HomeMy WebLinkAbout2014 004 CC RESO RESOLUTION NO. 2014-004
A RESOLUTION OF THE CITY COUNCIL OF THE
CITY OF BALDWIN PARK APPROVING THE
TRANSFER OF THE ECONOMIC DEVELOPMENT
ADMINISTRATION REVOLVING LOAN FUND TO
TELACU COMMUNITY CAPITAL AND APPROVING
THE REVOLVING LOAN FUND TRANSFER
MEMORANDUM OF UNDERSTANDING AND THE
OFFER AND ACCEPTANCE OF AWARD
AMENDMENT FOR TRANSFER OF AWARD
WHEREAS, deserving businesses in the community in the City of Baldwin Park
("City") have access to low interest loans from the Economic Development
Administration Revolving Loan Fund ("EDA RLF") to assist business formation, growth
A g ( ) g
and development; and
WHEREAS, TELACU Community Capital ("TELACU") wishes to administer and gain
custody for the benefit of the City of Baldwin Park the EDA RLF, grant number
073902421; and
WHEREAS, for the City's public, health, benefit, general welfare, and economic well-
being, the City desires to relinquish custody and transfer to TELACU the EDA RLF; and
WHEREAS, the Economic Development Administration is expected to approve the
transfer of the EDA RLF, from the City to TELACU on or about March 17,2014.
NOW, THEREFORE, THE CITY OF BALDWIN PARK DOES HEREBY
RESOLVE AS FOLLOWS:
SECTION 1. That the City of Baldwin Park does hereby transfer custody of EDA RLF
grant number 073902421 to TELACU, subject to anticipated approval by the Economic
Development Administration on or about March 17, 2014.
Resolution No. 2014-004
February 26, 2014
Page 2
SECTION 2. That the Revolving Loan Fund Transfer Memorandum of
Understanding("MOU") between the City and TELACU, attached as Exhibit 1, is hereby
approved; and
SECTION 3. That the Offer and Acceptance of Award Amendment for Transfer of
Award by and between the EDA, the City, and TELACU, attached as Exhibit 2, is
hereby approved; and
SECTION 4. That the Executive Team Manager or his designee shall have the authority
to execute any related documents thereto, in order to effectuate said transfer; and
SECTION 5. That this Resolution shall go into effect immediately upon execution and ,
adoption; and
SECTION 6. That the City Clerk shall file a copy of this Resolution with the EDA,
TELACU, and any affected public or private entities as determined by the City.
RESOLVED, ADOPED, PASSED, AND i ' 'ROV , 1 this day, February 26, 2014.
a
MANUE e OZANO, MAYOR j
APPROVED AS TO FO' :
ROBERT N. AFOYA W
CITY ATTO" NEY
Resolution No. 2014-004
February 26, 2014
Page 3
ATTEST:
STATE OF CALIFORNIA
COUNTY OF LOS ANGELES SS:
CITY OF BALDWIN PARK
I, Alejandra Avila, City Cleric of the City of Baldwin Park do hereby certify that the
foregoing Resolution No. 2014-004 was duly adopted by the City Council of the
City of Baldwin Park at a special meeting thereof held on February 26, 2014 and that
the same was adopted by the following vote to wit:
AYES: COUNCIL MEMBERS: Cruz Baca, Mayor Manuel Lozano
Mayor Pro Tern Ricardo Pacheco, Susan Rubio
NOES: COUNCIL MEMBERS:
ABSENT: COUNCIL MEMBERS: Monica Garcia
ABSTAIN: COUNCIL MEMBERS:
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ALEJA + AVILA
CITY CLERK