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A RESOLUTION OF THE CITY COMMISSION OF THE CITY OF POMPANO BEACH, FLORIDA, APPROVING AND AUTHORIZING THE PROPER CITY OFFICIALS TO EXECUTE A CDBG LOAN SERVICING AGREEMENT BETWEEN THE CITY OF POMPANO BEACH AND STONEGATE BANK, TO PROVIDE SERVICING OF COMMUNITY DEVELOPMENT BLOCK GRANT (CDBG) LOANS; PROVIDING AN EFFECTIVE DATE.
(Fiscal Impact: N/A)
staffcontact
(Staff Contact: Mark Korman/Miriam Carrillo)
summary
Summary Explanation/Background:
This Resolution authorizes execution of a Loan Servicing Agreement facilitating administration of the City’s CDBG Economic Development Revolving Loan Fund. The agreement provides for Stonegate Bank, formerly Florida Shores Bank-Southeast, to hold the loan funds, close loans approved by the City, and to collect, deposit and account for payments made under each individual loan. The Agreement is made under the same terms and conditions as the November 22, 2011 Loan Servicing Agreement between the City and Stonegate Bank/Florida Shores since inception of the loan program.
Origin of request for this action: Office of Housing and Urban Improvement
Fiscal impact and source of funding: N/A - CDBG