The Alliance Economic Development Revolving Loan Fund will be administered through the Stark Development Board Finance Corporation (SDB), or such other suitable agent or agency as the City may from time to time designate. This agent shall be known as the Program Administrator, and shall serve for such terms and for such compensation or fees as the City shall determine, such compensation or fees to be paid either by the applicant or by the City. Any fees paid by the City shall be paid from the RLF. The Program Administrator shall:
(a) Prepare loan applications and provide the same for distribution through City officials, the Alliance Chamber of Commerce, the Greater Alliance Development Corporation, Stark Development Board or other.
(b) Accept and review RLF loan applications and assist applicants in preparing the same.
(c) As soon as is practical, make a recommendation of approval or disapproval on each application reviewed by it to the Economic Development Project Screening Committee. (Ord. 10-88. Passed 2-16-88.)
(d) Collect an application fee from the applicant for each loan application received by it prior to reviewing the same. (Ord. 22-08. Passed 7-21-08.)
(e) Negotiate specific terms of financing plans with applicant and, if applicable, with other funding sources such as S.B.A., Ohio Department of Development, S.D.B., and the like.
(f) Assist the applicant in the preparation of adequate business plans, and if a loan is made, provide follow up assistance and training as necessary.
(g) Prepare, subject to the Law Director's approval, all loan documentation such as loan agreements, notes, mortgages, security agreements, guaranties and the like.
(h) Receive and collect all payments made by loan recipients, and account for the same. Monies received by the Program Administrator shall be promptly remitted to the City RLF.
(i) Provide, no less often than quarterly, reports of its receipts and collections to the City. (Ord. 10-88. Passed 2-16-88.)
(j) Report in writing to Council, no less often than semi-annually, regarding its activities, the status of the existing and outstanding loans, the activities of loan recipients and the status of efforts aimed at achieving the goal set forth in Section 177.04(j). (Ord. 38-06. Passed 3-20-06.)
(k) Projects totaling fifty thousand dollars ($50,000) or less which are located in the Downtown Development District and which are secured by a first priority mortgage, with a supporting independent appraisal, performed by a licensed appraiser shall be submitted directly to the Economic Development Project Screening Committee for direct recommendation to Council.
(Ord. 22-08. Passed 7-21-08.)