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( 1 <br />1 U <br />LEE COUNTY <br />Committed Today for a Better Tomorrow <br />LEE COUNTY BOARD OF COMMISSIONERS <br />ITEM ABSTRACT <br />Meeting Date: March 2,2 015 <br />ITEM NO. III. B. <br />XX Information + Discussion <br />_ Action Item <br />Consent Agenda <br />SUBJECT Revolving Loan Fund Program Policy and Procedures <br />DEPARTMENT Finance <br />CONTACT PERSON : Lisa G. Minter, Assistant County Manager /Finance Director <br />REQUEST Review of Revolving Loan Fund Program Policy and Procedures <br />SUMMARY The County received a $1,000,000 grant from the Golden Leaf <br />Foundation to purchase 8,565 plastic pallets to be leased to <br />Frontier Spinning Mills, Inc. Frontier Spinning Mills, Inc. entered <br />into an equipment lease with Lee County for five years beginning <br />April 21, 2011. The company pays the County $13,290.69 per <br />month. The grant from Golden Leaf requires that the proceeds <br />from the lease of the pallets be used for future economic <br />development activities. The Board of Commissioners has <br />previously discussed establishing a revolving loan fund with the <br />proceeds. To further that goal, a Revolving Loan Fund Program <br />Policy and Procedures has been drafted for the Board's <br />consideration. The fund currently has $520,348.01 in it. Of this <br />amount, $56,000 remains to be advanced on the outstanding loan <br />to the Economic Development Commission leaving approximately <br />$464,000 for new loans. <br />BUDGET IMPACT N/A <br />PRIOR BOARD ACTION On 2/7/2014, the Board asked that the policy be sent to Tyler <br />Mulligan, Crystal Morphis and a representative of the EDC to get <br />their comments on the policy. Comments were received from <br />those individuals, and the policy has been adjusted. <br />ATTACHMENT(S) "DRAFT" Revolving Loan Fund Program Policy and Procedures <br />RECOMMENDATION Review and discuss the policy and procedures <br />