3-21-16 Reg. Meeting - Laserfiche WebLink

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BK:00028 PG -0179 Section 14 — Monitoring of Development Pro iects and Loans: All projects will be monitored regularly be the County. During construction and initial hiring phases, the participant will submit quarterly reports on expenditures, project progress, and employment (LMI, Minorities, Females, etc.). All hiring requirements will be made a part of the loan agreement. The loan committee will meet annually to review the status of all loans and to review the financial statements/reports provided by the businesses and guarantors. Businesses not in compliance risk having the interest rate on their loans modified to the current market rate. Section 15 —Amendments: The RLF policy may be amended by the County from time to time. Notice of any changes to the policy will be given to the Sanford Area Growth Alliance (or the organization that the County is contracting with for economic development services) for consideration and comment prior to final approval by the Board of Commissioners. Section 16 — Notification of Availabilitv of Funds: Upon approval by the Board of Commissioners of the Lee County RLF, the County will provide initial public notice of the availability of RLF funds with two notices in the local newspaper. Thereafter, through its continuing Community Development and Economic Development Programs, the County will maintain outreach efforts to inform potential applicants of the funds available by presentations, announcements and mailings to existing business and industry, Sanford Area Growth Alliance, civic organizations, and community organizations representing minority and low and moderate income persons. Adopted: March 21, 2016