HomeMy WebLinkAboutR-1999-115 WAME - Development Loan Fund ProgramRESOLUTION NO. R-99-115
A RESOLUTION authorizing and directing the City Manager of the City of Yakima to
execute an Agreement with the Washington Association of Minority
Entrepreneurs, Inc., a nonprofit corporation, for the purpose of
administering, managing, and overseeing Yakima's participation in a
Development Loan Fund Program.
WHEREAS, in 1998 the City reserved $50,000 in Community Development Block Grant
("CDBG") funds for a Development Loan Fund Program ("DLF Loan Program"); and
WHEREAS, the purpose of the DLF Loan Program is to assist with the expansion and
start-up of minority and women -owned businesses through low interest loans; and
WHEREAS, the City requires careful administration, management and oversight of its
participation in the DLF Loan Program; and
WHEREAS, the City contracted with the Washington Association of Minority
Entrepreneurs, Inc. ("WAME"), to provide these services in 1998;. and
WHEREAS, the City has an additional $50,000 in CDBG funds available for use in the
DLF Loan Program during 1999; and
WHEREAS, WAME is willing to continue to provide the City with DLF Loan Program
administration, management and oversight in accordance with the terms and conditions of the
attached Agreement; and
WHEREAS, the City Council deems it to be in the best interest of the City of Yakima to
enter into an Agreement with WAME in accordance with the terms and conditions of the
attached Agreement, now, therefore,
BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF YAKIMA:
The City Manager of the City of Yakima is hereby authorized and directed to execute
the attached and incorporated Agreement with the Washington Association of Minority
Entrepreneurs, Inc., a nonprofit corporation, for the purpose of administering, managing, and
overseeing Yakima's participation in the Development Loan Fund Program.
ADOPTED BY THE CITY COUNCIL this 7th day of September, 1999.
ATTEST: John Puccinelli, Mayor
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City Clerk
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.BUSINESS OF THE CITY COUNCIL
YAKIMA, WASHINGTON
AGENDA STATEMENT
Item No. /
For Meeting Of 9/7/99
ITEM'1'11LE: Consideration of Resolution authorizing a contract with the Washington
Association of Minority Entrepreneurs (WAME) to administer the City of Yakima Women &
Minority Initiative Revolving Loan Fund.
SUBMITTED BY: William R. Cook
Director of Community & Economic Development
CONTACT PERSON/TELEPHONE: Vaughn McBride
Community Development Specialist/575-6101
SUMMARY EXPLANATION: Authorization to accept City's contract with the Washington
Association of Minority Entrepreneurs (WAME) to administer the City of Yakima Women &
Minority Initiative Revolving Loan Fund; with the following amendments:
1. The City increase the available loan capital of $50,000 by an additional $50,000 to
provide a total loan capitalization pool of $100,000;
2. Contract include language which more clearly defines "eligible applicant" to ensure that
loan monies disbursed are given to applicant's operating businesses within City of
Yakima boundaries;
3. Amend contract language to allow for the use of Community Development Block Grant
(CDBG) monies as a match for a $300,000 capitalization grant to WAME from the
Department of Commerce, Economic Development Adnunistration (EDA); and
4. Provide supplemental funding of $12,500 for marketing; technical assistance and
monitoring needed to adequately receive and process all loan applications in a timely
manner.
Resolution Ordinance Contract Other (Specify)
Funding Source
APPROVAL FOR SUBMITTAL:
City IGianager
STAFF RECOMMENDATION: APPROVAL
;t
BOARD RECQ MMENATION: Council Committee Economic Development has recommended
• approval.
COUNCIL ACTION: Approve Initial Offer