Title
Resolution Authorizing the Approval and Execution of an Agreement between the City of Hampton, Virginia, the City of Newport News, Virginia, and the Peninsula Industrial Finance Corporation to Facilitate the Receipt, Administration, and Distribution of a CARES Act Recovery Assistance Grant from the Economic Development Administration of the United States Department of Commerce to Prevent, Prepare for, and Respond to the Coronavirus Pandemic
Purpose
PURPOSE/BACKGROUND:
The Peninsula Industrial Finance Corporation (“PIFC”) has provided loans to businesses in the Cities of Hampton and Newport News since its inception in 1946. The City of Newport News, on behalf of itself, the City of Hampton, and the PIFC, applied to and received from the Economic Development Administration of the United States Department of Commerce ("US EDA"), as part of the US EDA's CARES Act Recovery Assistance program, a grant in the amount of $1,596,000. The scope of work for this grant is to establish, through the PIFC, the Peninsula CARES Act Fund, a revolving loan fund (the "RLF") to alleviate some of the sudden and severe economic dislocation caused by the COVID-19 pandemic, and to provide permanent resources to support economic resiliency.
The PIF’s Board is comprised of five (5) members. Three (3) members are appointed by the Newport News EDA and two (2) members are appointed by the Hampton EDA. Two (2) of the Board appointees from Newport News and one (1) from Hampton shall serve a three (3) year term. One (1) of the Board appointees from Newport News and one (1) from Hampton shall serve a two (2) year term. The current members of the Board are:
MEMBER CITY
Laura Sanford Hampton
Carlton M. Campbell, Sr., Vice President & Vice Chair Hampton
Jocelyn Spight Roache, President & Chair Newport News
Beth W. Moore Newport News
Sylvia Weinstein Craft Newport News
The Cities of Hampton and Newport News will each receive grant applications and prepare them for pre...
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