HomeMy WebLinkAbout972601.tiffRESOLUTION
RE: APPROVE LETTER OF UNDERSTANDING AND AUTHORIZE CHAIR TO SIGN -
LARIMER/WELD REVOLVING LOAN FUND
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 Letter of Understanding regarding the
Larimer\Weld Revolving Loan Fund 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., with terms and conditions being as stated in said letter of
understanding, and
WHEREAS, after review, the Board deems it advisable to approve said letter, 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 Letter of Understanding regarding the Larimer\Weld Revolving
Loan Fund 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., be, and hereby is, approved.
BE IT FURTHER RESOLVED by the Board that the Chair be, and hereby is, authorized
to sign said letter of understanding.
The above and foregoing Resolution was, on motion duly made and seconded, adopted
by the following vote on the 10th day of December, A.D., 1997.
O FORM:
Coun y A orne
i ,C? ,DAP
BOARD OF COUNTY COMMISSIONERS
WELD COUNTY, COLORADO
George
ons -'ce L. Harbert
Baxter, Chair
Dale K. Hall
EXCUSED
Barbara J. Kirkmeyer
k--7( I/ A; 22) 12,H
W. H. Webster
972601
FI0024
Letter of Understandinp
This Letter of Understanding made and entered into this fO)i day of ,QCcI4nG-L1. ,
1997, by and between Weld County, hereinafter referred to as the "County", and the Greeley/Weld
Economic Development Action Partnership, Inc., hereafter referred to as "EDAP".
WHEREAS, the County signed a Letter of Agreement (attached hereto as Attachment A)
on September 23, 1997 (hereafter referred to as the "Letter") regarding the County's willingness to
classify all funds repaid under CDBG Contract #C854963 (as well as funds repaid under all
previous CDBG contracts) as "Miscellaneous Income" and an asset of EDAP.
NOW THEREFORE, the parties agree to expand the Letter to add the following
clarifications:
1. The effective date of the transfer of the above described assets is understood to be
August 31, 1997, the effective close-out date of the CDBG Contract which initiated this process;
2. The total assets (plus accrued interest and dividends) transferred from the County to
EDAP as of August 31, 1997 are described as follows (see Attachments B for verification of
amounts):
Principal Balance of Outstanding Loans:
Cash on Hand:
Total Assets:
$1,386,370.00
466.562.05
$1,852,932.05
IN WITNESS WHEREOF, the parties hereto have executed this Letter of Understanding
on the day first above written.
By:
WELD COUNTY
GRERLFY/WELD ECONOMIC
DEVELOPMENT ACTION
PARTNERSHIP, INC.
org. Baxter, Chairman (12/10/97)
Board of Commissioners
ATTACHMENT A
if at Ce arli;$
Wine
COLORADO
September 23, 1997
if
Mr. Jaime Gomez, Director
Finance & Job Training Programs
Office of Business Development
1625 Broadway, Suite 1710
Denver, CO 80202
OFFICE OF BOARD OF COMMISSIONERS
PHONE (970) 356-4000, EXT. 4200
FAX: (970) 352-0242
915 10TH STREET
P.O. BOX 758
GREELEY, COLORADO
Dear Mr. Gomez:
As you are aware, Weld County is in the process of closing out its current open CDBG
Contract #C854963 which provided funds for the Weld/Larimer Revolving Loan Fund
(RLF). As part of this close out process, we hereby request that this contract be
amended to allow use of the revised program income/ "Miscellaneous Income"
definitions as allowed in your memorandum dated February 13, 1997. Further, we
request that the contract be amended to allow Weld County use of revised
administrative funding limitations.
Weld County and the Greeley/Weld Economic Development Action Partnership, Inc.
(EDAP) d.b.a. Weld/Larimer Revolving Loan Fund hereby agree that all funds repaid
under this contract (as well as funds repaid under all previous CDBG contracts, which
to date amount to $1,166,998) are classified as "Miscellaneous Income" and shall be
retained as an asset of EDAP and shall be used for future business development and
expansion loans according to the established loan policies, a copy of which is attached
and made a part of this agreement.
