HomeMy WebLinkAbout971212.tiff RESOLUTION
RE: AUTHORIZE COMMUNITY DEVELOPMENT FUNDING PROGRAM TO BE FUNDED
BY INTEREST INCOME ACCRUING TO WELD/LARIMER 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 Economic Development Action Partnership ("EDAP") Board of Directors
has submitted a request for the Community Development Funding Program, and
WHEREAS, said program would benefit the smaller municipalities throughout Weld
County by providing small (up to $5,000) matching grants to fund eligible community projects
which have a connection to economic development, as further described on Exhibit A, attached
hereto and incorporated herein by reference, and
WHEREAS, funding for said program is available through the interest income accruing
to the Weld/Larimer Revolving Loan Fund, and
WHEREAS, the Board of County Commissioners deems it advisable to approve said
Community Development Funding Program for the benefit of municipalities throughout Weld
County.
NOW, THEREFORE, BE IT RESOLVED by the Board of County Commissioners of
Weld County, Colorado, that the Community Development Funding Program, as described on
Exhibit A, be, and hereby is, approved.
BE IT FURTHER RESOLVED by the Board that the EDAP Board of Directors be, and
hereby is, authorized to use interest income accruing to the Weld/Larimer Revolving Loan Fund
to finance said program.
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FI0009
RE: COMMUNITY DEVELOPMENT FUNDING PROGRAM
PAGE 2
The above and foregoing Resolution was, on motion duly made and seconded, adopted
by the following vote on the 30th day of June, A.D., 1997.
BOARD OF COUNTY COMMISSIONERS
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Da K. Hall
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arbara J. Kirkmeye
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W. . Webster
971212
FI0009
EXHIBIT "A"
COMMUNITY DEVELOPMENT FUNDING PROGRAM
NEED: Enhanced, hands-on assistance to all small towns throughout the county.
Many of the small towns are not in a position to successfully compete for primary sector
growth partially due to:
1. No current comprehensive plan identifying economic development
goals/objectives;
2. No zoned or developed industrial sites;
3. Lack of infrastructure or understanding of the infrastructure cost necessary to put
the community in a competitive position.
Depending upon the project, there are a variety of potential funding sources that the towns
can apply for. However, in many cases the towns simply don't have 100% of the matching
funds required to access these various funding sources. Because of extremely tight town
budgets and timing issues, providing grant dollars to be used primarily as part of the local
match to leverage other funding sources would allow communities to get more done,
much quicker.
PROPOSED SOLUTION: Community Development Funding Program
1. The program would provide small (up to $5,000) matching grants to fund eligible
community projects that have a connection to economic development.
Potential use of funds:
a. The economic development portion of a comprehensive plan;
b. A targeted marketing study or community profile marketing piece;
c. Efforts to identify, zone, and develop industrial sites;
d. Efforts to improve community infrastructure which will assist in putting the
community in a more competitive position for growth; etc.
Town eligibility criteria:
a. Must have a town resolution supporting the proposed project.
c. Local match or explanation why a match is not feasible.
d. Evidence that other funding sources have been reviewed/utilized.
e. Funded project must be completed within one year - 18 months.
f. Brief presentation to the EDAP Board of project outcomes.
2. Proposed funding source: Interest income earned on revolved funds from the
Weld/Larimer Revolving Loan Fund program.
BENEFITS:
1. The town should be in a better competitive position to attract/retain primary sector
employers (industrial and retail/service).
2. Better understanding of the need for primary sector employment.
3. Development of additional industrial sites throughout the county.
4. Enhanced marketing information specific to a town or area of the county.
5. A stronger working relationship with the towns/EDAP board involvement.
6. Enhanced support of our county-wide agency.
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GREELEY/WELD
June 19, 1997
Mr. Don Warden
Finance Director
Weld County
915 10th Street
Greeley,CO 80631
Dear Don,
As proposed and approved by the EDAP Board of Directors at our annual retreat, we
would like to utilize the interest income earned on revolved funds from the
Weld/Larimer Revolving Loan Fund to help finance economic development
related projects in the small towns throughout the county.
The Revolving Loan Fund belongs to Weld County. Therefore, it's our
understanding that we need the Commissioners approval to utilize the interest
income (currently about $40,000) as outlined. The EDAP Board has capped the
program funding at $50,000.
It's the intent of the Community Development Funding Program to provide grant
dollars (up to $5,000) to be used primarily as part of the local match to leverage other
state/federal funding sources (see attached information). This assistance will
hopefully allow towns to get more done on a faster time line, which should put the
community in a more competitive position to attract/retain employers.
We respectfully request that the Commissioners approve the use of funds as
outlined. Should you need additional information or have any questions please
don't hesitate to give us a call.
Warm Regards,
i_ �7 L-.
Cathy L. ulte, CED
Sr. Vice esident
Enclosure
GREELEY/WELD ECONOMIC DEVELOPMENT ACTION PARTNERSHIP,INC
822 Seventh Street,Suite 550.Greeley,Colorado 80631
(970)356-4565• Fax(970)352-2436 971212
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