HomeMy WebLinkAbout02 0124 05C~' • r n
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STATE OF WASHIIJGTON
County of Jefferson
In the Matter of Re-Establishing }
A Program To Administer the }
Community Investment Fund and }
To Change the Name to the }
Public Infrastructure Fund }
ORDINANCE NO.OZ-0124-05
WHEREAS, in 1997 and 1999 the State Legislature authorized rural counties to
retain a portion of sale and use tax to increase their economy by financing public facilities that
will result in new jobs through business expansion and recnutment; and,
WHEREAS, the Jefferson County Commissioners established the Community
Investment Fund and a program for administering the funds provided to Jefferson County
under RCW 82.14.370 with the approval of Ordinance No. 11-1021-02 adopted on October ? 1,
2002; and,
WHEREAS, this ordinance provided that the Community Investment Fund
Board perform a review of the ordinance two years from the date of enactment in order to
analyze the overall program effectiveness and to readopt the ordinance; and,
WHEREAS, this review was not done in a timely manner as outlined in
Ordinance No. 11-1021-02, therefore the ordinance expired; and
WHEREAS, it is the desire of the County Commissioners to re-establish a
program to administer the Community Investment Fund and, to change its name to the Public
Infi~astructure Fund; and,
WHEREAS, the priority of the Public Infrastructure Fund is to create an
environment that encourages the creation of new jobs by stimulating private investment that
will, in turn, improve the economy of the residents of the incorporated and unincorporated
areas of Jefferson County; and,
WHEREAS, the Public Infrastructure Fund monies shall be invested for
economic development in a manner consistent with the goals, policies and objectives set forth
in this ordinance.
NOW, THEREFORE, BE IT ORDAINED, by the Board of County
Commissioners of Jefferson County, Washington, that the following is hereby approved and
adopted as the Frogram for administering the Jefferson County Public Infrastructure Fund.
Public Infrastructure Fund
Section 1: Goals and Objectives
1 a Policy
lb Program Activities
Ordinance No. 02-0124-OS re: Ro-Establisbing a Program to Adminisbcr the PIF
1c Public/Private Partnerships
ld Priorities ~ .
1 e Consistency with Area Economic and Comprehensive Plans
Section 2: Standards for the PIF Portfolio
2a Job-Cost Ratio
2b Funding Ratio
2c Activities Financed
2d Eligible PIF Fund Recipients
2e Allocation of Financial Resources
2f Eligible Loan Types
2g Eligible Grant Types
Section 3: Grant and Loan General Financing Policies
3a Standard Terms Applicable to All Loans
3b Standard Terms Applicable to All Grants
3c Modifying Loan and Grant Terms
3d Standard Interest Rates
3e Special Financing Techniques
3f Bonding
Section 4: Collateral and Egniiy Req®iremeets
4a Fees to Borrowers
4b Administrative Elements of the Plan
4c Composition of the Infrastructure Fund Board
4d Responsi'bilities of the Infrastructure. Fund Board
4e Infrastructure Fund Board Meetings
Section 5: PIF Loan/Grant Administrator Capacity
Section 6: PIF Application Administrator Capacity
6a EDC Application Administration Responsibilities
6b Jefferson County Loan/Grant Administrator
Section 7: Loan Selection, Approval Process and Servicing
Section 8: Applicatmn Review Process -Staff Functions
Section 9: Jefferson County Pablic Infrastructure Farad Administrative Costs
Section 10: Availabdity of Loans and Grants
Section 11: Other Considerations
Section 12: Definitions
Page 2 of 14
Ordinance No. 02-0124-05 re: Re-Establishing a Program to Administer the PIF
Section 13: Severability
Section 14: Venue
Section 1: Goals and Objectives
In 1997 and 1999, the state legislature authorized rural counties to retain a portion of sales and
use tax (.04% in 1997; increased to a total of .08% in 1999) to finance public facilities. The
goal of the legislation is to provide additional funds to increase the economy of the rural
counties by financing public facilities that will result in new jobs through business expansion
and recruitment.
