2019-06-19 EDA Packet - Laserfiche WebLink

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The cost of having the Scope of Work prepared shall be reimbursable to the applicant from the loan proceeds. No RLGP loan will be approved until an adequate Scope of Work/Bidding Document is submitted and approved by designated EDA staff. The applicant must receive and submit at least two itemized competitive bids for all work to be completed and materials to be purchased with the loan funds. The bids will be reviewed and filed by the financial institution to establish that they are competitive and address the work identified in the Scope of Work. The EDA, through the City Building Inspector, shall monitor the quality and progress of all work funded through the Program. Request for payment (partial or final) by the applicant for completed work and supplied materials shall be in writing to the financial institution. Partial payments shall not exceed 90 percent of the total loan amount. The final payment shall be held until a certificate of completion is obtained from the City and submitted to the financial institution. Upon submission and approval of a written request for the release of loan funds, designated EDA staff will, in writing, authorize the financial institution to release the requested funds. All work must be inspected by the City Building Inspector to ensure conformance with code and must be verified for proper completion by City staff to ensure compliance with specifications prior to final payment. The final inspection cannot be scheduled until all permits taken out have been signed off by field inspectors. Upon satisfactory completion, a certificate of completion will be granted. All work must be completed within 12 months of issuance of a building permit unless written permission of an extension is granted by designated EDA staff and financial institution. All eligible improvement work performed pursuant to an approved RLGP loan must provide a 12-month warranty from the date of accepted completion by the loan recipient and the EDA. This warranty must cover the quality of materials used and workmanship in performing the work. This warranty is the responsibility of the recipient. XIV. LOAN DISBURSEMENTS Loan funds shall be released by the financial institution, but not before written approval from the EDA is provided, and an RLGP check is issued. A minimum of 10 percent of the total loan will be retained until all work is completed, inspected, and approved, as evidenced by current certificate of completion. XV. IMPROVEMENTS COMPLETED PRIOR TO LOAN CLOSING Such improvements are not eligible unless the applicantÓs structure requires immediate attention (hazardous code deficiencies, etc.) and the following steps are taken: Applicant must fill out a loan application with the financial institution. Applicant must submit a written request to the financial institution describing the need. Applicant must receive written permission from both the EDA and the financial institution. If the above conditions have been met, the applicant may proceed using his own funds or interim financing from a financial institution. However, this is done at the applicantÓs and/or 6 11