HomeMy WebLinkAbout07-25-11memo for Reappointments to RLF
Commission Memorandum
REPORT TO: Honorable Mayor and City Commission
FROM: Aimee Kissel, Deputy Clerk / Citizen
Advisory Board Coordinator
Stacy Ulmen CMC, City Clerk
SUBJECT: Reappointment of two members to the Revolving Loan Fund Committee managed by the Prospera Business Network.
MEETING
DATE: July 25, 2011
AGENDA ITEM TYPE: Action
RECOMMENDATION: Reappoint Brian LaMeres and Brit Fontenot to the Revolving Loan Fund Committee.
BACKGROUND: The Bozeman Revolving
Loan Fund is an economic development program of the City of Bozeman. The fund began from loan payments made by recipients of Economic Development Block Grants received from the City
through the State of Montana Department of Commerce. The fund provides financing to eligible businesses located within the Bozeman city limits, with priority given to businesses engaged
in activities creating "quality jobs" with more than half of their gross revenues coming from outside Gallatin County.
All final lending decisions for the fund are made by the independent
Bozeman Revolving Loan Fund (RLF) Committee. The Gallatin Development Corporation, doing business as the Prospera Business Network administers the fund and RLF Committee through a sub-recipient
agreement, most recently updated in June, 2011. Guidelines are also established pursuant to Commission Resolution No. 3488 with the 2011 agreement superseding the Resolution.
The composition
of the RLF Committee was changed in the 2011 Sub-Recipient Agreement with Prospera to ensure compliance with applicable federal regulations. The composition of the Committee consists
of two city appointees and five Prospera appointees, all appointed to two year terms.
City of Bozeman Finance Controller, Brian LaMeres and city of Bozeman Economic Development Director,
Brit Fontenot have previously served on this Committee and are uniquely qualified to best represent the city on the Committee. For this reason, staff recommends the reappointment of
Brian LaMeres and Brit Fontenot.
UNRESOLVED ISSUES: None at this time, though this is an ideal time to reappoint these members as new procedures will be discussed by the Committee in August and two new applications
reviewed.
ALTERNATIVES: As suggested by the City Commission.
FISCAL EFFECTS: None with this appointment beyond the additional time and energy commitment required by city
staff Brian and Brit.
Attachments:
Sub-Recipient Agreement with Prospera for Community Development Block Grant Revolving Loan Fund
Resolution No. 3488.
Report Compiled on: July
13, 2011