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County staff recommends applying for FEMA Community Disaster Loan; board asked for permission to file application
Summary
County staff briefed commissioners on the FEMA Community Disaster Loan: up to 25% of operating budget (max $5 million), low example interest rate cited and the loan can be drawn as needed. Staff asked for permission to submit the application; acceptance of any draw would require a later formal approval.
County staff presented the FEMA Community Disaster Loan (CDL) as a financing tool for municipalities facing post-disaster revenue shortfalls.
The presenter explained the program’s structure: eligibility is calculated as a percentage of operating budget (staff cited 25% up to a $5,000,000 cap), the loan is typically a five-year note that can be extended, and borrowers draw down funds as needed rather than receiving an upfront lump sum. "We do feel like that we will qualify for the full $5,000,000,"…
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