Funds from the Public Infrastructure (PIF) Fund, herein after referenced as PIF, shall be used to
improve the economy in the incorporated and unincorporated areas of Jefferson County,
through the use of grants and low interest loans for public facilities. ` }
Policy
The administering of the moneys provided to Jefferson County under RCW 82.14.370 shall be
referred to as the Public Infrastructure Fund, or the PIF. PIF money shall be invested for
economic development to support the development of job related public facilities in a manner
that is consistent with the goals, objectives, and policies outlined herein.
Program Activities
The essential activities of the PIF include the creation of new jobs and income by improving the
economy by the following:
1. Promote the ongoing operation of businesses;
2. Promote the expansion of existing businesses;
3. Attract new business invest~tnent;
4. Assist in the development of new businesses from within the incorporated and
unincorporated areas of Jefferson County; and
5. Provide family wage jobs to the citizens of the County
Pablic/Private Projects
Moneys collected under this section shall only be used for financing public facilities in rural
counties. The public facility must be listed as an item in economic development section of the
county's comprehensive plan, or the comprehensive plan of a city or town located within the
county for those counties planning under RCW 36.70A.040. In implementing this section, the
county shall consult with cities, towns, the PUD and port districts located within the county.
For the purposes of this section, "public facilities" means bridges, roads, domestic and
industrial water facilities, sanitary sewer facilities, earth stabilization, storm sewer facilities,
railroad, electricity, natural gas, buildings, structures, telecommunications infrastructure,
transportation infrastructure, or commercial infrastructure, and port facilities in the state of
Washington.
Page 3 of 14
Ordinance No. 02-0124-OS re: Ro-Establishing a Program m Ad~mnisber the pIF
Prioritises
The priority of the PIF is to create an environment that encourages the creation of new jobs by
stimulating private investment that will, in turn, improve the economy of the residents of the
incorporated and unincorporated areas of Jefferson County. Grants and loans shall only be -
given to support the creation of public facilities that improve the economy. The following
criteria shall be used to evaluate projects:
1. Improvements that have a large job creation-to-fimding ratio.
2. Retention or expansion proposals that a luubit a higher probability for supporking
immediate basic industry job opportunities, will be given a priority over recruitment
proposals that do not provide a similar probability.
3. Projects that leverage public and public/private financial partnerships.
4. Accelerated repayment schedules.
5. Redevelopment, in-fill and expansion of existing infrastructure systems.
6. Higher match percentage and the use of outside fiord leveraging. Matchmay include-
-.~__~ .
. project related expenditures for a period up to one year prior to the request for finding.
7. Projects that will immediately benefit the incorporated or unincorporated areas of
Jefferson County.
8. Projects that successfiilly mitigate for significant adverse environmental impacts, if
applicable.
Consistency with Area Economic and Comprehensive Plans
In addition to compliance with general federal, state and local laws, all projects must be
consistent with the county's economic development section of the county's comprehensive
plan, or the comprehensive plan of the incorporated area(s) of Jefferson County.
Section 2: Standards for the PIF Portfolio
This section outlines the general standards to be achieved by the PIF portfolio as a whole.
Individual loans and grants may vary but PIF loans and grants shall generally conform to the
standards specified in this section. Variations shall be premised upon one or more of the
following: critical timing; emergent opportunities: enhanced immediate or long term economic
benefits.
Job/Cost Ratio
Applications demonstrating a lower investment per job shall be given preference. The job types
can be categorized as unskilled, semi-skilled, and skilled.
lNbndmg Ratio
Funds provided shall not exceed 50'/0 of the project cost. The cost may include in-kind
expenses.
Page 4 of 14
Ordinance No. 02-0124-OS re: Re-Establishing a Program to Adirrinister the PIF
Activities Financed
PIF funds shall only be spent to support the development of public facilities within Jefferson
County and the administration of the PIE.
PIF funds shall not be spent on the construction of public facilities that do not improve the
economy.
Eligible PIF Fond Recipients
Eligible P1F fund recipients shall include local public agencies within Jefferson County. All
applications shall include a resolution of support adopted by the governing body of the public
agency applying for the funds.
