City Council

Item S505: De-Federalization of the San Diego Region Revolving Loan Fund.\n(Added 3/20/25)\nTotal Estimated Cost of Proposed Action and Funding Source:\nThis action is for the release of the federal interest in the San Diego Region RLF with\ntotal current assets of $3,628,441.66 and reallocation of approximately $1,600,000 from\nthe San Diego Region RLF to the EDA Defederalized fund. There is no fiscal impact to\nthe City’s General Fund related to the decision on defederalization.\nCouncil District(s) Affected: Citywide.\nProposed Actions:\n(R-2025-459)\nResolution authorizing a request to the United States Department of Commerce Economic\nDevelopment Administration to defederalize the San Diego Region Revolving Loan Fund\nand approving a memorandum of understanding with the City of Chula Vista for the\noperation of the Revolving Loan Fund.\nCommittee Actions Taken:\nThis item was heard at the Economic Development and Intergovernmental Relations\nCommittee meeting on February 5, 2025.\nACTION: Motion by Chair Campillo, second by Committee Member Lee, to recommend\nCouncil approval of staff’s proposed actions.\nVOTE: 3-0; Campillo-yea, Foster III-yea, Lee-yea, Campbell-not present.\nEconomic Development: Christina Bibler, (619) 236-6421\nCity Attorney Contact: Marguerite Middaugh