Loading...
HomeMy WebLinkAboutResolutions - 2017.04.26 - 22875missioner Philip Weipert, District #8 person, Planning and Building Committee MISCELLANEOUS RESOLUTION #17091 March 26, 2017 BY: Commissioner Philip Weipert, Chairperson, Planning and Building Committee IN RE: ECONOMIC DEVELOPMENT AND COMMUNITY AFFAIRS - RESOLUTION APPROVING THE MEMORANDUM OF UNDERSTANDING BETWEEN THE COUNTY OF OAKLAND AND THE OAKLAND COUNTY BUSINESS FINANCE CORPORATION To the Oakland County Board of Commissioners Chairperson, Ladies and Gentlemen: WHEREAS the County of Oakland and the Oakland County Business Finance Corporation ("BFC") are parties to a certain Memorandum of Understanding dated as of September 1, 1988, pursuant to which the County contributes full-time professional management and provides other valuable services and facilities to the BFC in recognition of the BFC's valuable service to the County and the business community within the County by providing small business loans under the U.S. Small Business Administration's 504 Loan Program; and WHEREAS, the U.S. Small Business Administration has required the BFC to enter into a new Memorandum of Understanding (attached) with the County in order to incorporate certain provisions of a "professional services contract" pursuant to 13 CFR §120.824; and WHEREAS, the Board of Trustees of the BFC has approved a resolution (attached) adopting the new Memorandum of Understanding, for a term of five (5) years from the date of approval, and authorizing the chairperson of the BFC to execute the new Memorandum of Understanding on behalf of the BFC; and WHEREAS, Oakland County Corporation Counsel has reviewed and approved the attached Memorandum of Understanding; NOW THEREFORE BE IT RESOLVED that the Oakland County Board of Commissioners does hereby approve the attached Memorandum of Understanding to be entered into between the County and the BFC for a period of five (5) years from the date of approval. BE IT FURTHER RESOLVED that the Chairperson, Vice Chairperson, or any other officer of the Oakland County Board of Commissioners is hereby authorized to execute the new Memorandum of Understanding on behalf of the Oakland County Board of Commissioners. Chairperson, on behalf of the Planning & Building ComAitteA I move the adoption /elf the foregoing resolution. PLANNING AND BUILDING COMMITTEE Motion carried unanimously on a roll call vote. RESOLUTION OF THE BOARD OF TRUSTEES OF OAKLAND COUNTY BUSINESS FINANCE CORPORATION APPROVING MEMORANDUM OF UNDERSTANDING WHEREAS, Oakland County Business Finance Corporation (the "Corporation") and the County of Oakland (the "County") are parties to a certain Memorandum of Understanding dated as of September 1, 1988, pursuant to which the County contributes full- time professional management and provides other valuable services and facilities to the Corporation in recognition of the Corporation's valuable service to the County and the business community within the County; and WHEREAS, the Board of Trustees of the Corporation has determined that it is in the best interests of the Corporation to continue the Corporation's relationship with the County in order to continue to provide SBA 504 loans to .borrowers in the most cost-effective manner possible and thus assist in the achievement of the County's economic development goals, including increased employment and tax base; and WHEREAS, the U.S. Small Business Administration (the "SBA") has required the Corporation to enter into a new Memorandum of Understanding with the County in order to incorporate certain provisions of a "professional services contract" 'pursuant to 13 CPR §120.824; and WHEREAS, the SBA has reviewed the Memorandum of Understanding attached to these By-Laws as Exhibit A, and has determined that the attached Memorandum of Understanding includes the pertinent provisions of a "professional services contract" pursuant to 13 CFR §120.824; and WHEREAS, the SBA requires that the Corporation's Board of Trustees approve the Memorandum of Understanding pursuant to a resolution containing certain statements mandated by the SBA; and WHEREAS, after discussion and due consideration, and upon motion duly made and seconded, the Board of Trustees of the Corporation hereby adopts the resolutions set forth herein; NOW, THEREFORE, BE IT HEREBY RESOLVED, that the Board of Trustees does hereby approve and adopt the attached Memorandum of Understanding (a copy of which the Secretary is instructed to file with this Resolution), for a term of five (5) years, subject only to final approval of the SBA and subsequent execution of the Memorandum of Understanding by the Corporation; and BE IT HEREBY FURTHER RESOLVED, that the Board of Trustees further states and provides as follows: i.) That the Board of Trustees retains and exercises all corporate powers and authority and is responsibility for all corporate actions and business of the Corporation, as requited in 13 CFR §120.823; ii.) That the Board of Trustees has determined that, based on the long-standing 0001319441002412261135-v3 arrangement between the County and the Corporation under the original Memorandum of Understanding and in Tight of the unique relationship between the County and the Corporation, the compensation paid to the County pursuant to the attached Memorandum of Understanding is reasonable and customary for similar services in the area and is actually less than the Corporation. would likely otherwise be required to pay to outside contractors; iii.) That the Board of Trustees shall at all times retain sole authority and responsibility for all SBA 504 loan approvals and SBA 504 loan servicing actions, and that such responsibility shall continue to be carried out independently of any control by the County; iv.) That the Memorandum of Understanding is in compliance with 13 CPR §§120.824 and 120.825 and applicable SBA 504 Loan Program Requirements; v.) That the Board of Trustees understands that the Memorandum of Understanding is subject to pre-approval and yearly review by the SBA; and vi.) That the Board of Trustees understands that the Corporation is required to submit the Memorandum of Understanding with the Corporation's Annual Report and does not constitute a request for pre-approval. BE IT HEREBY FURTHER RESOLVED, that the Chairperson, Vice Chairperson, or any other officer of the Corporation is hereby authorized to execute the Memorandum of Understanding on behalf of the Corporation. CERTIFICATE OF SECRETARY The undersigned certifies that she is the duly elected and acting Secretary of Oakland County Business Finance Corporation (the "Coiporation"), and that the foregoing Resolutions were duly adopted and ratified at a Rieeting of the Board of Trustees of the Corporation, duly noticed, called, held and attended on /r, /Li , 2017, at the Corporation's registered offices. Mary Langhauser, Secretary 000131944\002412261135-v3 Resolution #17091 April 26, 2017 The Vice-Chairperson referred the resolution to the Finance Committee. There were no objections.