8948-17 Authorize Agreement to Operate the Small Business Performance Grant Program

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WHEREAS, the Grantee has committed funding resources dedicated exclusively to capitalizing said Lakewood - Cuyahoga County Credit Enhancement Fund pool; and WHEREAS, the Grantee has requested from the County a Grant (as defined below) to provide matching funds to the Fund equal to that of the Grantee's funding commitment; and WHEREAS, the County desires to make funding available from the general fund through its Cuyahoga County Job Creation Fund for such a Grant: NOW THEREFORE, in consideration of mutual promises hereinafter set forth, the County and the Grantee do hereby agree as follows: ARTICLE I SECTION 1.01 Project The Grantee agrees to undertake, or cause to be undertaken the activities and obligations described in both EXHIBIT A: "LAKEWOOD -SBA SMALL BUSINESS PERFORMANCE GRANT PROGRAM — SCOPE AND PROCESS OF THE PROGRAM" (the "Program); and EXHIBIT B: "LAKEWOOD- CUYAHOGA COUNTY CREDIT ENHANCEMENT FUND - SCOPE AND USE OF THE FUND" (the "Fund ") - both collectively referred to as the "Project" and attached herein. SECTION 1.02 Financing Sources for the Project (a) The Grantee has currently appropriated a total of Fifty Thousand Dollars ($50,000.00) to be used to capitalize the Fund, and said funding is certified as having been appropriated and dedicated to the Fund for the sole purposes of financing the activities of both the Program and the Fund, as evidenced by the City of Lakewood' Finance Director as shown in EXHIBIT C. The City also certifies that it possesses the legal authority to proceed with this Agreement. (b) The County now hereby agrees to provide a maximum total of One Hundred Fifty Thousand Dollars ($150,000.00) in matching funding assistance (the "Grant ") to further capitalize the Fund subject to the terms and conditions of this Agreement. These funds are to be used solely for the purpose of making grants ( "Performance Grants ") in the form of forgivable loans to qualifying SBA - guaranteed loan borrowers (the "Borrowers ") as described in the activities and program descriptions of EXHIBIT A and EXHIBIT B. The Grantee is prohibited from using the Grant funds for any purpose other than providing Performance Grants to the Program's Borrowers in accordance with the specific provisions of the Program and the Fund. SECTION 1.03 Term and Timetable for Project Activities (a) The term of this Agreement shall begin on the Effective Date first set forth above, and end on the same date twenty -four (24) months thereafter, unless sooner terminated as permitted herein, or unless extended by written agreement of the parties hereto. (b) The Project activities of the Grantee are to commence on the Effective Date first set forth above, and shall be undertaken and completed in such sequence as to assure their expeditious completion in light of the purposes of this Agreement, but in any event, all of the activities required herein shall be completed within the original term of this Agreement. (c) If at the time of the expiration of this Agreement there are any Grant funds in the Fund that have not been provided or encumbered for a Performance Grant, and if the Grantee is otherwise in compliance with this Agreement, this Agreement shall automatically renew on a month to month 2 oft7