A. Administration: The processes and criteria governing the administration of the Revolving Loan Fund are primarily set forth by the City Council through legislative resolutions. If any conflict exists between these administrative rules and an active legislative resolution, then the legislative resolution will be controlling.
B. Application: Prospective loan recipients may submit a loan application for a particular loan project to the Department of Community and Economic Development.
C. Scoring Applicants: Finalized applications seeking loans for projects within the scope of the committee's jurisdiction will be submitted to the committee for consideration. Each voting member of the committee should submit a score sheet that awards points in specific categories of interest to the City with a resulting total score. The score sheets with the highest and lowest total scores will be dropped, and the total scores of the remaining score sheets will be averaged together. If the resulting average total score falls above the threshold level established by the committee, then the loan application at issue shall be approved. A loan application with an average total score that falls below the threshold level shall be denied.
D. Approval; Issuance: Upon the approval of a loan application, the appropriate staff members from the Department of Community and Economic Development will work with the loan applicants to finalize the loan documents and issue the loan.
E. Monitoring Loan Status: After a loan is issued for a particular loan project, staff members from the Department of Community and Economic Development will be responsible for monitoring the status loan and for taking any necessary administrative actions in connection with such loan. (2019 Compilation)