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File #: R-165-22    Version: 1 Name:
Type: Resolution Status: Passed
File created: 10/21/2022 In control: Budget Committee
On agenda: 11/10/2022 Final action: 11/10/2022
Title: A RESOLUTION TO REQUEST THE RELEASE OF THE FEDERAL INTEREST IN THE REVOLVING LOAN FUND OPERATED BY METROPOLITAN BUSINESS DEVELOPMENT CORPORATION ("METCO").
Sponsors: Bill Hollander (D-9)
Attachments: 1. R-165-22 V.1 102722 Request to Release Federal Interest In the Loan Fund Operated By METCO.pdf, 2. R-165-22 ATTACH Exhibit A - METCO Resolution 001-2021.pdf, 3. RES 134 2022.pdf
RESOLUTION NO. ______, SERIES 2022
TITLE
A RESOLUTION TO REQUEST THE RELEASE OF THE FEDERAL INTEREST IN THE REVOLVING LOAN FUND OPERATED BY METROPOLITAN BUSINESS DEVELOPMENT CORPORATION ("METCO").
BODY
SPONSORED BY: COUNCIL MEMBER BILL HOLLANDER

WHEREAS, on January 27, 2021, Louisville/Jefferson County Metro Government was invited by the US Department of Commerce, Economic Development Administration to request release of the federal interest in METCO's Revolving Loan Fund, pursuant to the Reinvigorating Lending for the Future (RLF) Act, enacted on October 30, 2020;
WHEREAS, the federal interest in METCO includes $1,050,000 in legacy Revolving Loan Funds (hereinafter the "Funds") originally received as follows:
1. EDA Title IX Long-Term Economic Deterioration Revolving Loan Fund Grant Award No. 043902036 of $750,000 on or around September 29, 1980; and
2. EDA Title IX Long-Term Economic Deterioration Revolving Loan Fund Grant Amendment Award No. 043902036-01 of $300,000 on or around June 29, 1992;
WHEREAS, the original US Department of Commerce, Economic Development Administration awardee, the City of Louisville, in 2003 merged with Jefferson County to become the Louisville/Jefferson County Metro Government;
WHEREAS, the funds have been used solely to fund METCO's Gap Loan program since their receipt, with a federal investment rate of 77.8%, and a Capital Base of $2,916,525.13 as of June 30, 2022;
WHEREAS, the final disbursement of the Funds occurred prior to 2003;
WHEREAS, METCO has certified that it has complied with the terms and conditions of the relevant Federal Grant Awards for the duration of their use;
WHEREAS the METCO Board of Directors found that it would be in the best interest of METCO and the community to pursue release of the federal interest in METCO's Revolving Loan Fund by METCO Resolution 001, Series 2021, a copy of which is attached hereto as Exhibit A;
WHEREAS, METCO will continue to use...

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