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AGENDA ITEM REVIEW FORM |
6.G.
Regular City Council Meeting
- Meeting Date:
- 04/26/2017
- Department Head:
- Jenny Torres
- Submitted By:
- Dania Castillo, Economic Development Assistant, Community Development Department
Action Requested:
Motion
ITEM:
Discussion and possible action on any and all matters regarding authorization to release funds deposited at First Bank Yuma to meet U.S. Department of Commerce Economic Development Administration (EDA) Special Award Condition No. 15 for the business incubator. (Jenny Torres, Community Development Director)
SUMMARY:
The U.S. Department of Commerce Economic Development Administration, (EDA) requested that prior to initial EDA disbursements, the City of San Luis agreed to provide a notarized certification establishing an interest-bearing account at a federal insured financial institution in the State of Arizona and deposit five (5) years of lease payments under the City's current state lease agreement, owing on the real property improved by EDA grant award. The City would be restricted to release or disburse any portion of the deposit, or any interest accrued thereon, other than to make monthly lease payments on the property. The City of San Luis deposited $106,250.00 and currently has a balance of $106,905.19. EDA approved the release of these funds to the City now that the business incubator has met all of their requirements.
RECOMMENDATION / SUGGESTED MOTION:
I MOVE TO AUTHORIZE THE RELEASE OF THE FUNDS IN THE ACCOUNT SET-UP UNDER THE EDA PROGRAM FOR THE BUSINESS INCUBATOR TO THE GENERAL FUND OF THE CITY OF SAN LUIS.
Fiscal Impact
- IS THERE FISCAL IMPACT ASSOCIATED WITH THIS ITEM:
- No
- CITY/STATE/FEDERAL FUNDS:
- N/A
- TOTAL:
- N/A
- BUDGETED AMOUNT:
- N/A
- AVAILABLE AMOUNT TO TRANSFER:
- N/A
- ACCT NAME & GL#/REMAINING BALANCE BEFORE PURCHASE:
- N/A
FISCAL IMPACT STATEMENT (IF THIS IS A BUDGET TRANSFER, YOU MUST ATTACH THE BUDGET ADJUSTMENT FORM):
No fiscal impact, authorization to release funds.