Allocation of Financial Resources
To conserve fund equity, principal deferrals or similaz flexible repayment techniques should be
used to offset financial hardship in lieu of grants, where possible and feasible.
Eligible Loan Types
All PIF funds shall be used only for projects that are consistent with all other goals, policies,
and requirements as defined herein. Loan projects must meet the following criteria:
1. Moneys collected under this section shall only be used for financing public facilities in
rural counties. The public facility must be listed as an item in or the economic
development section of the county's comprehensive plan, or the comprehensive plan of
a city or town located within the county for those counties planning under RCW
36.70A.040. In implementing this section, the county shall consult with cities, towns,
and port districts located within the county. For the purposes of this section, "public
facilities" means bridges, roads, domestic and industrial water facilities, sanitary sewer
facilities, earth stabilization, storm sewer facilities, railroad, electricity, natural gas,
buildings, structures, telecommunications infrastructure, transportation infrastructure,
or commercial infrastructure, and port facilities in the state of Washington; all for the
purpose of job creation, job retention, or job expansion, herein before and hereinafter
referred to as a public facility.
2. The loan term of the loan shall not exceed the useful life of the asset.
3. The loan must improve the economy for the incorporated or unincorporated areas of
Jefferson County.
4. Loan projects shall result in the direct and immediate development of a public facility.
5. Loans shall be used as a pledge of fimding to leverage other sources of fimding for
financing public facilities that are found to be consistent with all other goals, policies
and requirements as set forth herein.
Eligible Grant Types
Grants shall be used as a pledge of funding to leverage other sources of funding for financing
public facilities and which are found to be consistent with all other goals, policies and
requirements as set forth herein.
Page 5 of 14
Ordinance No. 02-012405 re: Ro-l.stablishing a Prog~rann to Administer the PIF
Section 3: Grant and Loan General Financing Policies
The loan to grant fimding ratio shall be as follows:
• The fund shall have 50% committed to the grant program and 50% committed to the
loan program
• Determination for loan disbursements will be based upon a review by the PIFB of the
merits and strengths of the proposed project.
Standard Terms Applicable to All Loans
Subject to final approval by the Board of County Commissioners, the terms for repayment of
the PIF loan are subject to negotiation with the borrower, in accordance with the following
guidelines:
1. The date of interest payment, unless negotiated otherwise, shall be due every June 1
until the loan is satisfied. The date of interest payment and principal shall be due every
_ , _ _ December 1 until the loan is fully satisfied. A negotiated moratorium on the principa)i
' maybe considered, but for no more than six (6) months from the date of disbursement.
The Public Infiastructure Fund Board (PIFB) shall review proposed exceptions.
2. The amortization for each loan shall not exceed ten (10) years. Interest rates, origination
and other fees shall be determined at the time of application.
3. The rate of interest will be based on the Local Government Pool Rate as of the last
business day of the preceding month, and subject to a loan origination fee.
4. The PIF may specify or limit the uses of PIF funds if deemed necessary and prudent.
5. The P1F and Treasurer may inchide special clauses in a loan agreement that stipulates
payments, decreased payments, or increased repayment amounts under certain
circumstances. Such circumstances may include, but are not limited to one or more of
the following:
• any delay in repayment,
• project cost ovemm, or
• project cost overestimate.
In each case where such a clause is utilized, the language shall clearly establish the
thresholds that would cause a change in the payment schedule. These thresholds may
include, but are not limited to, the completion of a project ahead of the deadline(s).
6. Specific performance required of the borrower, including meeting payment schedules,
timely completion of project phases, and other conditions of the loan, shall be specified
in each contract between the County and the borrower. Failure to comply with the terms
of the loan will cause the borrower to be in default, the PIF Administrator may
accelerate debt repayment or demand full payment. 'The terms will also include the
rights of the borrower to cure the default.
7. Detailed penalty fees, and rates in case of default, and late payment penalties shall be
contained in the contract between the County and the borrower.
