§ 37.087 STAFF REVIEW OF APPLICATION.

   (A)   The city shall establish a review by city staff of all applications for the issuance of industrial revenue bonds.

   (B)   The staff members responsible for review of applications shall include (and may be supplemented from time to time by the City Manager) the following: The City Manager, Economic Development Director, Planning and Community Development Director, Finance Director and Legal Department representative.

   (C)   The staff review will begin after submission of the documents required in § 37.088.

   (D)   The applicant shall provide materials necessary to determine that the project meets requirements of law:

      (1)   The demonstration of the need for the project within the community.

      (2)   The need for industrial revenue bond financing of the project.

      (3)   The effect of bond financing of this project on existing businesses within the community.

      (4)   Financial feasibility and security of the bonds.

      (5)   Financial structure of the bonds (that is, leasehold, trustee, and the like).

   (E)   Consideration may be given the policy statements formulated by Kentucky's Bond Oversight Committee.

   (F)   Any lack of equity in a project by the applicant may be given a negative consideration in the review process.

   (G)   The City Manager will establish the staff review meeting schedule.

   (H)   At least five (5) working days prior to the beginning of the staff review process, a notice describing the application to be considered will be provided by the Chamber of Commerce of Greenup and Boyd Counties.

(Ord. 161-1997, passed 11-20-97)