The following factors will be considered in the loan review process of all RLF applications:
(A) Highest priority will be given to creating at least one job per every $15,000 of RLF monies. Except under exceptional circumstances, the RLF will not consider projects where the ratio exceeds $30,000 per new, permanent, job created. Jobs used for purposes of this ratio are those existing at the end of two years after start-up. Construction jobs in the building of a facility are not included.
(B) No RLF loans shall be made if funding is otherwise available from private lenders on terms that would allow for the successful completion of the project. The applicant should be able to produce a letter of commitment from private lenders setting forth the amount, the terms, and expected collateral of the loan.
(C) The RLF will give priority to loans made on a joint participation with other private sector sources. In addition, the RLF will require minimum owner equity in the project of 10%. The RLF will give priority to projects where its participation does not exceed 50% of total project costs. The RLF will strive to limit participation to 25%, but will accept applications in excess of 25% but not to exceed 50% on a case-by-case basis.
(D) No RLF loans can be used to refinance existing debt.
(E) The RLF will not participate in projects outside the geographical boundary of Crittenden County.
(Ord. 87-27, passed 6-29-87; Am. Ord. 03-21, passed 9-29-03)