8. There will be no prepayment penalty assessed for a principal reduction or early
satisfaction of the loan.
Page 6 of 14
Ordinance No. 02-0124-OS re: Re-Establishing a Program to Adcnuiister the PIF
9. A compliance system shall be in place that defines the deadlines for completing specific
project phases directly related to the loan. The monitoring system should include
penalties for not achieving predetermined deadlines.
10. Loan disbursements should be consistent with progress of the project including the
commitment of other necessary funding sources. Verification via an on-site visit written
documentation maybe required before funds are disbursed. Note: A system of draws
will be put in place depending on size of loan.
Standard Terms Applicable to All Grants
Subject to final approval by the Board of County Commissioners, the terms for PIF grants are
subject to negotiation, ~in accordance with the following guidelines:
1. Funds maybe disbursed upon completion of the project, or as draws upon completion
ofpre-determined phases of the project. The method of disbursement will be
determined upon approval of the grant request.
2. The P1FB may specify or limit the uses of PIF funds if deemed necessary and prudent.
3. The PIFB and the Treasurer may include special clauses in a grant agreement, which ' m
require a repayment of some or all of the grant funds under certain circumstances. Such
circumstances may include but are not limited to one or more of the following:
• Project cost ovemm,
• Project cost overestimate, or
• Unreasonable non-compliance with project timelines
• Impossibility of performance by borrower
• Acts of God making performance impossible
• Lack of PIF funds due to decreased sales tax revenues
4. A compliance system shall be in place that states timelines for completing specific
activities directly related to the grant. The activities should be detailed as to the
characteristics. The compliance system should include penalties for not achieving
predetermined deadlines.
5. Grant disbursements should be consistent with progress of the project including the
commitment of other necessary funding sources.
6. Public Works Trust Fund Construction Loan Program/Matching Program: This
mechanism provides for a local match against the Public Works Trust Fund
Construction Loan Program, which is one of four loan programs under the umbrella of
the Public Works Trust Fund. This is slow-interest revolving loan fund designed to
help local governments finance critical public works projects. Eligible applicants for
this program are -Counties, Cities and Towns and Special Purpose Districts. Eligible
projects include repair, replacement, rehabilitation, reconstruction, or improvement of
eligible public works systems to meet current standards for existing users, and may
include reasonable growth as part of the project. Six types of systems are eligible for
funding: domestic water, storm sewer, solid wastelrecycling, sanitary sewer, and road,
bridge. The interest rate is linked to the percentage of the local match:
15% Local Match = 0.5% Interest Rate
10% Local Match =1 % Interest Rate
5% Local Match = 2% Interest Rate
Page 7 of 14
Ordinance No. 02-0124-OS re: Ro-Establishing a Program do Administta the PIF
The loan term is for the fife of the project, or 20 years, however projects must be
completed within 48 months aflear contract execution. The P1F may be used as a
matching grant and or loan for eligible public entities provided the project fulfills the
requirements of RCW 82.14.370, the result of the project is the creation of new jobs
through business expansion and recruitment.
Modifying Loan and Grant Terms
PIF loan and grant the PIF Loan/Grant Administrator shall properly document terms. There may
be circumstances that warrant modification of the original terms of the loan or grant. The
borrower or grantee may apply for modification using forms provided by the PIF Loan/Grant
Administrator and shall clearly state the facts supporting the request for modification. The
borrower or grantee shall also provide supporting documentation. The PIF Loan/Grant
Administrator shall review and process the request in the same manner as the original
application. As with the original loan or grant, final approval rests with the Board of County
Commissioners. Any modification to PIF Loan Terms must be in writing and agreed to by the
PIF Loan Administrator and the Borrower.
The PIF LoanJGrant Administrator may recommend corrective action to the terms of a loan or
grant to the Board of County Commissioners without a request from the borrower or grantee,
but shall give the borrower or grantee fourteen (14) days notice of any such corrective action.
