The application and application review procedures for borrower’s participating in the “Wickliffe Linked Deposit Program” shall be as follows:
(a) The borrower must apply to a participating banking institution for program participation;
(b) The borrower must be approved for participation by the banking institution pursuant to said institution’s standard loan approval criteria;
(c) If approved by the banking institution, the borrower’s application shall be sent to the City Mayor for approval;
(d) The City Mayor shall forward the borrower’s application to the City Economic Development Coordinator and the City Finance Director, acting as the City Economic Development Team, for approval; and
(e) The Economic Development Team shall review each application and recommend to the Mayor, approval or disapproval of the application. The City Economic Development Team shall consider the following when determining whether approval shall be recommended:
(1) Unpaid fines, orders, permit fees, and taxes;
(2) The goals and objectives of the Program;
(3) Funds available in the Program.
(4) Special circumstances identified with the borrower’s application.
(f) The Economic Development Team shall forward its recommendation for application acceptance to the Mayor. Upon receipt of said recommendation the Mayor shall decide whether the application is to be accepted, and shall immediately notify the banking institution of said decision.
(g) Upon the banking institution’s receipt of notice from the City Mayor that the borrower’s application has been approved, the banking institution shall complete the lending transaction pursuant to the provisions of the Program and its own implementation criteria.
(Ord. 2002-57. Passed 12-9-02.)