RECOMMENDATION TO COUNCIL
Staff recommends that the Council approve the distribution of a Request For Proposal (RFP) entitled Design and Implementation of the "Roseville Advantage Financing Program" to locally headquartered banks.
|
BACKGROUND
As a business friendly city, Roseville is interested in providing a significant opportunity to the local banking community to work collaboratively with the City in aggressively:
-
Helping its existing businesses grow and prosper,
-
Pursuing new business development, and
-
Diversifying its business community.
In conjunction with this goal, the City of Roseville is seeking proposals from regional banks to design and implement a loan program to incentivize businesses to locate and grow their business within the City limits. The program will be designed to attract and benefit local businesses and will be supported with commensurate account deposits made in the respective bank. Accordingly, only locally headquartered banks are eligible to submit proposals.
|
FISCAL IMPACT
On a short term basis, implementation of this program will have a positive, but relatively insignificant fiscal impact to the City of Roseville. The funds deposited in the respective bank/banks will have an interest rate that is greater then the interest rate of its short term investments invested in LAIF.
However, on a longer term basis the business that is generated by this program is expected to offer new sources of sales tax and the employment opportunities offered by the growth of existing businesses or the creation of new businesses.
|
ECONOMIC DEVELOPMENT / JOBS CREATED
It is expected that this program will result in incremental employment opportunities, however until the program has been in place, the types and quantities of jobs cannot be quantified.
|
ENVIRONMENTAL REVIEW
The California Environmental Quality Act (CEQA) does not apply to activities that will not result in a direct or reasonably foreseeable indirect physical changes in the environment (CEQA Guidelines §15061(B)(3)). Approval of an Request For Proposals does not include the potential for a significant environmental effect, and therefore is not subject to CEQA.
|
Respectfully Submitted,
Jay Panzica, Chief Financial Officer |
| |
_____________________________
Dominick Casey, City Manager
|