Standard Interest Rates
Interest shall be agreed upon at the time of application. PIF income will be reinvested into the
PIF. The rate of interest will be based on the local Government Pool Rate as of the last
business day of the preceding month:
Special I+~nancing Techniques
PIF loans and grants sha11 be part of a larger package involving other fimding sources. PIF
loans and grants should be used to leverage other fimding sources toward the total project
financing.
Bonding
Bonding shall be permitted.
Section 4: Collateral and Equity Itegnirements
Collateral may not be required for P1F fiord recipients if mutually agreed to by the
Administrator and borrower. ~ Generally, PIF loans shall be made on a direct basis by the loan
fiord to the borrower. The County shall receive all payments of principal, interest, and
penalties.
Loans to eligible borrowers will not be secured. However, loans will be general obligations of
the eligible PIF fiord recipient, committing its full faith and credit. Care will be taken that
Page 8 of 14
Ordinance No. 02-0124-05 re: Ro-Fstablishing a Program to Adminis0er the PIF
proper borrowing or grant-funding resolutions are obtained. Loans shall not be made which
will cause the jurisdiction to exceed its legal borrowing limits.
Fees to Borrowers
All customary and usual loan fees maybe chazged to applicants including, but not limited to,
title insurance, escrow, attorney fees, recording fees, and loan origination fee.
The Jefferson County Treasurer shall assume the responsibility for loan and grant
administration of the funds. The Jefferson County Economic Development Council shall
assume the responsibility of application administration for the fund. Final policy making
authority for the Public Infrastructure Fund, shall rest with the Jefferson County Boazd of
Commissioners. However, in order to achieve the goals and policies of the P1F, the County
shall establish a Public Infrastructure Fund Boazd.
Composition of the Public Infrastructure Fnnd Board
The P1FB shall consist of no more than seven ('n members. The Public Utility District #1, the
City of Port Townsend, the Port of Port Townsend and Jefferson County shall each have the
right to appoint one elected official or their designee to serve on the PIFB. The remaining three
seats shall be considered at lazge positions and will be filled as follows: one representative
from each Commissioner District will be appointed by the BOCC. At lazge members to the
PIFB will possess some experience or expertise in private sector business development and or
financing. The Board of County Commissioners shall signify final approval and appointment of
the members of the PIFB by the adoption of a resolution.
Criteria For PIFB Members
Members of the PIFB should posses the technical knowledge necessary to evaluate project
proposals based on their technical and economic development merits. Any person acting
pursuant to the PIFB shall comply with all state and local ethical requirements and conflict of
interest laws.
Responsibilities of Public Infrastructure Fend Board
The PIFB shall be responsible for making recommendations to the Board of County
Commissioners who shall have final authority to approve or deny any and all applications.
The PIFB may make recommendations for improving the administration of the PIF to the Board
of County Commissioners.
Public Infrastructure Fund Board Meetings
Meetings of the P1FB shall be conducted in accordance with State law and the procedures
commonly known as "Robert's Rules of Order." The PIFB shall meet in a timely manner, no
more than 30 days after a complete application has been received.
All actions by the Boazd shall be expressed by motion and/or resolution. All motions and
resolutions, once in final written form, shall be signed as approved by the chairperson on behalf
of the P1FB.
Page 9 of 14
Ordinance No. 02-0124-OS re: lZo-Establishing a Program to Administer the PIF
The PIFB may transact business via teleconference. Teleconference meetings shall be
announced in accordance with state law. A speakerphone shall be utilized during the public
meeting to allow members of the public to hear PIFB proceedings and, at the discretion of the
Chair, participate in discussions by PIFB members. .
No representations shall originate from any member of the PIFB utilizing the name of the
Public Infrastructure Fund Board to endorse or oppose any issue, unless a majority of the
members of the PIFB approve such position.
orum
A quorum shall be considered present for a PIFB meeting when at least four (4) members are
Present.
vOt1IIg
The voting on elections, motions, and resolutions shall be by voice vote. In lieu of voice vote,
members may request a roll call vote. Any member of the PIFB may request a roll ca11 vote. ~.
majority of affirmative votes by PIFB members present at the meeting are necessary for the
exercise of any power or fimction of the PIFB.
