3-21-16 Reg. Meeting - Laserfiche WebLink

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BK -00028 PG: 0174 C. Interest earned on unspent RLF money. No loan may be made without sufficient RLF funds existing in the RLF account. D. Other funds so designated by the Board of Commissioners. Section 3 — Review of Loan Application All loans are subject to review and an affirmative recommendation of the Loan Committee and review and approval by the Board of Commissioners. The minimum standards of eligibility are listed in Section 4 below. The meeting of these standards will enable the business to apply, but in no way does this guarantee a loan from the program. The Loan Committee and the Board of Commissioners reserve the right to reject any loan for any reason, regardless of meeting any or all criteria listed herein. Applicants may withdraw or suspend their loan application at any time prior to approval. Section 4 — Elizibility Requirements The minimum requirements to be an eligible applicant are as follows: A. The project must be located within the boundaries of Lee County and adds to the tax base. B. The project must be a private development project creating permanent full time jobs. Temporary jobs (e.g. construction) or seasonal jobs will not be considered. C. Jobs retention projects will only be considered if the applicant clearly demonstrates that jobs will be lost without participation in the RLF Program, and the applicant has determined a set schedule for layoffs. Loans for job retention must include a statement of the business development strategy and detailed discussion of the opportunities identified for stimulating additional business investment and productivity. D. Applicant must demonstrate that the project would not go forward in Lee County without RLF financing. (i.e., "but for" participation by the RLF program, this project cannot take place in the RLF area.) Demonstration of need may include: (1) A business plan or pro forma showing debt service ratios, debt to equity ratios, and/or cash flow projections which demonstrates the need for RLF funding. (2) A letter of credit or private lender certification which demonstrates the need for the RFL funding. (3) For job retention loans, the borrower must provide documentation that the employees will be permanently laid off or the business will close or relocate out of state if RLF monies are not available. E. Loans for more than 50% of total project costs are not eligible for funding. F. The project must conform with local, state and federal laws. The applicant must demonstrate that all required permits can be received (e.g. compliance with zoning ordinance and building codes).