2018-12-05 EDA Packet (3) - Laserfiche WebLink

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