(A) Application review and evaluation. Upon completion of the RLF full application, the RLF Loan Review Committee will carry out a loan review and submit its recommendations for approval or disapproval and the basis for such recommendation to the full Board. The RLF Board will then consider the recommendation made by the Loan Review Committee. The Board may solicit or allow additional comment or advisement if it so desires. The Board shall then approve or deny the loan. The RLF Board of Directors will utilize and fully consider all loan selection criteria to ascertain whether the proposed project is consistent with the economic development strategy for city. The Board will determine whether all loan requirements can be met and shall apply their financial experience and judgment to the project having considered all available information.
(B) Loan Fund Board approval. Upon final approval, the RLF Board Chairman will forward the entire package to the City Administrator, with a request to draw down funds to the borrower. If an agreement has been reached with a local financial institution for servicing the RLF's loans, then the package shall be forwarded to that institution.
(Ord. 87-27, passed 6-29-87)