Share to Facebook Share to Twitter Bookmark and Share
File #: 2021-245    Version: 1 Name:
Type: Consent Status: Agenda Ready
File created: 3/16/2021 In control: City Council
On agenda: 4/20/2021 Final action:
Title: CONSIDER AWARD AND APPROVAL OF CONTRACT SERVICES AGREEMENT TO PACE FINANCE CORPORATION TO PROVIDE LOAN PORTFOLIO SERVICING AND ADMINISTRATION SERVICES FOR A NOT-TO-EXCEED AMOUNT OF $150,000 FOR A THREE YEAR PERIOD (CITY COUNCIL)
Attachments: 1. Exhibit No. 1 - Contract Services Agreement (PACE Finance Corporation), 2. Exhibit No. 2 - RFP No. 21-007
Date Ver.Action ByActionResultAction DetailsMeeting DetailsVideo
No records to display.
Report to Mayor and City Council
Tuesday, April 20, 2021
Consent


SUBJECT:
Title
CONSIDER AWARD AND APPROVAL OF CONTRACT SERVICES AGREEMENT TO PACE FINANCE CORPORATION TO PROVIDE LOAN PORTFOLIO SERVICING AND ADMINISTRATION SERVICES FOR A NOT-TO-EXCEED AMOUNT OF $150,000 FOR A THREE YEAR PERIOD (CITY COUNCIL)

Body
I. SUMMARY

The City issued Request for Proposal No. 21-007 ("RFP") on February 11, 2021 seeking qualified firms to provide Loan Portfolio Servicing & Administration services for the Carson Small Business Lending Program. The selected firm would work directly with the participants of the Carson Small Lending Program and handle necessary verifications, loan disbursements monitoring and payoffs, and work with participants on an "as needed" basis to resolve related issues such as delinquent payments and defaults. Duties would also compose of providing participants opportunities for additional sources of lending capital, education, and consultation to support Carson local small businesses.
The City issued an RFP for these services in February, 2021 and PACE Finance Corporation ("PACE") was the only proposal was received by the deadline of March 4, 2021. Staff has reviewed PACE's proposal and have determined PACE to be highly qualified and is recommending approval of Contract Services Agreement ("Agreement"). The Agreement has a total servicing fee of $1,000 per loan per year with the total contract sum capped at $150,000 for a three-year period. This total fee amount would pay for the loan portfolio servicing and administration services over the course of the next three years of small business loans already issued by the City. Should the Carson Small Business Lending Program expand in the future, an amendment to the Agreement would be requested for approval by the Council to cover the additional loan administration costs. All costs contemplated under this Agreement are to be paid by COVID-19 Related Professional Services Account.

II. RECOMMENDATION
R...

Click here for full text