HomeMy WebLinkAbout2007 CC RESO 2007-222 CDCRESOLUTION NO. 2007 — 222
RESOLUTION OF THE COMMUNITY DEVELOPMENT
COMMISSION OF THE CITY OF NATIONAL CITY APPROVING
THE COMMUNITY BENEFIT LOAN PROGRAM PROVIDING UP TO
$15,000 IN A FORGIVABLE LOAN PER ELIGIBLE BUSINESS
FOR BUSINESS IMPROVEMENT PROJECTS WITHIN
THE REDEVELOPMENT AREA OF NATIONAL CITY
WHEREAS, On June 19, 2007, the Community Development Commission of the
City of National City (CDC) adopted the preliminary budget for Fiscal Year 2007-08; and
WHEREAS, the budget calls for an expenditure of $250,000 for the Community
Benefit Loan Program (CBL) under the Economic Development Division; and
WHEREAS, the CBL Program will be funded using Tax Increment funds; and
WHEREAS, the program fulfills Action Plan 9A from National City's 5-year
Strategic Plan; and
WHEREAS, the intent of the Community Benefit Loan Program (CBL) is to
provide financial incentives and technical assistance to enhance the economic viability of local
businesses, promote commercial business opportunities, encourage reinvestments by property
owners and commercial tenants within the Redevelopment Area of National City; and
WHEREAS, the CBL Program will be administered by the CDC in collaboration
with the San Diego State University Small Business Technical Assistance Program and the
Southwestern College Small Business & International Trade Center; and
WHEREAS, the CDC will host a Community Benefit Loan Application Workshop
to introduce business owners to the Community Benefit Loan Program, and orient them on how
to properly fill out the Loan Application; and
WHEREAS, the CBL program will provide a forgivable loan to qualified business
and eligible projects of up to $15,000 with available terms of up to 5 years; and
WHEREAS, the loans are forgivable if the business owner continues to maintain
the property pursuant to the loan documents, and the property is not sold within the terms of the
note; and
WHEREAS, all project and loan requests will be formally reviewed by the Loan
Committee comprised of representatives from the CDC, National City Chamber of Commerce,
Neighborhood National Bank, Southwestern College Small Business Development and
International Trade Center, Wells Fargo Bank, and Gateway Pacific Bank; and
WHEREAS, all projects and loan requests will be formally approved by the
Executive Director of the CDC.
NOW, THEREFORE, BE IT RESOLVED that the Community Development
Commission of the City of National City hereby approves the Community Benefit Loan Program
providing for up to $15,000 in a forgivable loan per eligible business for business improvement
projects within the Redevelopment Project area of National City.
-- Signature Page to Follow --
Resolution No. 2007 — 222
September 10, 2007
Page 2
PASSED and ADOPTED this 18th day of S
Ron Morrison, Chairman
Bra• Rauls on, Secretary
APPROVED AS TO FORM:
George H. Eiser, III
Legal Counsel
Passed and adopted by the Community Development Commission of the City of National
City, California, on September 18, 2007, by the following vote, to -wit:
Ayes: Commissioners Morrison, Natividad, Parra, Ungab.
Nays: None.
Absent: Commissioner Zarate.
Abstain: None.
AUTHENTICATED BY: RON MORRISON
Chairman, Community Development Commission
400.
Se rr Development Commission
By:
Deputy
I HEREBY CERTIFY that the above and foregoing is a full, true and correct copy of
RESOLUTION NO. 2007-222 of the Community Development Commission of the City of
National City, California, passed and adopted on September 18, 2007.
Secretary, Community Development Commission
By:
Deputy