Copies of EDAP's non-profit status, corporation documents, and RLF loan policies are
also enclosed to provide evidence that the RLF is a "nonprofit organization serving the
development needs of the community in non -entitlement areas."
Weld County hereby certifies that it will complete the required annual survey pertaining
to the RLF's historical and current performance as required with this conversion
process, and that all CDBG funds from prior and current CDBG contracts with the
Jaime Gomez
Page 2 September 23, 1997
State for economic development revolving loan fund purposes will continue to be
utilized for business assistance under our local RLF policy guidelines (without
application of Federal requirements).
Sincerely,
Georgb E. Baxter, Chairman
Board of Commissioners
William J. M• on, Chairman
Board of Dire ors
enc
As of August 31, 1997
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1 11/15/91 Vehicle Systems, Ft. Lupton Bldg./equip. 50,000 210,000 5
2 7/17/92 Rcky Mtn Railcar, Hudson Working cap. 260,000 150,000 80
3 9/30/92 Mid- Am. Eng., Frederick Working cap. 80,000 325,000 5
4 12/17/92 Windlioar, Larimer Co. Working cap. 150,000 510,000 9
5 7/13/93 Hy -O Enterprises I, Weld Co. W/C, equip. 100,000 128,000 12
6 7/30/93 Conklin Pattern, Ault W/C, equip. 70,000 102,000 4
7 12/17/03 Colorado Crystal, Loveland Working cap. 116,000 349,312 121
6 3/4/94 Puuisen Hardware, Eaton Inventory 100,000 400,000 8
9 10/28/94 Hy -O Enterprises II, Weld Co. Working cap.
10 5/10/95 Wayside Inn, Berthoud Working cap.
11 9/95 Grneley/Weld Airport Auth Land acquis.
12 5/6/96 G & S Contractors, Frederick Equip/Inv.
13 8/23/96 River Rd Book, Larimer Co. Inventory
14 9/6/96 Nelson Bros Furniture, Weld Cc Working cap.
15 12/19/96 ICON Industries, Windsor W/C, equip.
16 3/25/97 Meadowlark Optics, Frederick Bldg. constr.
17 5/13/97 Bighorn Booksellers, Ft. Collins Working cap.
18 5/30/97 Piedmont Farms, Wellington Working cap.
19 7/11/97 Empire Warehouse, Weld Co. Working cap..
20
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ATTACHMENT B
ATTACHMENT B C0NT' D
Summary of Bank Accounts: Revolving Loan Fund as of 8/31/97:
Ending
Acct Name of Account Purpose Balance
1 Program Income Account Operating Account -Revolved Funds 25,926.34
2 Collection Account Track loan collection expenses (inactive) 50.00
3 Program Income Acct. III Operating Account - open CDBG Contract 8,211.66
4 CDBG Contract IH Acct CDBG Funds Clearing Acct. (Non -interest 70.44
bearing acct. -required)
5 A.G. Edwards Money Mkt Acct
6 Paine Webber Money Mkt Acct
Investment account - revolved funds 153,083.17
Investment account - revolved funds 279.220 44
TOTAL CASH ON HAND 466,562.05
Duect Inquiries To:
Nffl4tJEST BANK COLORADO, N.A.
-GREELEY
P.O. BOX 5247
DENVER, CO 80274
111%% ATTACHMENT B CONT' D
NORWEST BANKS
NOW
WELD LARIMER REVOLVING LOAN FUND
PROGRAM INCOME ACCOUNT
822 7TH ST STE 550
GREELEY CO 80631-3941
Statement For
CHOICE I PLUS ACCOUNT
Bank Phone
(970) 356-1000
Page No.
1
Account No.
428 0136194
Statement Date
AUG 29, 199
Social Security Na
84-1071701
Interest Paid This Year
162.17
3
DATE DESCRIPTION
BEGINNING BALANCE
8/01 DEPOSIT
8/04 CHECK 1067
8/19 DEPOSIT
8/30 INTEREST EARNED
ANNUAL PERCENTAG
YIELD EARNED
TOTAL WITHDRAWALS/DE
ENDING BALANCE
LISTED BELOW ARE THE RAT
"WITHDRAWAL S
TEREST-RA
AIDrON.YOUR,r
DATES
/01 THRU 08/'.
