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)