Res 2012-156 - Laserfiche WebLink

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and has agreed to take steps to provide the appropriate number of jobs in the future, the City is authorized to waive repayment. This determination must necessarily be made on a case -by -case basis. Violation of other aspects of the loan may result in acceleration of the payment. Location Requirement for the Business- The City will only consider a project location that is in the City's corporate limits. Low /Moderate Income Requirement - A low and moderate income (LMI) person is defined as a member of a family having an income equal to or less than the Section 8 Housing Assistance Payments Program low- income limits established by HUD applicable to the size of the person's family. A family is defined as all persons living in the same household who are related by blood, marriage, or adoption. For an individual living in a housing unit that contains no other person(s) related to him /her is considered to be a one - person family. The limits are established annually by HUD and can be obtained from the City's Development Services Department. For an activity that creates /retains jobs, the business must document that at least 51 percent of the jobs are or will be held by low and moderate income persons. For purposes of determining whether a job is or will be held by a low or moderate income person or not, the following process shall be used: The business must survey all persons filling a created /retained job. Persons filling a created job should be surveyed at the time of employment. Persons holding a retained job should be surveyed prior to application submission. This determination is based on the family's size and previous 12 -month income and may be documented by the use of the Family Income /Size Certification form, which is filled out, dated and signed by the employee or applicant. Minimum Award — The minimum amount of funding that may be requested is $101000. One Business Rule The City will only consider applications that provide funding for one specific business — in other words, each business desiring funding must submit a separate application. 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 based 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. All or 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 Attorney's Office no later than 30 days following the date of the notification letter of the denial of funding. The City Attorney or his /her designee will evaluate the appeal and may either concur or disagree with the oil