Res 2010-085 - Laserfiche WebLink

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CDBG Economic Development Activities In addition to satisfying a National Objective, Economic Development activities must also meet Public Benefit Standards. These requirements include: • Create or retain at least one full -time equivalent, permanent job per $35,000 of CDBG funds used for all such activities; or, Provide goods or services to residents of an area, such that the number of L/M income persons residing in the area served by the assisted businesses amounts to at least one L/M income person per $350of CDBG funds used for all such activities. Eligible Activity Examples: • Construction of a business incubator to provide inexpensive space and assistance to new firms to help them become viable business;. • Loans to pay for the expansion of a factory or commercial business; • Financial assistance to a business to demolish a decaying structure it owns in order to assist the business in constructing a new building on the site; • Financial assistance to an existing microenterprise or to assist in the establishment of a microenterprise; • Grants, loans, or loan guarantees provided to a private for - profit entity; • Construction, rehabilitation, reconstruction for commercial or industrial improvements carried out by a non - profit subrecipient; Activities that are NOT eligible: • Lobbying or other political activities carried out by a for - profit business; • Job training unless it is part of a CDBG - eligible economic development activity that will create or retain permanent jobs; • An activity that promotes the community as a whole (as opposed to promotion of specific areas and programs); • Assistance to a professional sports team; • Acquisition of land for which the specific proposed use has not yet been identified; and, • "Job Pirating" activities — those which assist directly the relocation of any industrial or commercial plant, facility, or operation, from one area to another area, if the relocation is likely to result in a significant loss of employment in the labor market area from which the relocation occurs. This rule applies only to businesses in the United States.