(A) A goal of the City Commission is job creation and retention. The City Revolving Loan Fund represents one effort to achieve this goal.
(B) Since the monies in this fund are limited, objectives of the City Commission are to: approve projects that are sound and capable of repaying their loan; and to maximize earnings through investment. These objectives will help maintain and ensure the growth of the Fund for use by future perspective businesses.
(C) Since all or a portion of the funds in this program were made available through the State Community Development Block Grant, close adherence to requirements of that program and specific grant agreements with the commonwealth is required. Special attention must be given when funds to be used were received by the city prior to closeout. Such federal requirements as Davis-Bacon and LMI provisions may apply.
(D) The following policies and procedures are adopted to ensure a consistent and thorough review of all proposals in order to achieve the above objectives.
(Res. passed 12-27-1993)