weld/Larimer Revolving Loan
Fund, in carrying out the funding of a $100,000.00 inventory loan to Poulsen Ace Hardware, 151
South Oak Street, Eaton, Colorado, which was financed with federal Community Development
Block Grant funds provided by the State of Colorado.
Written comments are also welcome and must be received by March 6, 1995, at 9:00 a.m.;
Attention: Clerk to the Board. Information and records regarding the above described project are
available at the office of the Clerk to the Board, 915 10th Street, Third Floor, Greeley, Colorado,
during regular office hours. Advance notice is requested.
BOARD OF COUNTY COMMISSIONERS
WELD COUNTY, COLORADO
BY: DONALD D. WARDEN
WELD COUNTY CLERK TO THE BOARD
BY: Linda M. Dodge
DEPUTY CLERK TO THE BOARD
DATED: February 9, 1995
PUBLISHED: February 16, 1995, in the Windsor Beacon
950330
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The Board of Commissioners
for Weld County will conduct
a public hearing at 9:00 a.m.
on Monday, March 6, 1995,
at 91610th Street, First Floor
Hearing , Room, Greeley,
Colorado. The purpose of I
the hearing is to allow citi-
zens to review and comment
on the performance of the
GreeleyAWeld Economic
Development Action
Partnership. Inc., dba
Weld/Larirner Revolving
Loan Fund in carrying out
w funding of a $100,099A0
inventory loan to !Worm
Ace Hardware, 151 Seed,
Oak Street, Eaton. Cobra,
Mich was financed Yllh fed-
eral Community
Development Block Grant
keld, provided by the ass
of Colorado.
1Mebr comments are oleo
mewing and must be
remind by March 8, 1995,
at 9:08 a.m.; Attention: Cl d.
le the Board. Infomn9on
and records regarding the
above described prefect are
awaabe at the office of the
Clerk to the Board. 915 101h
Sent, Third Floor, Greet',
Colorado. during regular
oleos hours. Advance norm
S requested.
BOARD OF COUNTY COM-
MISSIONERS
WELD COUNTY, COL-
ORADO
BY: DONALD D. WARDEN
WELD COUNTY CLERK TO
THE BOARD
BY: Linda M. Dodge
DEPUTY CLERK TO THE
BOARD
DATED: February 9. 1895
Published in Me Wialsor
Seecen on February It,
1966.
AFFIDAVIT OF PUBLICATION
STATE OF COLORADO
ss
COUNTY OF WELD
I, ROGER A. LIPKER, of said County of Weld, being duly
sworn, say that I am publisher of
WINDSOR BEACON
a weekly newspaper having a general circulation in said
County and State, published in the town of WINDSOR, in
said County and State; and that the notice, of which the
annexed is a true copy, has been published in said weekly
for successive weeks, that the notice was
published in the regular and entire issue of every number of
the paper during the period and time of publication, and in
the newspaper proper and not in a supplement, and that
the first publication of said notice was in said paper bearing
the date of th
/&Z: day of ea -1,1._y , AD., 19 L and the
last publication bearing the date of the
day of A.D., 19 and that
the said WINDSOR BEACON has been published
continuously and uninterruptedly for the period of 5
consecutive weeks, in said County and State, prior to the
date of first publication of said notice, and the same is a
newspaper within the meaning of an Act to regulate printing
of legal notices and advertisements, approved May 18,
1931, and all prior acts so far as in force.
L,
JJi�ISHER
Subscribed and sworn to before me this /L t7' day of
k�c«...L.; 19
u2`F // �h ,
NOTARY PUBLIC
My commission expires 9,
950330
HEARING CERTIFICATION
RE: POST -AWARD HEARING FOR PERFORMANCE OF GREELEY/WELD EDAP, INC., DBA
WELD/LARIMER REVOLVING LOAN FUND - POULSEN ACE HARDWARE
A public hearing was conducted on March 6, 1995, at 9:00 a.m., with the following present:
Commissioner Dale K. Hall, Chairman
Commissioner Barbara J. Kirkmeyer, Pro-Tem - EXCUSED
Commissioner George E. Baxter
Commissioner Constance L. Harbert
Commissioner W. H. Webster
Also present:
Acting Clerk to the Board, Carol Harding
County Attorney, Bruce Barker
Director of Finance and Administration, Donald D. Warden
The following business was transacted:
I hereby certify that pursuant to a notice dated February 9, 1995, and duly published February 16,
1995, in the Windsor Beacon, a public hearing was conducted to consider the performance of
Greeley/Weld EDAP, Inc., dba Weld/Larimer Revolving Loan Fund, in carrying out the funding of
a CDBG loan to Poulsen Ace Hardware. Donald Warden, Director of Finance and Administration,
made this a matter of record, and stated the grant of $100,000 was an inventory loan to Poulsen
Ace Hardware, 151 South Oak Street, Eaton, Colorado. He stated the project is now complete and
this hearing is for the purpose of obtaining citizen comments on the performance of duties in
relation to said project. There was no public testimony given. Since no further action is required
by the Board of County Commissioners, Chairman Hall closed the hearing.
