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2018-12-05 EDA Packet
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2018-12-05 EDA Packet
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The cost of having the Scope of Work prepared shall be reimbursable to the applicant from the <br /> loan proceeds. No RLGP loan will be approved until an adequate Scope of Work/Bidding <br /> Document is submitted and approved by designated HRA staff. The applicant must receive and <br /> submit at least two itemized competitive bids for all work to be completed and materials to be <br /> purchased with the loan funds. The bids will be reviewed and filed by the financial institution to <br /> establish that they are competitive and address the work identified in the Scope of Work. <br /> The HRA, through the City Building Inspector, shall monitor the quality and progress of all work <br /> funded through the Program. Request for payment(partial or final) by the applicant for <br /> completed work and supplied materials shall be in writing to the financial institution. Partial <br /> payments shall not exceed 90 percent of the total loan amount. The final payment shall be held <br /> until a certificate of completion is obtained from the City and submitted to the financial <br /> institution. <br /> Upon submission and approval of a written request for the release of loan funds, designated HRA <br /> staff will, in writing, authorize the financial institution to release the requested funds. <br /> All work must be inspected by the City Building Inspector to ensure conformance with code and <br /> must be verified for proper completion by City staff to ensure compliance with specifications <br /> prior to final payment. The final inspection cannot be scheduled until all permits taken out have <br /> been signed off by field inspectors. Upon satisfactory completion, a certificate of completion <br /> will be granted. <br /> All work must be completed within 12 months of issuance of a building permit unless written <br /> permission of an extension is granted by designated HRA staff and financial institution. <br /> All eligible improvement work performed pursuant to an approved RLGP loan must provide a <br /> 12-month warranty from the date of accepted completion by the loan recipient and the HRA. <br /> This warranty must cover the quality of materials used and workmanship in performing the <br /> work. This warranty is the responsibility of the recipient. <br /> XIV. LOAN DISBURSEMENTS <br /> Loan funds shall be released by the financial institution, but not before written approval from the <br /> HRA is provided, and an RLGP check is issued. A minimum of 10 percent of the total loan will <br /> be withheld until all work is completed, inspected, and approved, as evidenced by current <br /> certificate of completion. <br /> XV. IMPROVEMENTS COMPLETED PRIOR TO LOAN CLOSING <br /> Such improvements are not eligible unless the applicant's structure requires immediate attention <br /> (hazardous code deficiencies, etc.) and the following steps are taken: <br /> • Applicant must fill out a loan application with the financial institution. <br /> • Applicant must submit a written request to the financial institution describing the need. <br /> • Applicant must receive written permission from both the HRA and the financial institution. <br /> • If the above conditions have been met, the applicant may proceed using his own funds or <br /> interim financing from a financial institution. However, this is done at the applicant's and/or <br /> 1� <br />
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