Meeting_Body
FINANCE, BUDGET AND AUDIT COMMITTEE
JANUARY 20, 2016
Subject/Action
SUBJECT: BUSINESS INTERRUPTION FUND IMPLEMENTATION IN AREAS OF LITTLE TOKYO DIRECTLY IMPACTED BY REGIONAL CONNECTOR TRANSIT PROJECT CONSTRUCTION
ACTION: RECEIVE AND FILE STATUS REPORT
Heading
RECOMMENDATION
Title
RECEIVE AND FILE status report on the implementation of Metro's Pilot Business Interruption Fund (BIF) for small "mom and pop" businesses directly impacted by Metro construction activity within the Little Tokyo area of the Regional Connector transit rail project.
Issue
ISSUE
In October 2014 Metro's Board of Directors 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 (Attachment A). Pursuant to the Board's direction, Metro developed the program framework, strategy and administrative guidelines through an intensive collaborative process; and "soft" launched the pilot program in February 2015.
In keeping with the Board's objective and the administrative guidelines of the pilot program, Metro and the contracted fund administrator, Pacific Coast Regional Small Business Development Corporation (PCR), are administering the pilot program including outreach and engagement of eligible "mom and pop" businesses directly impacted by Metro transit rail construction activities along the Crenshaw/LAX line, Phase I of the Purple Line Extension, and the Little Tokyo area of the Regional Connector Project. Metro has continued to provide financial assistance to directly impacted eligible businesses within each transit project area demonstrated through the award of one hundred (100) BIF grants with a total value in excess of $1.8 Million.
In response to a request from Director Solis, this report provides a high-level summary of the pilot program development inc...
Click here for full text