To be eligible for a loan, a project must meet all of the following minimum qualifications:
1. The funds must be used for the purchase or construction of fixed assets such as land, buildings, and capital equipment. Funds cannot be used for working capital. Refinancing an existing RLF loan will be considered only when there is substantial benefit to the Village or if the applicant can demonstrate that a hardship exists.
2. The project must be located within the Village limits of Orland Park. Preference is given to non-retail projects located in designated industrial areas.
3. The project must create or retain permanent office, industrial, warehouse, distribution, or related jobs.
4. The developer or company must demonstrate firm lender and equity commitments, sign a letter of commitment regarding investment and job creation, and cooperate with Village staff and the EDAB.
5. Office, industrial, warehouse, distribution, and related businesses are given preference in reviewing loan requests. Retail establishments and restaurants will be considered but are given second priority.
6. The applicant must be able to demonstrate that the project would not be feasible without the Village loan. The project must not begin until the loan is given final approval by the Village Board or a preliminary Resolution of Intent is approved by the EDAB; commencement of the project prior to approval will disqualify the loan request from consideration.
7. The benefit to the Village in the form of tax dollars, jobs, or other measures must be significant enough to warrant Village participation.
(Ord. 5204, 7-17-17)