Res 2002-217 - Laserfiche WebLink

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d. Approved advertising/marketing expenses and research/development activities. NOTE: Contact the City for all uses of working capital which are not mentioned above. 7. If the project requires funds for other costs (for example, development costs), provide: a. Description of costs; and b. Itemized price list. FINANCIAL COMMITMENT LETTERS A firm financial commitment from all funding sources, as outlined on the Sources and Uses of Funds Form, is required upon submission of a RLF application. A letter of commitment, from each funding source outlined on the Sources and Uses Funds form, must be included in the application and should be in the following format (see sample letters): (i) If the business is using other private financing, a commitment letter (from all other private financing entities) must be included in the application indicating the commitment amount, the stated proposed use of the funds, the estimated date of availability, the rate and term, the expiration date of the commitment and the security of the loan. (ii) If the business is using corporate or personal funds, a commitment letter from that company's chief executive officer or the principals of the firm (or the individual) must be included in the application indicating the commitment amount, the stated proposed use of the funds, the estimated date of availability, the rate and term, the expiration date of the commitment and the security of the loan. (iii) If the business is using public financing, a commitment letter from the financing entity must be included in the application indicating the commitment amount, the stated proposed use of the funds, the estimated date of availability, the rate and term, the expiration date of the commitment and the security of the loan. (v) If the business is using industrial revenue bonds, a separate local bond inducement resolution stating the dollar amount and conditions of sale/issuance must be included in the application. A letter from the purchaser of the bonds must also be included in order for the funds to be utilized for project feasibility. DECLINE LETTER Since the RLF is a "gap financier", at least one denial letter from a lender located within a 100 mile radius of the proposed project must be included in the application to substantiate a financing gap (unavailability of funds for this project) or at least one commitment letter from a lender must be included to substantiate a financing gap or rate of return gap (availability of funds for this project, but the business can not cash flow the project and/or produce a rate of return comparable to industry standards due to the interest rate/terms provided for in the commitment letter). VERIFICA TION OF DEPOSIT A Request for Verification of Deposit Form is required for each of the above-referenced financial commitment letters, as outlined on the Sources and Uses of Funds Form (except for readily verifiable financial institutions). A form is provided.