This Certification was approved on the 8th day of March, 1995.
APPROVED:
BOARD OF COUNTY COMMISSIONERS
ATTEST:
Weld Co ,pty Clerk to the Board
BY.
Deputy Cler
TAPE #95-09
the Board
Dale K. Hall, Chairman
FXCL ISFn
Barbara J. Kirkmey , Pro-Tem
Georg€ E. Baxter
FI0020
Constance L. Harbert
A
W. H. Webster
950330
FI0020
COLORADO
January 20, 1995
The Honorable William Webster
Chairman, Weld County Commissioners
915 10th Street
Greeley, Colorado 80631
RE: CDBG Contract No. 94-960 in support of Paulsen Ace
Hardware
Office of
Business Development
1625 Broadway, Suite 1710
Denver, Colorado 80202
(303) 892-3840
(303) 892-3848 FAX
Roy Romer
Governor
Dear Chairman Webster:
The purpose of this letter is to summarize the results of
the monitoring visit completed as of September 7, 1994 by
Alice K. Kotrlik of my staff. Since completing the
monitoring visit, the Office of Business Development
(OBD) has been working with the Revolving Loan Fund (RLF)
on a "draft letter" basis to resolve the items discussed
in this letter.
Below is a summary of areas which were covered during the
recent visit and the actions needed (in bold print), if
any, to achieve full contract and program compliance.
Eligibility of Activities and National Objectives (Module
1, Part A of the Monitoring Checklist)
Citizen Participation
The necessary public hearings were held after being
adequately advertised [previous hearing published by the
Weld/Larimer Revolving Loan Fund (RLF) for its portfolio
funds and additional hearing published April 25, 1994].
It appears that a concerted effort has been made to keep
the public apprised.
Community Development Plan
A copy of the required Community Development Plan was
submitted which satisfied this requirement.
Displacement
No displacement has occurred as a result of this project.
950330
�.e; �i;/30ezicA
January 20, 1995
The Honorable William Webster
Page 2 of 5
Special Conditions of the Contract
Questions pertaining to special condition requirements
(Exhibit A, Scope of Services) were as follows:
1) OBD requested that a final lien search be completed
to ensure that the RLF obtained the lien position
as stated in the loan documentation (since prior
liens had appeared on the previous lien search and
were to be terminated).
The RLF has satisfactorily completed this request.
2) The loan agreement was executed in the capacity of
"co -owners" instead of the legal capacity of
"general partners".
The RLF has obtained a new signature page with both
parties signing as partners.
3) The UCC filing was completed in the name of Poulsen
Ace Hardware; however, the real estate was in the
name of the general partners (individually). The
RLF should verify with its attorney whether the
Deed of Trust acts as the UCC filing for fixtures
in Colorado or whether a separate UCC filing should
be completed in the individuals name also.
The RLF has filed a separate UCC to secure the
fixtures.
4) The "faxed" assignment of the keyman life insurance
did not include the complete agreement (back page
missing). Additionally, the RLF needed to obtain
an actual copy of the keyman life insurance policy
to ensure that the information referenced on the
assignment was correct and that the policy was for
the required amount.
The RLF has obtained a copy of the life insurance
policy and has verified the requested information.
5) The final bank leveraging was for $440,000 with
Farmers Bank (which bought out Colorado Industrial
Bank) instead of the anticipated $400,000. OBD
requested that the RLF verify the Company's ability
to repay the increased amount of debt along with
the reason for the increase.
950330
January 20, 1995
The Honorable William Webster
Page 3 of 5
The RLF has satisfactorily completed this request.
