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1999_0125_packet
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1999_0125_packet
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3.3 Eligible improvements under the program would include the following: <br /> Repair storefronts,windows,doors, decorative applications,exterior finishes <br /> and lighting. <br /> Interior improvements that would result in the growth and expansion of the <br /> business(tenant improvement would be evaluated on a case-by-case basis.) <br /> New or upgraded landscaping,sidewalks and street trees. <br /> Upgrade or replace business Signage. <br /> Parking lot redesign and repair. <br /> Stormwater improvements. <br /> Upgrade facility to comply with American with Disabilities Act. <br /> New equipment financing that would improve processes of the business. <br /> 3.4 The following requirements are proposed under the program to minimize the City*s <br /> administration of the loans but also have an adequate approval process. <br /> Participating hank would be required to service the Citys portion of the loan at <br /> no cost to the City.Signature of a participation Agreement between the bank <br /> and the City is required(see attached). <br /> Each loan shall only be approved after satisfactory recommendation by the <br /> participating bank and approval by the Roseville City Manager. <br /> The total loan will require personal guarantees of all the individuals who own <br /> more than 20 percent interest in the company. The City will take a subordinate <br /> position to the participating bank. <br /> Participating banks are required to use all customary lending practices in <br /> determining eligibility for the loan to ensure repayment of the loan. The <br /> participating bank shall provide the City with a written recommendation on the <br /> loan amount requested prior to City approval. <br /> Loan disbursements shall be the responsibility of the bank. The bank shall <br /> make payments to the City on their proportionate share of the loan once a <br /> -month. Loan prepayments are accepted without penalty. The City shall receive <br /> their proportionate share of any prepayments. <br /> All improvements must conform to current zoning, City building codes and <br /> ordinances. Any outstanding taxes., assessments and fees must be-made <br /> current prior to loan approval. <br /> RCA- Small Business Loan 01/25/99 - Rage 2 of <br />
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