(A) Eligible applicants.
(1) The applicant must be a registered sole proprietorship, partnership or corporation (profit or non-profit) established for the purpose of doing business in the city.
(2) The applicant must possess good character and reputation. Character references will be required. References may include creditors, past employers or others who possess knowledge of the applicant.
(B) Eligible projects.
(1) Loans/grants for acquisition and assembly of land for industrial or commercial use;
(2) Loans/grants for acquisition of properties with re-development potential for industrial or commercial use;
(3) Loans for the startup and/or expansion of industries in the city;
(4) Loans for the rehabilitation and renovation of usable vacant building for specific industrial or commercial use; and
(5) Grants for off-site development to assist industries or commercial businesses.
(C) Ineligible projects.
(1) Rolling stock, i.e., trucks, forklifts, automobiles;
(2) Speculative building;
(3) Loans to retire existent debt;
(4) Working capital;
(5) Business activity located outside the boundaries of the city; and
(6) Any other projects determined not to be in the best interest of the citizens of the city.
(D) Eligible costs. Loans and grants made under the RLF can be used to finance:
(1) Land costs. All costs related to the acquisition and development of land for industrial or commercial use;
(2) Building costs. All costs associated with acquisition, construction and/or rehabilitation of buildings for industrial or commercial use, including leasehold improvements;
(3) Machinery and equipment costs. All related costs associated with the acquisition and installation of machinery and equipment; and
(4) Facility development costs. Costs for facility development necessary for project completion (i.e., water lines, sewer lines, access roads).
(Res. passed 12-27-1993)