Res 2002-217 - Laserfiche WebLink

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Minimum: $ 25,000 *One Business Rule - The City will only consider applications that provide funding for one specific business (which commits to create/retain direct jobs of which 51 % or more of all of the jobs actually created/retained must benefit low and moderate income persons). Payment Deferral - A one year deferral (from the contract date between the City and the business) of all principal and interest payments may be requested by the business if the business can document the need for a deferral. This deferral period may be in addition to the normal amortization requirements generally offered by the RLF. Interest accrued during the deferral period will be capitalized (added to the principal balance) prior to calculating the payments b.ased on the remaining term of the loan. The income and cash flow projections will be reviewed to determine the feasibility of this deferral request. Prepayment - There is no penalty for early payment for the loan. However, early payment cannot be used to offset a late payment. Process for Appeals - An applicant for funding under the San Marcos Revolving Loan Program may appeal the disposition of its application in accordance with the following guidelines: (1) The appeal may only be based on one or more of the following grounds: (A) Misplacement of an application. Allor a portion of an application is lost, misfiled, or otherwise misplaced by staff, resulting in unequal consideration of the applicant's proposal. (B) Mathematical error. In rating the application, the score on any selection criteria is incorrectly computed by staff due to human or computer error. (C) Other procedural error. The application is not processed by staff in accordance with application and selection procedures set forth in these rules. (2) The appeal must be submitted in writing to the City of San Marcos CDBG Coordinator's Office no later than 30 days following the date of the notification letter of the denial of funding. The staff will evaluate the appeal and may either concur with the appeal or disagree with the appeal and prepare an appeal file for consideration by the City Manager. The City Manager will then consider the appeal within thirty (30) days and make the final decision. (3) The applicant will be notified of the decision made by the City Manager within 10 days after the final determination by the City Manager. (4) Appeals not submitted in accordance with these guidelines will be dismissed and may not be refiled. *project Length - Projects must be completed and all requirements of the RLF contract (except for the qualified exception of complete loan repayment which may be structured for longer than three years) must have been met within three years from the execution date of the RLF contract agreement. Relocating Projects - No assistance will be provided for projects intended to facilitate the relocation of industrial or commercial plants or facilities (a business) from one geographic location within the United States or the State of Texas to a geographic location within the city. Retained Jobs - Businesses claiming retained jobs as part of a proposal must provide documentation that the employees will be permanently laid off or the business will close down or relocate out of city, if Revolving Loan Fund assistance is not provided. Income certifications, for the retained jobs, will be required in the formal application. *Scoring Criteria - An applicant must receive at least 60 points out of a possible 100 points to be considered for funding. Refer to the selection criteria (under selection procedures below).