2019-08-21 EDA Packet - Laserfiche WebLink

Home Browse Search

- Compliance with City Codes and Ordinances. • Determining schedule for submission of competitive funding applications and scoring criteria for the award of loans and grants when there are more applications than funds. • 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. • Underwriting to determine 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 waivers and other documents deemed necessary for loan disbursements. • Distribution of loan funds subject to final approval by the CVEDA. • Distribution of principal and interest payments to the CVEDA RLGP. On default, the claims of the CVEDA 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. 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 limits IV. ELIGIBLE COSTS (LOAN) The following are eligible expenses for either the public or private sector portion of the loan. • Generally, all work on front and sides of business buildings facing public streets • Cleaning, painting and staining of exterior surfaces • Facade masonry repairs • Repairing, replacing and installing of cornices, entrances, exterior doors and windows, decorative details, awnings and exterior lighting • New signage • Sign removal, repairing and replacement • Building identification 4