REVOLVING LOAN FUND PROGRAM
The Revolving Loan Fund (RLF) is intended to assist in the creation of new industrial businesses, meaning manufacturing, distribution, and office based businesses and the retention and expansion of existing industrial businesses in the immediate Kewanee area. The following states the purposes of the RLF program and sets forth administrative requirements concerning eligible uses, terms, and conditions of usage, and processing procedures.
(A) To stabilize and strengthen the city's economy by providing capital for industrial start-ups and expansions.
(B) To retain and attract industry that will provide permanent jobs or needed community service, especially those benefiting persons of low and moderate income.
(C) To support potential gains in real estate, income and sales taxes to the city.
(D) To stimulate private investment.
(E) To develop vacant or blighted land within the city and land, improved or otherwise, to be annexed by the city.
(F) To provide financial assistance to industry that can reasonably document its need for assistance or where the use of the funds will provide a needed services to the community.
(Ord. 2986, passed 7-24-95)
(A) Funds must be used to advance the previously outlined purposes of the program.
(B) Funds must be used for facilities located within the city or to be located (through new construction or annexation) within the city, or, if not contiguous to the city, not further than one mile from the city limits.
(C) Funds from the RLF can be used for the following: acquisition of land and buildings, construction, expansion, renovation, modernization, machinery, and equipment. Soft costs such as appraisal fees, accounting, and architectural services, must be paid by the applicant from sources other than the RLF. Soft costs may be considered as part of the total project costs.
(D) Funds must be used in a manner which emphasizes the use of lending institutions and private investment. At a minimum, 50% of each project financed in part by the RLF must come from other sources, including lending institutions and private investment which includes the investment by the applicant.
(Ord. 2986, passed 7-24-95)
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