(A) Funds must be used to advance the previously outlined purposes of the program.
(B) Funds must be used for facilities located within the city or to be located (through new construction or annexation) within the city, or, if not contiguous to the city, not further than one mile from the city limits.
(C) Funds from the RLF can be used for the following: acquisition of land and buildings, construction, expansion, renovation, modernization, machinery, and equipment. Soft costs such as appraisal fees, accounting, and architectural services, must be paid by the applicant from sources other than the RLF. Soft costs may be considered as part of the total project costs.
(D) Funds must be used in a manner which emphasizes the use of lending institutions and private investment. At a minimum, 50% of each project financed in part by the RLF must come from other sources, including lending institutions and private investment which includes the investment by the applicant.
(Ord. 2986, passed 7-24-95)