HomeMy WebLinkAbout20183350.tiffRESOLUTION
RE: APPROVE AMENDMENT #3 TO LOAN FUND GRANT AGREEMENT AND
AUTHORIZE CHAIR TO SIGN - COLORADO ENTERPRISE FUND, INC.
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 an Amendment #3 to Loan Fund Grant
Agreement between the County of Weld, State of Colorado, by and through the Board of County
Commissioners of Weld County, and Colorado Enterprise Fund, Inc., commencing October 22,
2018, with further terms and conditions being as stated in said amendment, and
WHEREAS, after review, the Board deems it advisable to approve said amendment, 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 Amendment #3 to Loan Fund Grant Agreement between the County
of Weld, State of Colorado, by and through the Board of County Commissioners of Weld County,
and Colorado Enterprise Fund, Inc., be and hereby is, approved.
BE IT FURTHER RESOLVED by the Board that the Chair be, and hereby is, authorized
to sign said amendment.
The above and foregoing Resolution was, on motion duly made and seconded, adopted
by the following vote on the 22nd day of October, A.D., 2018.
BOARD OF COUNTY COMMISSIONERS
WELD COUNTY, COLORADO
ATTEST:
Weld County Clerk to the Board
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Steve Moreno, Chair
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Mike Freeman
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2018-3350
BC0051
AMENDMENT THREE TO THE LOAN FUND GRANT AGREEMENT
BETWEEN WELD COUNTY AND COLORADO ENTERPRISE FUND, INC.
This Amendment is made and entered into this 22"d day of October, 2018, by and between the
Board of Weld County Commissioners and Colorado Enterprise Fund, Inc.
WHEREAS, on January 28, 2013, Weld County and Colorado Enterprise Fund, Inc, (CEF) entered
into the Original Agreement to establish a loan fund for small businesses in Weld County that Colorado
Enterprise Fund, Inc. would administer, and
WHEREAS, the original agreement establishing the loan fund included a grant to CEF of $200,000
and CEF matching funds of $200,000, and
WHEREAS, by provisions outlined in Amendment One to the original agreement dated March
16, 2015 Weld County contributed an additional $150,000 and Colorado Enterprise Fund matched that
contribution with an additional $150,000, and
WHEREAS, by provisions outlined in Amendment Two to the original agreement dated
November 18, 2016 Weld County contributed an additional $200,000 and Colorado Enterprise Fund
matched that contribution with an additional $200,000, and
WHEREAS, through September 2018 the program has been successful in making loans to over 47
small businesses that have created over 260 jobs in Weld County, and
WHEREAS, Weld County and Colorado Enterprise Fund, Inc. desire to again increase the capacity
of the loan fund through contributions of capital and matching funds similar to the original loan fund
and Amendment One, and
WHEREAS, the larger loan fund will have the same criteria and operate in the same manner as
the original loan fund, and subsequent Amendment One.
Now, therefore the agreement dated January 28, 2013, between Weld County and Colorado
Enterprise Fund, Inc. is further amended as follows:
1. Colorado Enterprise Fund, Inc. will expand the loan fund similarly to the capital investment in the
original loan fund through a grant from Weld County of $150,000, and Colorado Enterprise Fund,
Inc. will match the $150,000 for an increase of loan capital in the loan fund totaling
$ 300,000.
2. Weld County shall pay into the fund $150,000 within ten days of the execution of this
amendment.
3. Colorado Enterprise Fund, Inc. shall pay into the loan fund $75,000 within ten days of the
execution of this amendment.
4. Colorado Enterprise Fund, Inc. shall pay into the loan fund their additional match of $75,000
within 15 days once the loan fund has issued $175,000 in total loans to borrowers, for a total
contribution by Colorado Enterprise Fund, Inc. of $150,000.
5. The lending criteria and program for the new loan fund will remain the same as the original loan
fund, including the provision from Amendment One that before a borrower receives any funding
2018-3350
AMENDMENT THREE TO THE LOAN FUND GRANT AGREEMENT
BETWEEN WELD COUNTY AND COLORADO ENTERPRISE FUND, INC.
6. the borrower must become a client of the Northeast East Central Colorado Small Business
Development Center (SBDC) exclusively or the BizHub/ SBDC.
7. All other terms and conditions of the Original Agreement remain unchanged.
8. This amendment, together with the terms of the Original Agreement, constitutes the entire
agreement between the parties.
IN WITNESS WHEREOF, the parties hereto have duly executed the Agreement as of the day, month, and
year first above written.
COLORADO ENTERPRISE FUND:
Cecilia Printer
President and CEO
BOARD OF COUNTY COMMISSIONERS
WELD COUNTY, COLORADO
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Steve Moreno, Chair OCT 2 2 2018
ATTEST: iDL1
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Weld County Clerk to the Board
BY
Deputy Clerk t
County Attorney
APPR D AS TO FOR
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