Section 5: Loan/Grant Administrator Capacity
The Jefferson County Board of Commissioners shall designate a PIFLoan/Grant Adnninishator
for the Public Infrastructure Fund. The administrative costs associated with the PIF shall be
covered by the fiords submitted to the County Treasurer's Office as a result of RCW 82.14.370
Section 6: PIF Application Administrator Capacity
The Jefferson County Economic Development Council, herein after referenced as the EDC,
shall be the Application Administrator of the PIF Fund Program. The EDC shall be
compensated for the administrative costs associated with the PIF from fiords submitted to the
County Treasurer's Office as a result of RCW 82:14.370. Compensation and services provided - - :~
shall be as outlined in the County's contract services agreement with the EDC.
EDC Application Administration Responsib~itles
The EDC shall provide adequate staffing to cury out the responsibilities of the primary
location for information, inquires and coordination relating to funding applications.
Applications shall be in accordance with local economic development priorities established by
the jurisdictions. Guidelines and application materials shall be available to eligt~le borrowers.
The PIF Application Administrator shall review all preliminary applications for the PIF
submitted by eligible borrowers. This review shall determine the suitability of the proposal for
funding under these program guidelines and judge the overall integrity of the proposal.
Jefferson County lt,oan/Grant Administrator
This fimction. will oversee loan/grant recipieait compliance with all conditions required by the
PIF. The compliance fimction will end only upon satisfaction of the loan or completion of the
Page 10 of 14
Ordinance No. 02-0124-05 re: Re-Establishing a Pmgram to Administer the PIF
project funded by a grant. All appropriate federal, state and local requirements shall be
disclosed to each prospective PIF funding recipient at the time of application. A system will be
established to ensure compliance with financial and programmatic responsibilities prior to the
issuance of any loan or grant. The Loan/Grant Administrator shall work in conjunction with
the Jefferson County Department of Public Works to ensure that projects are progressing to full
completion. To do this the I,oan/Grant Administrator shall have the ability to perform site
inspections.
The PIF Loan/t,,rant Administrator and the County Treasurer's Office are responsible for the
prudent management of the funds. This role includes substantial responsibilities to ensure that
federal, state, and local requirements aze met. The responsibilities include an aimual review to
determine if the PIFB's actions aze in compliance with the policies and procedures contained in
the PIF plan.
Section 7: Loan Selection, Approval Process and Servicing a
The Jefferson County PIF Loan/Cmant Administrator and the Jefferson County Economic
Development Council shall develop all forms necessary for implementation of the PIF. The
application shall describe the basic eligibility requirements and the selection criteria essential
to successful applications.
Section 8: Application Review Process - Staff l~nctions
The EDC shall help prepare and review the applications for program objectives, eligibility
requirements, selection criteria, and loan terms with any potential applicant. A written
summary of each proposal shall be prepared by EDC to accompany each application. When a
completed application is submitted, the PIF Loan/Grant Administrator shall take responsibility
for reviewing the application. The PIF I.oan/Grant Administrator is responsible for ensuring
that each application package submitted to the PIFB for review is complete. Project applicants
submitting incomplete documentation will be noticed within ten (10) business days ofreceipt.
The application shall be checked against eligibility criteria, program objectives, financial
feasibility, selection criteria, environmental requirements, civil rights requirements, and other
program considerations. The PIF Loan/CYrant Administrator may request any additional
information not submitted with the application that the PIF Loan/Crrant Administrator deems
necessary for the PIFB to review the application.
A decision by the PIFB to approve or deny a loan or grant application is not appealable,
however an eligible borrower may submit a proposal more than once.
Treasurer's Office Services
The Jefferson County Treasurer's Office shall be responsible for monitoring all loan repayment
schedules and performance and for reporting delinquent loans. Any loan that is in excess of
thirty-days past due must be brought to the attention of the PIF Loan/Grant Administrator. In
the case that the Treasurer's Office learns of adverse circumstances that may affect the loan,
the Treasurer's Office shall notify the PIF Loan/Grant Administrator.
