(A) Initial application. An applicant wishing to have an application reviewed by the SEDF Board will complete and submit an application to the Director of the Shelby Development Corporation who will perform a preliminary review of the document to assure that the nature of the project is eligible under the terms of the program established by the SEDF. The second early review step will be to ascertain the level of assistance requested from the Fund and to verify that the Fund has adequate resources available to meet the request. Finally, the Director will evaluate the application along with a recommendation regarding the disposition of the application. Subject to Board acceptance, the applicant will be advised that he has sixty (60) days to provide adequate documentation that other funding sources required for the project are firmly committed. An applicant submitting applications which are not accepted by the Board will be advised of the Board's action and advised to seek funding from another source. An applicant rejected by the Board for the SEDF dollars may appeal to the City Council for its reassessment of the application.
(B) Board recommendation to City Council. Subject to Board approval of the initial application and subsequent demonstration of the applicant, within sixty (60) days of the initial application approval, that all other funding sources required for the project are in place, the Board may make a final recommendation to the City Council that the application be approved. The Director of the Shelby Development Corporation shall prepare a package of information for City Council outlining the project to be acted upon and outlining the criteria which led to the Board's action to recommend the project for funding. Upon City Council action the SEDF will begin steps to close the transaction to make financial assistance available through the Fund to the applicant.
(Ord. 87-006, passed 1-28-87)