Title
Discussion and Action on Distribution of Business Assistance Program/ARPA Funds
Recommended Action
I move that Council approve Distribution of Business Assistance Program/ARPA Funds as shown in Attachment A.
County Manager's Recommendation
The County Manager recommends that the Council approve the Distribution of Business Assistance Program/ARPA Funds, as shown in Attachment A.
Body
On February 2, 2022, Staff presented a draft economic development and business assistance program. The proposed program was designed to bring together a set of comprehensive tools utilizing local, regional, state, and federal funding and assistance resources that support and incentivize investment in new and existing businesses in Los Alamos County. Included with these tools were a set of grant programs utilizing allocated American Rescue Plan Act (ARPA) funds addressing the impacts that COVID-19 had on our business community.
As was directed by Council during their February 1, 2022 meeting, staff have refined these programs to ensure compliance with the current ARPA program and to reflect comments received thus far during business focus group sessions. Attachment A reflects the program categories and the proposed funding targets for each. The most notable change to the list of program categories since last presented (Attachment B) is the omission of the commercial loan down payment and loan assistance program due to current interpretations of the ARPA program. Staff will continue to revisit the ARPA program regulations in hopes of introducing an ARPA-funded loan program in the future.
Staff continue to work with our consultant team to develop a web portal providing the business owner a smooth means of submitting their application and a system allowing the County a manageable means to review, award, monitor, and report program results as required by ARPA. Staff anticipates bringing the web portal online by mid-May and accepting applications by Mid-May 2022. The Economic Development Division will continue its business outreach program to ensure the business community is aware of the program and has been allowed to provide input in formulating the final program details.
Attachments
A - Distribution of Business Assistance Programs Fund
B - February 1, 2022 Council Presentation