Page 11 of 14
No. tY1-0124-OS re: Re-Establishing a Program to Adminisbcr the PIF
Staff Administrator Monitoring Activities
A system for monitoring the progress of each loan and grant shall be in place prior to issuance
of the loan or grant, and is the responsibility of the PIF I.oan/Grant Administrator. The
monitoring system should utilize financial reports from the Treasar~er's Office and gather
information on project completion and performance. Technical oversight for a project should
be in collaboration with the Jefferson County Public Works I~parhnent to ensure that projects
are proceeding in the agreed upon mamier. Failure to comply with the terms and conditions of
the loan or grant, whether financial or progrannmatic, shall require the P~F Loan/Grant
Administrator to initiate corrective action with the PIF fund recipient. Corrective action plans
shall be part of the loan/grant agreement that prepared in writing and shall be signed by the PIF
fund recipient. Penalties may be assessed in accordance with the PIF fiord recipient's loan or
grant agreement. Corrective action plans shall becomc a legally binding part of the loan or
grant agreement between the recipient and the County.
In the event of serious failure to comply with the terms and conditions of the program or
financial default, the PIF Loan/Gzant Administrator shall call an emergency meeting of the ~;
PIFB to consider remedial steps. Decisions of the PIFB regarding non-complying loans and
grants shall be in writing and appeal able to the Board of Jefferson County Commissioners.
The PIF Loan/t,rant Administrator shall prepare an annual summary evaluation of the PIF
including financial performance, number of jobs directly created, comparison of projected and
actual benefits, recommendations to improve operations, the number of activities financed and
their outcomes, the uses made of interest payments, the achievement of environmental goals,
benefits of the program, and an evaluation of the program's overall administration.
Section 9: Pablic Infrastractare lend Administrative Costs
Administrative costs for managing the PIF shall be funded by moneys provided to the Jefferson
County Treasurer's Office per RCW 82.14.370. PIF fiords shall not be spent on the
administration of other programs. In those years when PIF income is to be used for
administrative fees, a budget and plan for expending projected PIF income shall be developed
by the I.,DC and the PIF Loan/Crant Administrator, and submitted to the Jefferson County
Board of Commissioners, prior to adoption. Administrative costs shall not exceed five percent
(5%) of annual fiord proceeds.
Section 10: Availability of Loans and Grants
Proceeds returned to the fund, pending the approval of new loans or grants, shall be held with
the Jefferson County Treasurer's Office. The Treasurer's office shall manage the fiords in a
manner consistent with law and shall return all interest income to the fund.
Section 11: Other Considerations
The project must comply with all federal, state, county, and city regulations.
Page 12 of 14
Ordinance No. 02-0124-OS re: Re-Establishing a Pmgram to Administer the PIF
Section 12: Definitions
1. EDC -Jefferson County Economic Development Council.
2. Emergent Opportunity - A project attracting a business that would significantly
improve the economy. The business that the project is intended to attract must be
prepared to locate in Jefferson County.
3. In-kind Ezpenses -The donated or loaned real or personal property, volunteer services,
and employee services.
4. PIFB -Public Infrastructure Fund Boatel.
5. PIF -Public Infi astructure Fund
4
i
6. PIF Loan/Grant Administrator -The person(s) charged by the Board of County
Commissioners to carry out the duties of the PIF assigned within this ordinance to the
PIF Loan/Grant Administrator, and any other duties relating to the PIF assigned by the
Board of Commissioners.
7. PIF Application Administrator -The Jefferson County Economic Development
Council shall carry out the duties assigned within this ordinance as the Application
Administrator.
8. PIF Portfolio - A list of projects that have received PIF finding. The PIF Portfolio
should include a job to cost ratio, annual income, and the current fund balance. _
9. Local Government Pool Rate -The rate of interest charged for loans as determined by
the Local Government Investment Pool (LGIP) enacted by RCW 43.250.010.