The documentation for owner's equity was unclear as
to whether the contribution (land for the project
site) was actually completed with equity or a
combination of debt and equity. Additionally, the
warranty deed in file pertaining to this equity did
not have the legal description (Exhibit A) attached
which is needed for verification purposes.
The RLF has satisfactorily documented this request.
7) Quarterly site visits have not been conducted by
the RLF although the RLF did conduct two site
visits during the loan closing phase.
This item is unresolvable.
8) Quarterly financial statements (typically defined
as a Balance Sheet and Income Statement) and
Inventory/Accounts Receivable lists were to be
submitted to the RLF within thirty (30) days of the
end of the fiscal quarter. This information for
the March and June, 1994 quarters needed to be
obtained. It should be noted that the RLF files
did contain an Income Statement dated May, 1994.
The RLF has obtained this information.
Eligibility of Activities and National Objectives (Module
1, Parts B and C of the Monitoring Checklist)
Eligibility of Activities and National Objectives
The activities were determined to be eligible during the
initial underwriting of the application. The application
and initial analysis documented that it was reasonable to
expect that low -to -moderate income persons would benefit
as a result of the grant. The state's contract requires
that eight (8) new, full-time jobs be created within two
(2) years of the initial disbursement of CDBG funds
(which should have been April, 1994 approximately) of
which five (5) shall be held by low -to -moderate income
persons.
It is our understanding that the RLF anticipates an early
contract close-out. The eight (8) income certifications
in file were reviewed. The loan closed on March 11,
950330
January 20, 1995
The Honorable William Webster
Page 4 of 5
1994. Three employees appear to have been hired prior to
the loan closing date based on the income certifications.
The RLF has documented that the three employees were
hired on a temporary, part-time, and/or training basis
prior to the loan closing and were moved to permanent
jobs as a result of the loan closing. It is our
understanding that these jobs meet the RLF's definition
of a full-time equivalent position. Seven (7) of the
eight (8) or eighty-eight percent (88%) of the created
positions were filled by individuals qualifying as low -
to -moderate income persons.
Specific cost documentation was reviewed (invoices for
inventory) and all costs appeared eligible.
Public Facility/Construction Proiects (Module 2. Part A
of the Monitoring Checklist)
This section contains requirements which were not
applicable to this project since the CDBG funds were
utilized for working capital.
Economic Development Projects (Module 2, Part B of the
Monitoring Checklist)
This section has been monitored by our office during the
RLF portfolio monitoring visit completed within the last
year. Per the RLF Manager, the systems and documentation
generally have not changed; therefore, this section was
only "sampled" during this visit.
Loan payments are being made per the required
amortization schedule (with the first two payments
adjusted for actual cash disbursement dates and interest
accrued). All required Quarterly Reports were submitted
to OBD by the RLF in a satisfactory manner (up to the
time that OBD began the monitoring/close-out phase for
this contract).
Limited Review -Financial Management(Module 3, Part A of
the Monitoring Checklist)
The financial information was well documented.
Limited Review -Environmental Review (Module 3, Part B of
the Monitoring Checklist)
950330
January 20, 1995
The Honorable William Webster
Page 5 of 5
The initial environmental review documentation was
evaluated by the Department of Local Affairs (due to an
interim staff vacancy in our office) and was determined
to be satisfactory. The environmental review record
(maintained at the RLF as required) appeared complete.
Limited Review -Civil Rights (Module 3, Part C of the
Monitoring Checklist)
This section has been monitored by our office during the
RLF portfolio monitoring visit completed within the last
year. Per the RLF Manager, there have been no material
changes.
Limited Review -Labor Standards (Module 3, Part D of the
Monitoring Checklist)
This section contains requirements which were not
applicable to this project since the CDBG funds were
utilized for working capital.
Summary
We would like to thank Jodi Hartmann and William (Bill)
Argo for their assistance during our monitoring visit.
In summary, we believe that the RLF has in the aggregate
done a good job of documenting the program requirements
and completing the required loan documentation for this
project.
We have accepted the RLF's monitoring response. The RLF
should complete the Final Quarterly Reports, the Project
Completion Report and the required public hearing.
Please feel free to call me at (303) 892-3840 if you have
questions or comments.
Sinrely,
aunq
aime G. Gomez
Director
Business Development and Finance
cc: Mr. William J. Argo
Ms. Jodi Hartmann
File
950330
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