Res 2012-156 - Laserfiche WebLink

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project; however, there are sufficient funds to provide the required match. A gap between sources and uses exists and Revolving Loan Funds fill the gap, or; iii. the business can raise sufficient debt and equity to complete the project, however, the cost of such debt cannot be serviced by the business or the costs of such debt cannot be serviced in order for the business to achieve a rate of return comparable to industry standards. (D) whether there is evidence that at least 51% of the permanent jobs created or retained will benefit low and moderate income persons residing in San Marcos. (3). The City generates scores on selection criteria related to leverage ratio, cost per job, community fit, and project feasibility. Scores on factors in these categories are derived from information provided by the applicant. An applicant must receive at least 60 points out of a possible 100 points to be considered for funding. An applicant that receives at least 60 points on such criteria may be invited to send a representative to make a presentation to the City. The following is an outline of the selection criteria used by the City for the selection of projects under the Revolving Loan Fund. (A) Leverage Ratio (Maximum Points 35) The all other funds /RLF ratio must not be less than V/ (fifty cents for each dollar borrowed) All other funds are defined as all other sources of funds for the project as reflected on the Sources and Uses of Funds Form, with the exception of any other HUD monies. HUD money includes program income. . Businesses that are exempt from the requirement to provide leverage (match) will be awarded the minimum score of 15 points. Refer to the following program requirements for additional information: leverage requirements, equity requirements, and environmental clearance. The higher the match compared to the RLF funds requested, the more points are awarded. Points are awarded by dividing the total other funds committed by the amount of Revolving Loan Funds requested in accordance with the following scale: 0.5 (' /) to 1 (50 %) Match 15 points 1 to 1 (100 %) Match 20 points 1.5 to 1 (150 %) Match 25 points 2 to 1 (200 %) Match 30 points 2.5 to 1 (250 %) Match 35 points (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 by the number of full -time job equivalents to be created or retained, in accordance with the following scale: At or below $101 000 20 points At or below $15,000 15 points At or below $20,000 10 points For example, if $15, 000 is requested and one job is created, then 15 points would be assigned. If $15, 000 is requested and two jobs are created, then 20 points would be assigned. (C) Community Fit (Maximum Points 10) 11