Res 2002-217 - Laserfiche WebLink

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REVOLWNGLOANFUND PROGRAM REQUIREMENTS The primary requirements for the RLF program are presented here in alphabetical order. The business should become familiar with the requirements (as they pertain to the proposed project). When initially structuring a Revolving Loan Fund proposal, please pay particular attention to the requirements marked with an asterisk (*). *Amortization Requirements - The following terms are generally offered by the Revolving Loan Fund: (1) machinery and equipment financing 3 to 5 years or based on the useful remaining life of the asset; (2) working capital financing 2 to 3 years; and (3) financing for land, depreciable property, new construction, and rehabilitation of commercial or industrial facilities 10 to 20 years. Bankruptcy Filings - The City will not consider any application for funding in which the business to be assisted thereunder or its principals have filed under the Federal Bankruptcy Code, and the matter is in the process of being adjudicated or in which such business has been adjudicated bankrupt. Citizen Participation - The City of San Marcos follows a detailed citizen participation plan that provides for and encourages citizen participation at all stages of the community development program. The City carries out citizen participation in accordance with the following Citizen Participation Plan adopted from the Texas Capital Fund. The certifications and public hearings (discussed below) must be completed prior to submitting a formal application. (1) At a minimum, the City will hold at least one public hearing prior to submission of the formal application. (A) The public hearing will include a discussion with citizens on the development of housing and community development needs, the amount of funding available, ALL eligible activities of the City's CDBG entitlement program, the use of TCDP contract funds, if applicable, a discussion of the proposed project, the amount of funds being requested, the estimated amount of funds proposed for activities that will benefit low and moderate income persons, and the plans of the City to minimize displacement of persons and to assist persons actually displaced as a result of activities assisted with public funds. The notice will include the location and hours when the application will be available for public review. Citizens, with particular emphasis on persons of low and moderate income who are residents of slum and blight areas, are encouraged to submit their views and proposals regarding community development and housing needs. Citizens may submit their views and proposals to the CDBG Coordinator should they be unable to attend the public hearing. (B) The City will retain documentation of the hearing notice(s), a listing of persons attending the hearing(s), minutes of the hearing(s), and any other records concerning the proposed use of funds for a period of one year or until the project, if funded, is closed out. Such records will be made available to the public in accordance with Texas Civil Statutes, Article 6252-17a. (2) For each public hearing scheduled and conducted by the City, the following public hearing provisions will be observed. (A) Public notice of all hearings will be published at least three (3) calendar days prior to the scheduled hearing. The public notice will be published in a non-legal section of a local newspaper. Each public notice will include the date, the time, location and topics to be