Form Rev 2/18/2025
RESOLUTION NO. __________
RESOLUTION OF THE CITY COUNCIL OF THE CITY OF
CHULA VISTA APPROVING A MEMORANDUM OF
UNDERSTANDING WITH THE CITY OF SAN DIEGO FOR
THE CONTINUED OPERATION AND ULTIMATE
UNWINDING OF THE SAN DIEGO REGION REVOLVING
LOAN FUND
WHEREAS, the City of San Diego is a grantee and administrator of the San Diego Region Revolving Loan Fund (“RLF”) first established in 2002, consisting of $1,383,308 in funding from the U.S. Department of Commerce Economic Development Administration, $1,28 3,308 in matching funds from the City of San Diego, and $100,000 in matching funds from the City of Chula Vista; and
WHEREAS, The City of San Diego operates the RLF for the benefit of businesses in the City of Chula Vista and the City of San Diego under a memorandum of understanding dated January 2, 2003; and
WHEREAS, the City of Chula Vista recognizes that its original grant match of $100,000 has been expended in administrative costs over the 22-year period of the program; and
WHEREAS, the City of San Diego and the City of Chula Vista desire enter into a new memorandum of understanding to unwind the combined RLF.
NOW, THEREFORE, BE IT RESOLVED by the City Council of the City of Chula Vista, that it approves a memorandum of understanding for the operation and ultimate unwinding of the San Diego Region Revolving Loan Fund , between the City of Chula Vista and the City of San Diego, in the form presented, with such minor modifications as may be required or approved by the City Attorney , a co py of which shall be kept on file in the Office of the City Clerk, and authorizes and directs the Mayor or the City Manager to execute same.
Presented by Approved as to form by
Tiffany Allen Marco A. Verdugo
Assistant City Manager City Attorney