Meeting_Body
CONSTRUCTION COMMITTEE
FEBRUARY 21, 2019
Subject
SUBJECT: METRO PILOT BUSINESS INTERRUPTION FUND (BIF)
Action
ACTION: APPROVE RECOMMENDATIONS
Heading
RECOMMENDATION
Title
AUTHORIZE the Chief Executive Officer (CEO) to:
A. AWARD a two-year base period, firm fixed price Contract No. PS56079000 with Pacific Coast Regional Small Business Development Corporation (PCR) to serve as the fund administrator for Metro's Pilot Business Interruption Fund (BIF) in the amount of $1,585,246 with two, one-year options, in the amounts of $720,882 and $650,306, respectively, with an optional start-up of $391,576 for the inclusion of future new rail lines in this pilot, for a total amount of $3,348,010;
B. EXPAND the Pilot Business Interruption Fund to include eligible small "mom and pop" businesses directly impacted by construction of the Purple Line Extension, Section 3; and
C. RECEIVE AND FILE the status report of the Pilot Business Interruption Fund (BIF).
Issue
ISSUE
In October 2014, Metro's Board issued Motion 57 (Attachment A) that authorized the CEO to establish a pilot program for a special Business Interruption Fund (BIF) for "mom and pop businesses" located along the Crenshaw Line, the Little Tokyo area along the Regional Connector and Phase I of the Purple Line Extension. Since the adoption of the Motion and the implementation of the BIF, Metro has expanded the program to include "mom and pop" businesses within the 2nd/Broadway segment of Regional Connector including Section 2 of the Purple Line Extension. Metro has continued to provide financial assistance to directly impacted eligible businesses through the contracted professional services of Pacific Coast Regional Small Business Development Corporation (PCR), a Community Development Financial Institution (CDFI) and Small Business Development Center (SBDC) serving as the BIF fund administrator.
The authorization of the professional services contract supports the ongoing implementation o...
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