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Agenda - 09-20-2018 6-b - Discussion on Proposed Nonprofit Capital Funding Policy and Criteria
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Agenda - 09-20-2018 6-b - Discussion on Proposed Nonprofit Capital Funding Policy and Criteria
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BOCC
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9/20/2018
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Agenda
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6-b
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Minutes 09-20-2018
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21 <br /> 4 <br /> 1 Executive Director <br /> 2 Community Home Trust <br /> 3 PO Box 2315 <br /> 4 Chapel Hill, NC 27515 <br /> 5 919-967-1545 ext. 307 <br /> 6 <br /> 7 Commissioner Price asked if the IFC were going to leverage grants next year. <br /> 8 Bonnie Hammersley said she and Chair Dorosin met with the leaders of the capital <br /> 9 campaign who said the level of funding commitments needed to reach a certain level before <br /> 10 they start leveraging grants. <br /> 11 Chair Dorosin said there is the option of a zero percent loan, and if the Board were in <br /> 12 support of one, it could start with this, and could possibly convert it to grant funding, or a <br /> 13 forgivable loan, after further discussion. He said he does not want the Board's decision to have <br /> 14 an adverse effect on the IFC tonight. <br /> 15 Commissioner McKee said a forgivable loan is the same as a grant. <br /> 16 Chair Dorosin said the Board could put some conditions on it, such as forgiving the loan <br /> 17 if IFC fails to raise the additional funding after a certain time period. He said if IFC could raise <br /> 18 the money than it would pay back the loan. <br /> 19 Commissioner McKee said he is concerned about going down that path, and if the <br /> 20 Board is going to provide a grant then that should be done from the get go. He said loans that <br /> 21 are potentially forgivable are always forgiven. He said the Board put the policy in effect, and it <br /> 22 does not need to do a work around tonight without having further discussion. He said there are <br /> 23 too many agencies that would want, and be worthy of, this same treatment. <br /> 24 Commissioner Jacobs said he would be more comfortable if staff would bring back <br /> 25 some criteria of what the zero interest loans would look like at the next BOCC meeting on 6/19. <br /> 26 He said he would be inclined to give IFC one third of what it is asking for. He said the County <br /> 27 should not go into this thinking it will waive the amount of the loan, since it makes it <br /> 28 psychologically harder for IFC to raise funds. <br /> 29 Chair Dorosin said he likes the idea of a matching grant, as opposed to outright cash <br /> 30 without conditions. <br /> 31 Commissioner Burroughs said she agreed with Commissioner Jacobs about the <br /> 32 psychological impact on fundraising when knowing a loan can be potentially forgiven. She said <br /> 33 she still supports discussing this topic further in the fall. <br /> 34 Commissioner Rich asked if any other local government entities have committed to the <br /> 35 IFC campaign. <br /> 36 Bonnie Hammersley said the Town of Chapel Hill received a request, which she thinks <br /> 37 the Town is honoring, but she will find out. <br /> 38 Jackie Jenks, IFC, thanked the Board for even considering this item, and said the IFC is <br /> 39 working with Chapel Hill on a potential funding source. <br /> 40 Commissioner Rich asked if those funds would be a grant or loan. <br /> 41 Jackie Jenks said a grant. <br /> 42 Chair Dorosin asked if the Town of Carrboro has made a commitment. <br /> 43 Jackie Jenks said IFC has not received a commitment from Carrboro, but the Town has <br /> 44 offered to waive some fees and the IFC may share its parking with the Town. <br /> 45 Chair Dorosin asked if there was a timeline in place. <br /> 46 Jackie Jenks said IFC would like to start construction a year from now, but would need <br /> 47 to have all of the funds committed in advance, and the IFC is looking to get the $5.3 million <br /> 48 secured soon. She said the IFC has surpassed the 50% mark, which was needed in order to <br /> 49 apply for some funding from various foundations. She said a loan will not help IFC reach the <br /> 50 $5.3 million required to build, but IFC would consider it as a bridge loan allowing for <br />
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