RESOLUTION NO 88-04
A RESOLUTION AUTHORIZING THE EXPENDITURE OF ECONOMIC DEVELOPMENT FUNDS TO RECAPITALIZE THE REVOLVING LOAN FUND OF MESA COUNTY
WHEREAS: The Business Incubator Center has requested that the City of Grand Junction assist with the recapitalization of the Revolving Loan Fund (RLF) of Mesa County; and
WHEREAS: The RLF has been a very important and successful program in assisting startup and expanding local businesses; and
WHEREAS: The City’s Economic Development Fund has available resources that could be used to assist the RLF to continue to make successful loans to small businesses; and
WHEREAS: The Chamber of Commerce and the Grand Junction Economic Partners support this request from the RLF.
NOW THEREFORE; BE IT RESOLVED BY THE CITY COUNCIL OF THE CITY OF GRAND JUNCTION, that:
a) An expenditure to the Business Incubator Center of $300,000 for the RLF is hereby approved.
b) The Finance Director and City Manager are hereby directed to use funds available in the Economic Development Fund of the City for this expenditure.
ADOPTED AND APPROVED THIS: 15TH day of September, 2004
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President of the City Council
ATTEST:
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City Clerk