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2018-12-05 EDA Packet
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2018-12-05 EDA Packet
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12/10/2018 11:03:57 AM
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The City of White Bear Lake HRA is responsible for: <br /> • Determining individual applicant's eligibility based on: <br /> - Location of property to be improved; <br /> - Eligibility of improvements; <br /> - Consistency with design guidelines; <br /> - Compliance with City Codes and Ordinances. <br /> • Distribution of program information to area businesses. <br /> • Referral of applicants to local banks. <br /> • Participation agreements with local banks. <br /> Financial institutions are responsible for: <br /> • Receipt and processing of applications. <br /> • Provision of matching loan funds at least equal to funds to be provided from the City's <br /> RLGP. <br /> • Determining applicant's credit risk and required collateral. <br /> • Determining loan amortization period. <br /> • Approval or disapproval of loan subject to City certification as to program eligibility. <br /> • Collection of lien wavers and other documents deemed necessary for loan disbursements. <br /> • Distribution of loan funds subject to final approval by the City of White Bear Lake. <br /> • Distribution of principal and interest payments to the City of White Bear Lake RLGP. On <br /> default, the claims of the City of White Bear Lake are subordinate to the financial institution. <br /> II. PROGRAM OBJECTIVE <br /> The purpose of the RLGP is to provide businesses with an incentive to increase their investment <br /> in the community by making structural and beautification improvements to existing buildings <br /> consistent with "Downtown Design Guidelines" (see attached). <br /> The RLGP will not provide working capital loans nor fund operating expenses. <br /> III. PHYSICAL BOUNDARIES OF PROGRAM AREA <br /> To be eligible for the RLGP, the property must be located within the City's Redevelopment <br /> Project Area No. 1 (see attached boundary map). Priority shall be given to those businesses <br /> located in the Special Service District as defined on the official city map (see attached Zoning <br /> Map). <br /> 12 <br />
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