10. Project -The planned construction of a public facility that has applied for PIF funding.
11. Public Facility -Shall include bridges, roads, domestic and industrial water facilities,
sanitary sewer facilities, earth stabilization, storm sewer facilities, railroad, electricity,
natural gas, buildings, structures, telecommunications infrastructure, transportation
infrastructure, or commercial infrastructure, and port facilities, if listed as an item in the
officially adopted county overall economic development plan, or the economic
development section of the county's comprehensive plan, or the comprehensive plan of
the incorporated area(s) located within Jefferson County.
Page 13 of 14
Ordnance No. 02-0124-OS re: Ro-Establistring a Prog~~m to Admmisber the PIF
Section 13: SererAb~ity
If any provision of this ordinance or its application to any person or circumstance is field
invalid, the remainder of this ordinance or the application of the provisions to other persons or
circumstances are not affected.
Section 14: Verne
For any lawsuit arising from this Ordinaace, any loan granted by the BOCC from PIF fluids, or
any decision of the PIFB, venue shall lie only in the Superior Court 1n and For Jefferson
~~"w1~f t4~~i-~
~* ~ ~ ~ * ~ ~'~'PROYED AND ADOPTED this 24m day of January, 2005.
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~' " . ' ~ =~ '~ BOAR~OF Ct~(aivIlVIIS~
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ulie Matthes, CMC
Deputy Clerk of the Board
APPROVED AS TO FORM:
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David Alvarez,
Deputy Prosecuting Attorney
Phil Jo n, C'hairmaa
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Page 14 of 14
~M
C ~ ~, NOTICE OF PUBLIC HEARING
CS N ICE IS gEREBy GIVEN that a public hearing is scheduled by the Jefferson County
Board of Commissioners far MONDAY Janua 24 2005 at 10:OS a~rr~ in the Commissioners'
Chambers, County Courthouse,1820 Jefferson Street, Port Townsend, WA 98368.
This public hearing has been scheduled for the Commissioners to take comments both for or
against a proposed ordinance that will re-establish the program far administering the Jefferson
County Community Investment Fund. A summary of the ordinance is provided below. A aapy
of the draft ordinance is available in the Commissioner's Office at the Courthouse.
Signed this ~ day of 2(j05.
JEFFERSON COUNTY
BOARD OF COMMIS IONERS
9
Phil Johnson, Ch an
STATE OF WASHINGTON
County of Jefferson
In the Matter of Re-Establishing
A Program Ta Administer the
Community Investment Fund
ORDINANCE NO.
Policy: The administering ofthe moneys provided to Jefferson County under RCW 82.14.370
shall be referred to as the Community Investment Fund, or CIE'. CIF money shall be invested for
economic development to support the development of job related public facilities in a manner
that is consistent with the goals, objectives, and policies as outlined.
Section 1: Goals and Objectives includes Program Activities, Public/Private Projects,
Priorities, and Consistency with Area Economic and Comprehensive Plans
Section 2: Standards for the CIF Portfolio include Job/Cost Ratio, Funding Ratio, Activities
Financed, Eligible CIF Fund Recipients, Allocation of Financial Resources,
Eligible Loan Types, and Eligible Grant Types
Section 3: Grant and Loan General Financing Policies include Standard Teens Applicable to
All Loans, Standard Terms Applicable to All Grants, Modifying Loan and Grant
Terms, Standard Interest Rates, Special Financing Techniques, and Bonding
Section 4: Collateral. and Equity Requirements include Fees to Borrowers, Composition of
the Community Investment Fund Boazd, Responsibilities of Community
Investment Fund Board, and Community Investment Fund Board Meetings
Section 5: Loan/Grant Administrator Capacity
Section 6: CIF Applic~tian Administrator Capacity includes EDC Application
Administration Responsibilities and Jefferson County Loan/Grant Administrator
Section 7: Loan Selection, Approval Process and Servicing
Section $: Application Review Process -Staff Functions
Section 9: Community Investment Fund Administrative Costs
Section 10: Availability of Loans and Grants
Section 11: Other Considerations
S~tion l2: Definitions
Section 13: Severability
Section 14: Venue