Title
Adopt City Council Resolution Approving Second Addendum to Professional Services Agreement with Parker Lewis Associates (DBA Community Development Services) for Business Assistance Loan Servicing and Consulting Services and Authorizing City Manager to Execute Same Upon Execution By Consultant (Amount NTE: $60,000; Account 315-5021-0631 and 315-5021-0632)
Summary
On March 25, 2013, after a CDBG-compliant procurement process, City Council approved a three year contract with Parker Lewis Associates DBA Community Development Services (CDS). The original contract scope of work includes general assistance with the City’s CDBG business loan program. On March 25, 2013, City Council also approved Addendum 1 to the contract so that CDS could proceed with a specific Over-the-Counter loan proposal and application preparation. With approval of the City’s 2014 Over-the-Counter grant and issue of a loan to Sport Investments, the scope of work under Addendum 1 is now complete. For the remaining term of the CDS contract, CDS has submitted a proposal that includes four major tasks including CDBG business loan monitoring; needs analysis, marketing and preliminary assistance for new business loans; processing of new business loans; and loan closing. Loan monitoring is a required component for CDBG business loans, and CDS provides specialized experience and skill in achieving CDBG-compliant loan monitoring. The remaining three tasks relate to development of new business loans. The market assessment is needed to determine whether the City should consider applying for new CDBG loan funds in an upcoming application cycle. This task will also include networking and outreach to business owners to determine financial needs and potential City/CDBG participation. For new loans, CDS will perform business loan processing, including all necessary CDBG underwriting tasks and presentation of loan proposals to the City Loan Advisory Committee. If a loan is funded, CDS will perform loan c...
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