08-08-2002 Planning Comm. Agenda

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Interior Improvements • Almost all fixed improvements including the repair and/or decoration of walls, ceilings, floors, lighting, windows, doors, entrances, electrical, plumbing, mechanical, air conditioning, architectural change, energy improvements, etc. that are necessary to meet code requirements or ancillary thereto. F. Ineligible Costs The following costs are ineligible: • Refinancing of existing debts • Non-fixed improvements, equipment • Working capital • Inventory • Sweat Equity (payment for the applicant's own labor and performance for construction or improvements). G. Improvements Completed Prior to Loan Closing Such improvements are eligible if the following steps have been taken: • Applicant must have already filled out a loan application with EDA prior to the work proceeding. • Applicant must have a commitment letter from his/her Bank and the EDA confirming their financing and approval of the project. • Final bids will be required to assess the total EDA portion of the loan. Closing will not be set up until final bids have been received. • Applicant must agree to include all Health and Safety items in work to be done. If the above conditions have been met, the applicant may proceed using their own funds or interim financing from a bank. However, this is done at the applicant's and/or bank's own risk until the total scope of work has been approved by the EDA and the loan has been closed. H. Priority of Projects In the event requests for BRLF funds exceed the amount that is available, first priority shall be given to those projects that have the highest ratio of private to EDA dollars. Second priority shall be given to those projects deemed to have the greatest improvement in curb appeal as determined in the sole discretion of the committee. In all of the priority categories, start up or expanding businesses locating in existing vacant commercial/industrial space in the City of Little Canada shall be funded prior to those not new or expanding. 4. NATURE OF LOANS The Business Revolving Loan Fund may provide up to $25,000 per loan, provided that the loan recipient meets eligibility requirements and the fund amount is matched or exceeded by a participating lender. Interest on the portion of the loan borrowed from the fund shall be at an annual rate of two percent (2%) and on the fixed or variable rate loan portion borrowed from the participating lender (to be at least 50% of total loaned to applicant) shall 57-