(A) (1) A Revolving Loan Fund, called the City Revolving Loan Fund (CRLF), shall be created utilizing the proceeds from lease payment earned on projects funded by the Commonwealth Community Development Block Grant program.
(2) The purpose of the Revolving Loan Fund shall be for economic development and shall be used to assist existing and prospective business and industries in activities which will lead to the creation or retention of jobs.
(3) Policies and procedures be developed regulating the operation of the SRLF. Such policies and procedures shall address the formation and composition of a review board, eligibility, and loan selection criteria, loan selection and approval process, closing process, the monitoring of outstanding loans, the establishment of processing fees, and development of an application form. Other concerns may be addressed as desired.
(4) All monies earned shall be accounted for in a separate fund and used for the purposes as set forth in the policies and procedures.
(5) Proceeds from the repayment of principal and interest or leases on such projects funded by the SLRF shall be deposited in the Revolving Loan Fund to be used to assist future prospects.
(6) This division (A) shall become effective upon publication.
(B) (1) The following factors will be considered in the loan review process for all RLF loan applications: the highest priority will be given to projects creating at least one job per every $10,000 of RLF monies. Except under exceptional circumstances, the RLF will not consider projects where the ratio exceeds $20,000 per new long-term job created.
(2) Jobs used for purposes of this ratio are those existing full-time (FT) or full-time equivalent (FTE) at the end of two years after start-up or until job creation goals have been met for grant reporting purposes. Construction jobs in the building of a facility are not included.
(Ord. 627-93, passed 4-12-1993; Ord. 754-09, passed 4-27-2009)