SR-021396-6H
HRlTh1/C \WPMAC\Pac Coast 2/13/96 Sanla MOnica. CalifornIa 6 H
COunCll Meetmg' February 13, 1996
TO: The Mayor and CIty CouncIl
FROM: CIty Staff FEB 1 3 1996
SUBJECT: Request for County of Los Angeles Board of SupervIsor DeSIgnation - Pacific
Coast RegIOnal Small Busmess Development CorporatIOn
INfRODUcnON
TIus Staff Report recommends that CIty CouncIl authonze the CIty Manager to request that the
County of Los Angeles deSIgnate PaCIfIC Coast RegIOnal Small Business Development CorporatIon
(PCRC) as authorized to make small busmess loans m Santa Momca.
DISCUSSION
The City has been notIfied by the U.S EconomIC Development AdmInIstratIOn (EDA) that PCRC
has been a\.varded a $3,000.000 grant to make loans to small busmesses Impacted by the 1994
Northndge earthquake (see attached 1217/95 letter from M Oberhtner of the EDA Oakland office).
The EDA grant allows PCRC to lend In the West Los Angeles area and wIthm the Oty of Santa
Momca ThIS new ED A-funded loan program may be of benefit to some Santa Momca small
busmesses Under the provlSlons of the EDA grant. PCRC must request deSIgnatIon by the
County of Los Angeles to be an aurhonzed lender III the area for whIch Its grant was approved.
The County of Los Angeles has reqmred that the CIty of Santa Momca support PCRC's request to
be an authonzed lender wlthm the CIty
BUDGET/FNANCIAL IMPACf
There IS no anl1Clpated duect Impact upon the CIty's budget by takmg actIOn on thIS Item.
RECOMMEI\TIA TION
Staff recommends that City CounCIl authonze the CIty Manager to request that the County of Los
Angeles deSIgnate PaCIfic Coast RegIOnal Small Busmess Development Corporauon (PCRC) as
authonzed to make small busmess loans In Santa MODIca
Prepared by: Jeff ~-1athleu. Dlrector of Resource Management 6H
How31d Robmson, Real EstatelEconomlc Development I\.-1anager
FEB 1 3 1996
12~7-1995 . I 30AM F;:<OM EDA CFQ 1 SiB 637 2995 o J
.
U.S. DEPARTMENT OF COMMERCE
EconomIC Development AdmlRfstration
California Fl8ld Office
1301 Clay Street. SuIte 67SN
December 7. 1995 OaKland, CA 94612-5217
FAX: (510) 637-2995
Mr. Howard Robinson
City of Santa Mo.t'j~
Resource Man~gement Department
3223 Donald Douglas Loop South
Santa Monica, California 90405
Dear Mr. Robl11Son:
Further to our conversanon, I would hIre to set forth the background regarding the request
from Pacific Coast Regional Small Business Development CotpCJI'3.tJ.on (PCRC) for authonty
to lend m the Sanra Monica Area..
PCRC recently receIved. a $3 million grant from the .Economic Development Administration
(EDA) under the Fmancial RestrUctuTm~ Assistance Program (FRAP). These funds are
targeted to assist busmesses that were impacted by the Northridge Earthquake which could
not receive assiStance from the Small Bus.l~~ Administration. Under the provisions of that
grant PCRC is approved to lend witlun. a defined area of the City of Los Angeles and in the
Santa Monica area provided it is operatmg under the parameters of an Overall EconomIc
Development Plan (OEDP) Which has been approved by EDA. In thi!i: instance the relevant
OEDP's are those of the City of Los Angeles and the County of Los Angeles. The County
Board of Supervtsors has requJred that the City of Santa Momca support the request that
PCRC be permitted to lend In your area under the provis1oDS of the County OEDP.
Under FRAP the County IS also admlnIstermg a loan fund through 115 BUSIness Finance
Center (BFC). Under the terms of the grant to the County BFC IS permitted to lend
throughout the county. AssistaIlCC from PCRC to Santa Momca busmesses IS supplemental
to the assIStance otherwise avallable from BFC.
Thank for you help In brmging this matter before the city authoritIes for consideration.
Sincerely yours,
~~
. el Oberhmer
F ial Assistance Restructuring Program
cc: Ibclmilovlch
Oaks
Swayze
PCRC