(A) The City Community Development Loan Fund is created for the following purposes:
(1) To promote and stimulate development and advance business prosperity and economic welfare of the city and its citizens;
(2) To stimulate and assist, when usual customary credit is unavailable or unfeasible, through low or no interest loans, the location of new retail, industrial or commercial business to the city;
(3) To encourage and assist the rehabilitation of existing businesses and property within the corporate limits of the city through administration of low or no interest loans or grants;
(4) To stimulate and assist in the expansion of existing businesses which would tend to promote commercial business development and creation of new jobs through administration of low or no interest loans; and
(5) To cooperate and act in conjunction with other organizations, public and private, in the promotion and advancement of commercial business activity within the city.
(B) The above purposes may be achieved by creation of the Community Development Loan Fund Review Board, its development of program guidelines and forms, its recommendation to the City Council that the appropriated moneys to the Community Development Loan Fund to be expended in the form of loans to qualified applicants at interest rates below market levels, or that the Board recommend the expenditures of moneys to qualified applicants without repayment pursuant to the Board’s guidelines; that the Board maintain a pool of funds for use by qualified applicants pursuant to the guidelines; that it maintain a schedule of repayment of all loans which are expected to be repaid pursuant to the agreement with qualified applicants; that it report to the City Council amounts expended and principal amounts, interest and earnings retrieved pursuant to the loan and grant activity; and to do all other things necessary and proper for the achievement of the specified goals and purposes of the Fund.
(1994 Code, § 36.28) (Ord. 423, passed 8-11-1992)