Establish new Nonprofit Revolving Loan Fund, the Riverside Nonprofit Resilience Fund under the general parameters specified in the staff report - Record reallocation of funds from various American Rescue Plan Act Expenditure Plan Projects to General Fund revenue replacement in the amount of $1,363,766 - Allocate American Rescue Plan Act Expenditure Plan interest earnings in the amount of $1,000,000 to General Fund revenue replacement - Record a supplemental appropriation in the Grants and Restricted Fund, American Rescue Plan Act accounts in the combined amounts of $2,363,766 and record an interfund transfer of the same amount to the General Fund to effectuate the American Rescue Plan Act revenue replacement allocation - Record a supplemental appropriation in the General Fund the amount of $2,363,766 and record an interfund transfer of the same amount to the Grants and Restricted Fund, Nonprofit Revolving Loan - Fund Account - Record a supplemental appropriation in the Grants and Restricted Fund, Nonprofit Revolving Loan Fund Account in the amount of $2,363,766 to establish a revolving loan fund - Record a supplemental appropriation in the General Fund in the amount of $450,000 of previously transferred ARPA revenue replacement dollars and record an interfund transfer of the same amount to the Grants and Restricted Fund, Nonprofit Revolving Loan Fund Management Account - Record a supplemental appropriation in the Grants and Restricted Fund, Nonprofit Revolving Loan Fund Management Account in the amount of $450,000 of previously transferred ARPA revenue replacement dollars for start-up and ongoing management costs directly related to a Nonprofit Revolving Loan Fund) - Establish a partnership with the Inland Empire Community Foundation for a nonprofit revolving loan fund and prepare a subrecipient agreement and all other necessary legal documents related to the program, returning to City Council for review within 90-120 days - Five affirmative votes required (City Manager) (All Wards) (10-minute presentation)

DISCUSSION CALENDAR (Afternoon) Agenda Ready Introduced February 20, 2024

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