The City proposes to recover some of its administrative costs in processing loan application, loan agreements and managing the RLF account in the following manner:
(a) The application fee shall be established as three hundred dollars ($300.00) per application. In the event that an independent appraiser is necessary, the applicant shall also pay the cost of the independent appraisal. Applicant shall be responsible for any closing costs charged by Stark Development Board Loan Corporation, and any recording fees. (Ord. 22-08. Passed 7-21-08.)
(b) Additional administrative costs, if any, may be provided by the City through the U.D.A.G. repayment funds annually in an amount not to exceed five percent (5%) of the prior fiscal year's U.D.A.G. repayment receipts, from all sources, subject to Council appropriations.
(Ord. 10-88. Passed 2-16-88.)