File #: 2021-0095   
Type: Contract Status: Passed
File created: 3/1/2021 In control: Board of Directors - Regular Board Meeting
On agenda: 4/22/2021 Final action: 4/22/2021
Title: CONSIDER: A. AUTHORIZING the Chief Executive Officer to execute Modification No. 3 to the Business Interruption Fund (BIF) Administration Services Contract No. PS56079000 with Pacific Coast Regional Small Business Development Corporation (PCR) to exercise the first one-year option in the amount of $720,882, increasing the total contract value from $1,685,246 to $2,406,128, to continue to serve as the fund administrator for Metro's Pilot BIF and extending the period of performance from May 1, 2021 to April 30, 2022. B. INCREASING Contract Modification Authority (CMA) specific to Contract No. PS56079000 in the amount of $120,000 increasing the total CMA amount from $158,524 to $278,524 to support additional services related to BIF fund administration inclusive of the expansion of the BIF to directly impacted and qualifying "mom and pop" businesses.
Sponsors: Construction Committee
Indexes: Budgeting, Business Interruption Fund, Business Solution Center, Contract administration, Contracts, Little Tokyo, Los Angeles International Airport, Measure R, Measure R Admin Costs (Project), Procurement, Strategic planning, Westside/Central Service Sector
Attachments: 1. Attachment A - Procurement Summary, 2. Attachment B - Modification Change Order Log, 3. Attachment C - DEOD Summary
Meeting_Body
CONSTRUCTION COMMITTEE
APRIL 15, 2021


Subject
SUBJECT: FUND ADMINISTRATOR FOR METRO PILOT BUSINESS INTERRUPTION FUND (BIF)

Action
ACTION: APPROVE RECOMMENDATIONS

Heading
RECOMMENDATION

Title

CONSIDER:

A. AUTHORIZING the Chief Executive Officer to execute Modification No. 3 to the Business Interruption Fund (BIF) Administration Services Contract No. PS56079000 with Pacific Coast Regional Small Business Development Corporation (PCR) to exercise the first one-year option in the amount of $720,882, increasing the total contract value from $1,685,246 to $2,406,128, to continue to serve as the fund administrator for Metro's Pilot BIF and extending the period of performance from May 1, 2021 to April 30, 2022.

B. INCREASING Contract Modification Authority (CMA) specific to Contract No. PS56079000 in the amount of $120,000 increasing the total CMA amount from $158,524 to $278,524 to support additional services related to BIF fund administration inclusive of the expansion of the BIF to directly impacted and qualifying "mom and pop" businesses.


Issue
ISSUE

On February 28, 2019, Metro Board of Directors approved the award of Metro's BIF Administration Services Contract program in the amount of $3,348,010, inclusive of a two-year base term, plus two (2), one-year options. The existing two-year base contract period is due to expire April 30, 2021.

Board authorization is requested to exercise the first one-year option to continue support of the ongoing implementation of the BIF as approved by Metro's Board of Directors.


Discussion
DISCUSSION

Metro has continued to provide financial assistance to directly impacted eligible businesses through the contracted professional services of PCR, a Community Development Financial Institution (CDFI) and Small Business Development Center (SBDC) serving as the BIF fund administrator.

Staff, along with PCR, continues to implement various outreach activities and methods to inform and educate small busi...

Click here for full text