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2020-06-17 EDA Packet
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2020-06-17 EDA Packet
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<br />- Location of property to be improved; <br />- Improvement scope; <br />- Compliance with City Codes and Ordinances. <br /> Determining schedule for submission of competitive funding applications and scoring criteria <br />for the award of loans and grants when there are more applications than funds. <br /> Distribution of program information to area businesses. <br /> Referral of applicants to local banks. <br /> Participation agreements with local banks. <br /> <br />Financial institutions are responsible for: <br /> Receipt and processing of loan applications. <br /> <br />RLGP. <br /> <br /> Determining loan amortization period. <br /> Approval or disapproval of loan subject to City certification as to program eligibility. <br /> Collection of lien waivers and other documents deemed necessary for loan disbursements. <br /> Distribution of loan funds subject to final approval by the CVEDA. <br /> Distribution of principal and interest payments to the CVEDA RLGP. On default, the claims <br />of the CVEDA are subordinate to the financial institution. <br /> <br />II. PROGRAM OBJECTIVE <br /> <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 />The RLGP will not provide working capital loans nor fund operating expenses. <br /> <br />III. PHYSICAL BOUNDARIES OF PROGRAM AREA <br /> <br />To be eligible for the RLGP, the property must be located within the City limits. <br /> <br />IV. ELIGIBLE COSTS (LOAN) <br /> <br />Formatted: Indent: Left: 0", First line: 0", Tab stops: Not <br />The following are eligible expenses for either the public or private sector portion of the loan. <br />at 0.38" <br /> Generally, all work on front and sides of business buildings facing public streets <br /> Cleaning, painting and staining of exterior surfaces <br /> Façade masonry repairs <br /> Repairing, replacing and installing of cornices, entrances, exterior doors and windows, <br />decorative details, awnings and exterior lighting <br />3 <br /> <br />
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