/02, t�THRU 08/'
errs
NT*RATES AS,
BALANCE
10,000.00-50,000.00t
CHECKS
1067
RDER -'-
BALANCE
,:b57.89
,421:,46
.0,421.46
5,894.13
25,926.34
26.34
ERIOD.
Direct mgumes I o:
NORWEST BANK COLORADO, N.A.
GREELEY
P.O. BOX 5247
DENVER, CO 80274
na BANKS ATTACHMENT B CONT t D
NORWEST as,"
1 011
WELD LARIMER RLF
COLLECTION ACCOUNT
822 7TH ST STE 550
GREELEY CO 80631-3941
Statement For
CHOICE I ACCOUNT
Bank Phone
(970) 356-1000
Account No.
428 8001856
Page No.
1
Statement Date
AUG 29, 1997
Social Security No.
Interest Paid This Year
0
DATE DESCRIPTION WITHDRAWALS
BEGINNING BALANCE AUG 5,,1997
TOTAL WITHDRAWALS/DEPOSITS
ENDING BALANCE
DEPOSITS
.00 .00
BALANCE
50.00
50.00
NORWEST BANK COLORADO, N.A.
GREELEY
P.O. BOX 5247
DENVER, CO 80274
ow.
N0RWF3f BANKS
II",
ATTACHMENT B C0NT'D
WELD LARIMER REVOLVING LOAN FUND
PROGRAM INCOME ACCOUNT III
822 7TH ST STE 550
GREELEY CO 80631-3941
Statement For
CHOICE I PLUS ACCOUNT
Bank Phone
(970) 356-1000
Account Na
428 8013497
Page No.
1
Statement Date
AUG 29, 1997
Interest Paid This Year
191.12
Social Security Na
84-1071701
2 SAFEKEEPING
DATE DESCRIPTION WITHDRAWALS
BEGINNING BALANCE JUL 31, J997
8/01 DEPOSIT
8/19 DEPOSIT
8/30 INTEREST EARNED
ANNUAL PERCENTAGE
YIELD EARNED 1.73
TOTAL WITHDRAWALS/DEPOSITS .00
ENDING BALANCE
INTEREST RATE HISTORY
DEPOSITS
998.83
2,529.68
9.05
3,537.56
BALANCE
4,674.10
5,672.93
8,202.61
8,211.66
8,211.66
LISTED BELOW ARE THE RATES PAID ON YOUR ACCOUNT DURING THIS STATEMENT PERIOD.
DATES RATE
08/01 THRU 08/29 1.75
CURRENT RATES AS OF STATEMENT DATE
BALANCE
.00 -
10,000.00 -
50,000.00+
9,999.99
49,999.99
INTEREST
RAE
1.75
T
1.85
1.90
ANNUAL
PERCENTAGE YIELD
1.76
1.86
1.91
NORWEST BANK COLORADO, N.A.
GREELEY
P.O. BOX 5247
DENVER, CO 80274
ATTACHMENT B CONT t D
NORWEST BANKS
NEII1
II'II
14229 o'
WELD/LARIMER REVOLVING LOAN FUND
CDBG CONTRACT III
822 7TH ST STE 550
GREELEY CO 80631-3941
Statement For
CHOICE I ACCOUNT
Bank Phone
(970) 356-1000
Account No.
428 8013544
Page Na
1
Statement Date
AUG 29, 1997
Social Security No.
Interest Paid This Year
0
DATE DESCRIPTION WITHDRAWALS
BEGINNING BALANCE JUL 31,,1997
TOTAL WITHDRAWALS/DEPOSITS
ENDING BALANCE
DEPOSITS
.00 .00
BALANCE
70.44
70.44
ATTACHMENT lme%
One North Jefferson, St. Louis, MO 63103
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Member SIPC
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09/19 DIVIDEND
10/17 DIVIDEND
$154,204.92
fie
Ending Balance
End of Statement ' '
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aineWebber Money fund dividends
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ATTACHMENT B C0NT'D
Est income
Current value
roximate. Details on tack.
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August 97/ GL 18677 07
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