REPORT TO COUNCIL
SUBJECT
Title
Consider Request from Second Harvest of Silicon Valley for Forgiveness of Community Development Block Grant (CDBG) Loan
Report
SUMMARY OF COMMISSION ACTION
The Housing and Human Services Commission considered this item on November 16, 2022.
The Housing and Human Services Commission voted to approve Alternative 3: do not approve the CDBG Loan Forgiveness request from Second Harvest of Silicon Valley but modify the amount due and payable and/or the loan terms (e.g., interest, loan repayment date, etc.). The Commission's recommended modification to the loan terms is as follows: waive the interest due ($22,569.86), and direct staff to work with Second Harvest of Silicon Valley to create a payment plan for repayment of the $25,000 loan principal. The vote was 6-0.
PUBLIC CONTACT
Public contact was made by posting the Council agenda on the City's official-notice bulletin board outside City Hall, at the Sunnyvale Public Library, Senior Center, Community Center and in the Department of Public Safety Lobby. In addition, the agenda and report are available at the Sunnyvale Public Library, Office of the City Clerk, and on the City's website.
ALTERNATIVES
1. Approve the CDBG Loan Forgiveness request from Second Harvest of Silicon Valley in the amount of $47,569.86.
2. Do not approve the CDBG Loan Forgiveness request from Second Harvest of Silicon Valley and require the loan of $47,569.86 to be immediately due and payable and authorize staff to develop a payment plan.
3. Do not approve the CDBG Loan Forgiveness request from Second Harvest of Silicon Valley but modify the amount due and payable and/or the loan terms (e.g., interest, loan repayment date, etc.).
4. Housing Commission Recommendation: Do not approve the CDBG Loan Forgiveness request from Second Harvest of Silicon Valley but modify the loan terms to forgive interest due ($22,569.86) and direct staff to work with Second Harvest of Silicon Valley to create a payment plan for r...
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