(A) The RLF full loan application form is attached to the ordinance from which this section was derived, and in the office of the City Clerk.
(B) (1) Every six months, the RLF Manger will monitor the projects in the RLF portfolio, evaluate the loans made, and determine progress made in obtaining goals and objectives citing in the RLF Administration Plan. Factors such as jobs created, jobs retained, potential for future job creation, tax revenues created, types of jobs created, minority and/or women’s businesses assisted, and the ratio of RLF dollars to jobs retained/created will be considered in this evaluation process. Results of all project evaluations will be presented to the RLF Board and the City Commission in an annual report of RLF activity.
(2) All assurances as specified in Community Development Block Grant regulations shall be agreed to by the borrower in order to receive funds. No applications shall be approved unless the statements of assurances is properly signed.
(3) Investment of idle funds shall be in conformance with state statutes as they relate to investment practices of local governments.
(C) (1) Since the moneys that help fund this Revolving Loan Fund come from repayment of loans made from grants received from the Community Development Block Grant program, each activity funded under the RLF program must meet at least one of the three national objectives identified in Title I of the Housing and Community Development Act of 1974 as amended in 1983, hereinafter referred to as the Act (§ 104(b)(3)).
(2) The three objectives are:
(a) Benefit to low and moderate income persons;
(b) Prevention or elimination of slums or blight; and
(c) Meeting community development needs have a particular urgency.
(D) Up to 20% of the repayment may be used for administrative purposes related to administration of the RLF. An administrative plan is attached to the ordinance codified herein.
(Res. passed 12-27-1993)