Resolution 5158 - Loan Agreement with Rural DevelopmentRESOLUTION NO, 5158
A RESOLUTION AUTHORIZING THE CITY MANAGER TO ENTER INTO A LOAN
AGREEMENT WITH RURAL DEVELOPMENT IN ORDER TO PARTIALLY FUND
THE ECONOMIC DEVELOPMENT REVOLVING LOAN FUND FOR SMALL
BUSINESS RETENTION AND EXPANSION.
WHEREAS, the City Council passed Resolution 4750 on May 5, 2003, which established an
Economic Development Revolving Loan Fund for small business retention and
expansion in the City of Kalispell and created an Economic Development Loan
Review Committee; and
WHEREAS, Rural Development and CDBO Economic Development Block Grant sources
have funding available for the creation of revolving loan funds for small business
retention and expansion which may stimulate economic development activity by
assisting the private sector where a funding gap exists and alternative sources of
public and private financing are not adequate; and
WHEREAS, the USDA Rural Development Agency's Intermediary Relending Program is
loaning the City of Kalispell the amount of $750,000 in order for the City to assist
at least five small business projects, as determined by the Economic Development
Loan Review Committee, with their financing needs.
NOW, THEREFORE, BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF
KALISPELL AS FOLLOWS:
SECTION I. That the City Manager is hereby authorized and directed to enter into a
loan agreement with the United States Department of Agriculture, Rural
Development office, in the amount of $750,000 and comply with the
conditions as set forth in the attached Letter of Conditions.
PASSED AND APPROVED BY THE CITY COUNCIL AND SIGNED BY THE MAYOR OF
THE CITY OF KALISPELL, THIS GTH DAY OF NOVEMBER, 2006.
F;ameeZI B. Kenn y
Mayor
ATTEST:
T eresa white
City Clerk