CLERK
REVISED CITY COUNCIL JANUARY 18, 202222 AU® ! 2 PM 3= i 2
APPROVED AS TO FORM AND LEGALITY
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OAKLAND CITY COUNCIL
89 0 0 1RESOLUTION NO. C.M.S.
RESOLUTION:
(1) ACCEPTING AND APPROPRIATING FIVE-HUNDRED AND
fifty thousand dollars ($sso,ooo) awarded to the
CITY OF OAKLAND BY THE U.S. DEPARTMENT OF
COMMERCE’S
ADMINISTRATION (“EDA”) FOR THE PURPOSE OF FUNDING
THE CITY’S SMALL BUSINESS REVOLVING LOAN FUND FOR
ZERO PERCENT (0%) INTEREST LOANS MADE BY JUNE 30,
2022 IN AN AMOUNT NOT TO EXCEED ONE HUNDRED
THOUSAND DOLLARS ($100,000) EACH; AND
ECONOMIC DEVELOPMENT
(2) AUTHORIZING THE CITY ADMINISTRATOR OR DESGINEE
TO NEGOTIATE AND AWARD A PROFESSIONAL SERVICES
AGREEMENT WITH PACIFIC COMMUNITY VENTURES IN AN
AMOUNT NOT TO EXCEED EIGHTY THOUSAND DOLLARS
($80,000) FOR A ONE YEAR TERM TO ADMINISTER THE
CITY’S SMALL BUSINESS REVOLVING LOAN FUND
PURSUANT TO A COMPETITIVE PROCESS
WHEREAS, in 1988, the City of Oakland developed a revolving loan fund utilizing a grant from the federal U.S. Department of Commerce’s Economic Development Administration (“EDA”) and Community Development Block Grant (“CDBG”) funding; and WHEREAS, the City’s RLF has remained dormant over the past several years given funding availability and staffing support, and there is an existing RLF fund balance of $200,0000; and
WHEREAS, in response to the COVID-19 pandemic, the Federal government through the CARES Act disbursement to the U.S. Department of Commerce Economic Development Administration made available a $550,000 non-competitive revolving loan fund recapitalization grant to the City’s existing EDA RLF program; and
WHEREAS, Oakland Municipal Code (“OMC”) section 2.07.020 requires City Council approval of all grant awards made from money or funds donated, given or granted to the City from any public or private source regardless of the amount of grant award; and WHEREAS, OMC section 2.04.051.A. requires that the City conduct a competitive Request For Qualifications/Proposals (“RFQ/P”) selection process for the award of professional contracts that exceed Fifty Thousand Dollars ($50,000) and are exempt from bidding under OMC section 2.04.050.1.1; and
WHEREAS, on August 20, 2021, the City issued a competitive RFP for a contract with a community development financial institution (“CDFI”) to provide loan packaging, business financial support, and technical assistance for small business lending; and WHEREAS, Pacific Community Ventures (“PCV”), an Oakland based 501(c)(3) nonprofit social enterprise and CDFI, was selected based on the comprehensiveness of their services, their competitive administrative fees, and active lending in Oakland with a focus on small businesses lending and financial services since 2002; and WHEREAS, the current RTF program provides for a minimum 4% interest rate, and the EDA RLF program administrator has temporarily approved the City’s request for a 0% interest loan for loans that are made by June 30, 2022; now, therefore, be it RESOLVED: That the City accept and appropriate Five-Hundred and Fifty Thousand Dollars ($550,000) awarded to the City of Oakland by the U.S. Department of Commerce’s Economic Development Administration for the purpose of funding the City’s small business revolving loan fund for a total RLF fund balance of Seven Hundred and Fifty Thousand Dollars ($750,000) for Zero Percent (0%) interest loans made by June 30, 2022 in an amount not to exceed One Hundred Thousand Dollars ($100,000) each, and be it FURTHER RESOLVED: That the City Administrator or their designee is authorized to negotiate and award a professional services agreement with Pacific Community Ventures in an amount not to exceed Eighty Thousand Dollars ($80,000) to administer the City’s small business revolving loan fund pursuant to a competitive process for a one-year term; and be it FURTHER RESOLVED: That the EDA grant funds will be deposited in the Department of Commerce Fund (2104), Economic Development (85411), Project (TBD), Federal Grant: Miscellaneous (46129); and be it
FURTHER RESOLVED: That prior to execution, all contracts and grant agreements shall be reviewed and approved as to form and legality by the City Attorney, and executed copies shall be filed with the City Clerk; and be it
2 FURTHER RESOLVED: That this Resolution shall take effect immediately upon its passage.
IN COUNCIL, OAKLAND, CALIFORNIA, JAN 1 B 2022
PASSED BY THE FOLLOWING VOTE:
AYES - FIFE, GALLO, KALB, KAPLAN, REID, TAYLOR, THAO AND
PRESIDENT FORTUNATO BAS
NOES-
VABSENT-&
ABSTENTION-
0 AATTEST:
ASHA REED '
City Clerk and Clerk of the Council of the
City of Oakland, California
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