(a) Borrowers participating in the business linked deposit program shall be determined eligible upon the following criteria:
(1) Credit approval from a depository lending institution participating in the linked deposit program;
(2) Operation of a business organized for profit;
(3) Employment fewer than one hundred fifty (150) persons;
(4) Having net annual sales of not more than five million dollars ($5,000,000); and
(5) Headquartered within the State of Ohio, with the project being located within the County of Summit.
(b) The County shall give priority to the following businesses eligible for the business linked deposit program:
(1) Businesses involved in the manufacturing, research and development and service industries;
(2) Businesses owned, and operated by minority, female and persons who have a disability as defined in Section 4112.01 of the Ohio Revised Code.
All businesses participating in the business linked deposit program must have express policies prohibiting discrimination in hiring and retaining of employees based upon race, creed, sex or disability as defined in Section 4112.01 of the Ohio Revised Code.
Projects currently participating in this program or substantially similar linked deposit programs shall not be eligible for participation, although loans for expansion of currently participating project activities can be approved by the County Fiscal Officer.
(c) Business activities not eligible for the business linked deposit program shall be those engaged in real estate or housing development, housing or building operation or maintenance where the primary benefit is to the landlord, construction companies creating temporary jobs and the acquisition of franchises.
(d) No business having delinquent real estate taxes, not otherwise participating in the County Fiscal Officer’s delinquent real estate tax payment plan, delinquent personal property taxes, or outstanding tax certificates, and no business which has previously defaulted upon any linked deposit program loan, or any similar loan made through the State of Ohio or any of its political subdivisions, shall be eligible for participation in this program.
(e) Borrowers participating in the residential linked deposit program shall be determined eligible upon the following criteria:
(1) Credit approval from a depository lending institution participating in the linked deposit program;
(2) Property must qualify as owner-occupied;
(3) Applicant must occupy the property for the term of the loan or as required by the lending institution;
(4) Applicant must meet an annual household income level of $150,000.00 or less;
(5) Property must be located within the County of Summit; and
(6) Type of home improvement must qualify under the program guidelines;
(f) No residential homeowner having delinquent real estate taxes, not otherwise participating in the County Fiscal Officer’s delinquent real estate tax payment, delinquent personal property taxes, or outstanding tax certificates and no residential homeowner who has previously defaulted upon any linked deposit program loan, or any similar loan made through the State of Ohio or any of its political subdivisions, shall be eligible for participation in this program.
(g) The interest rate on each eligible loan under the linked deposit program shall be set by the lending institution and shall be reduced by up to three percentage points (3%) below the rate that would otherwise apply to the borrower, including promotions and special rates offered by the lending institution. The reduced interest rate set by the lending institution shall apply for the maximum term as set forth in Sections 181.01(d) and (e).
(h) Application for participation in the linked deposit program shall be made through the participating lending institutions upon such forms as the County Fiscal Officer shall provide.
(Ord. 2007-531. Adopted 10-15-07.)