Res 2002-217 - Laserfiche WebLink

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additional information: leverage requirements, equity requirements, and environmental clearance. Points are awarded by dividing the total other funds committed by the amount of Revolving Loan Funds requested (less administration), in accordance with the following scale: 1.0:1 (100%) 10 1.5:1 (150%) 15 2.0:1 (200%) 20 2.5:1 (250%) 25 3.0:1 (300%) 30 (B) Cost per Job (Maximum Points 20) In order for an applicant to be eligible for an RLF award, the cost per job calculation must not exceed $25,000.00. Points are awarded by dividing the amount of Revolving Loan Funds requested (excluding administration) by the number of full-time job equivalents to be created or retained, in accordance with the following scale: At or below 10,000 At or below 15,000 At or below 20,000 At or below 25,000 20 points 15 points 10 points 5 points (C) Community Fit (Maximum Points 20) This category is defined by the amount of asset this project will be to the City. The factors considered are local community benefit, the match of the job skills of the local labor pool, the potential tax base expansion, and the wealth creation or retention provided by the project. It also determines the extent the project is in accordance with the City's Economic Development Strategic Plan and forwards the City's Developmental Mission. A project located in a designated enterprise zone will receive special consideration. (D) Project Feasibility (Maximum Points 30) The feasibility of each project is evaluated and scored based on the financial soundness of the project. Factors examined include firm commitments for financial investments and the jobs to be created or retained; the history of the business; the current financial condition of the business, including a full review of the credit analysis; cash flow projections; the business or marketing plan, including letters of intent to purchase products or services; and management experience of the business' principals. (4) The City staff will conduct a site visit of the proposed project. (5) The City Manager makes recommendations to the City Council for invitation of final contract. (6) If the City Council directs the City staff to develop a final contract, the City will discuss the project and program rules with the company official. (7) If a project is determined not to be feasible by the City staff/Council, the City will notify the applicant of its decision, including the basis for denial. (8) The City staff will work with the recipient to execute contract agreements. While the contract award must be based on the information provided in the application, the City may negotiate any element of the final contract agreement with the recipient. (9) The City Council approves the contracts and announces the projects selected for funding.