by SC Reporter Emilie Alfino
City Council approved 4-0 (Council Member John Henshaw absent) three Subrecipient Agreements between the City and Lee County for funding from the Recovery and Resiliency Planning Program of the Community Development Block Grant – Disaster Relief (CDBG-DR) Fund for three grants totaling $702,000. The Subrecipient Agreements are specific to the following projects:
• Sanibel Plan Update ($250,000).
• Sanibel Transportation Master Plan ($200,000)
• Sanibel Broadband Feasibility Study ($252,000)
In other news, The FEMA Community Disaster Loan program provides funding for local governments to operate their essential community services after substantial revenue loss caused by a disaster. Shortly after the City was significantly impacted by Hurricane Ian, an application to the program was completed and submitted to FEMA.
City staff worked with a FEMA analyst to review the financial impacts of the storm across all City funds, and it has been determined that the City is eligible to be awarded a $5.0 million loan, the maximum amount provided under this program. The term of the loan is five years, and can be extended to 10 years, with an applicant-selected payment schedule. The interest rate for the five-year maturities is determined by the Secretary of the Treasury on the date the promissory note is executed by FEMA, adjusted to the nearest 1/8th percent. The loan can be cancelled and provided as a grant if the City can show it has a cumulative operating deficit.