(a) A Loan Committee is hereafter established to be comprised of the following three members: the member of City Council who serves as liaison to the Community Development Department or a member of City Council designated by the member who is the liaison to the Department of Community Development, the Controller and the Mayor.
(1) For all loans or grants made by the City in excess of fifteen thousand dollars ($15,000.00) the Committee shall have the authority to review and recommend approval or denial of the application for any such loan or the modification, waiver or forgiveness of any term of such grant or loan. No such grant or loan shall be made, nor shall any term of any such existing grant or loan be modified, waived or forgiven until it shall first have been reviewed by the Committee.
(2) The Loan Committee shall review all information submitted by the applicant in support of his/her application to the City staff for City funded loans and grants, including information related to the income and sources of income of applicants, without deletion or redaction. The Committee’s review shall occur in committee and no documents containing personal, confidential information, as defined in subsection (a)(3) hereof, shall be copied or removed by any member of the Committee.
(3) Any personal information that could be used to perpetrate an identity theft, including social security numbers, financial account numbers, date and place of birth, etc., in the files and applications of the applicants and any information that is classified as confidential by local, state or federal laws will not be made available by members of the Loan Committee to the public unless authorized to be released by the applicant.
(b) Council shall receive monthly a report from the Community Development Director that contains the names and addresses of recipients of loans and/or grants and the amount of those loans and/or grants.
(Ord. 14-2004. Passed 4-20-04.)