Project Value: $4,500,000
City Allocation: $1,609,190

Project Description:

On December 4, 2007, the Council authorized staff to submit an application requesting $2,500,000 in 2007/08 CDBG Economic Development OTC grant funds. The actual application amount submitted however was for $2,396,000 including $40,000 for activity delivery, $175,500 for general administration, and $2,180,500 for a loan to PCP. The OTC application was presented to the State Economic Development Advisory Committee on April 16, 2008 and the committee voted unanimously to recommend approval of the City of Oroville 2007/08 OTC grant application. The resolution of December 4, 2007 needs to be amended to reflect the actual OTC grant application activity and funding details.

On April 30, 2008, the City of Oroville's Economic Development Loan Advisory Committee (ED LAC) was apprised of the State Advisory Boards review and consideration of the OTC grant application and subsequent recommendation for approval of a loan to PCP equaling $2,180,500. The OTC grant award must be formally approved by the Housing and Community Development Deputy Director.

Funding Sources:

• CDBG

Milestones: