§ 42-59. Goals and objectives.

(a)

The establishment of the RLF is an effort to address the problem of credit availability and to provide additional capital to the community which otherwise would not be available for local economic development.

(b)

The primary program objectives are private-sector job creation for members of low and moderate income families and capital formation. Projects are expected to support specific economic development activities planned in the community, including, but are not limited to, the following types of projects:

(1)

Small business development, including the start up or expansion of locally-owned businesses;

(2)

Redevelopment of blighted and vacant facilities for productive use (eligible only if the redevelopment of the vacant facilities is completed as part of an eligible activity, i.e., demolishing structures and clearing land are eligible only as part of an activity to immediately put the land to use for an eligible purpose); and

(3)

Development of businesses owned and operated by minorities, women and other economically disadvantaged groups.

(c)

The county's lending policies and procedures shall include, but are not limited to:

(1)

Providing innovative repayment terms, such as short-term deferral of initial principal and/or interest payments;

(2)

Taking greater risks than banks are prepared to take, but only when substantial economic development benefits will result if the applicant succeeds;

(3)

Providing below market interest rates;

(4)

Utilizing other state and federal programs in conjunction with the RLF program in order to maintain maximum dollars within the RLF;

(5)

Requiring a minimum one-to-one leverage of equity investment to borrowed RLF funds;

(6)

Not lending for the purpose of providing working capital, inventory, or supplies; and

(7)

Not utilizing RLF funds for purposes unless provided herein.

(d)

All proceeds from interest payments on the principal of the RLF funds will be utilized in the following manner:

(1)

To cover administrative cost related to the RLF program; and

(2)

To provide funds for additional loans after the RLF funds are returned to the county.

(Ord. No. 93-69, § 3)