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<br />72. <br /> <br />Highlights of Proposed Major Changes <br />To the City of San Marcos' <br />Revolving Loan Fund Guidelines <br /> <br />. Change the definition of Eligible Applicant to delete the size of the businesses eligible to <br />apply and to increase the location standards to include the ET J. If the applicant's location is <br />outside the City Limits, then the company to be assisted must agree to fill its job commitment <br />requirement with City of San Marcos residents. Of the jobs created/retained at least 70% <br />must reside within the City Limits of the City of San Marcos. <br /> <br />. Increase the amount of time an applicant can take to repay funds loaned for land, depreciable <br />property, new construction and rehabilitation of commercial or industrial facilities from 5 to 7 <br />years to 10 to 20 years. <br /> <br />. Decrease the number of public hearings required before the submission of an application <br /> <br />. Increase the time allowed to complete projects from two years to three years. <br /> <br />. Increase the equity injection for start-ups from 20% to 30% <br /> <br />. Change the interest charged on loans from Wall Street Journal Prime minus 1 % to Wall <br />Street Journal Prime <br /> <br />. Redefine a part-time job and allow two part time jobs to combine for one FTE <br /> <br />. Change the minimum and maximum award amounts from $3,000 and $30,000 to $50,000 <br />and $290,000 respectively <br /> <br />. Change the language regarding relocation businesses to the suggested language proffered <br />by HUD. <br /> <br />. Increase the cost/job thresholds <br /> <br />. Add language to include a new use of funds for interest free real estate loans and for <br />infrastructure grants <br />