HomeMy WebLinkAboutC17-145 Northwest Loan FundOFFICE OF THE
BOARD OF COMMISSIONERS
976-328-8665
FAX: 976-328-8629
eagleadmin@eaglecounty. us
www.eaglecounty.us
April 25, 2017
EAGLE COUNTY
Robert Todd
Mgr. CABG Business Program
Colorado Office of Economic Development
1625 Broadway, Suite 2700
Denver, CO 80202
Re: Contract F1 6CDB 16-602 - Request for Second Amendment
Dear Mr. Todd:
JILL H. RYAN
KATHY CHANDLER -HENRY
JEANNE MCOUEENEY
As you are aware, Eagle County is the recipient of a Community Development Block Grant
(CDBG) pursuant to that certain Grant Agreement between Eagle County and the State of
Colorado known as Contract F1 6CDB 16-602. The Northwest Loan Fund (NLF) is a
subgrantee of the CDBG grant funds. On behalf of the NLF, Eagle County hereby requests
an amendment to Contract F16CDB 16-602 (the "Contract") as outlined below:
$400,000.00 for Loans plus
$ 64,000.00 Administrative Funds
$464,000.00 Total Funds Requested
To date, NLF has approved loans in the following amount:
$754,000.00 of $800,000.00 Open Contract Loan Funds
$120,640.00 of $128,000.00 Open Contract Admin Funds, leaving a balance of $53,360
available under the Contract.
NLF has had requests for additional loans for the following projects:
Recreational Facility $500,000.00
Guest Ranch expansion $100,000.00
Bike shop inventory $ 40,000.00
Brewery expansion $100,000.00
Hair Salon expansion $ 20.000.00
TOTAL $760,000.00
Eagle County Building, 500 Broadway, P.0. Box 850, Eagle, Colorado 81631-0850
C17-145
OFFICE OF THE
BOARD OF COMMISSIONERS
976-328-8665
FAX: 970-328-8629
eagleadminOeaglecounty. us
www.eaglecounty.us
EAGLE COUNTY
JILL H. RYAN
KATHY CHANDLER -HENRY
JEANNE MCOUEENEY
The balance remaining under the Contract ($53,360) is not sufficient to address the
additional requests for loans. We are therefore requesting the sum of $464,000 as set forth
above to allow the NLF to provide funding for additional projects. The loans that NLF has
approved to date will create 29 (or mare) jabs. We are pleased that the funds under this
Contract have been of service to businesses in Northwest Colorado and look forward to
providing additional funding to other projects.
Sincerely,
EAGLE COUNTY BOARD OF COMMISSIONERS
Jillian H. Ryan, Chair
Eagle County Building, 500 Broadway, P.0. Bax 850, Eagle, Colorado 81631-0850
