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Lakewood's Non-CDBG Economic Development Loan <br />The non-CDBG Economic Development Program provides both forgivable and repayable low interest loans <br />for a variety of purposes in an effort to support catalytic and transformative projects. The program's primary <br />goals are stimulating redevelopment and revitalization; creating new, permanent full-time equivalent (FTE) <br />jobs generating new tax revenue; retaining existing, permanent FTE jobs to protect existing tax revenue; <br />upgrading the City's commercial and industrial and building stock; and enhancing Lakewood's regional <br />competitiveness consistent with Lakewood's Community Vision. <br />Former St. James School Rehabilitation Loan Terms <br />■ 0% Interest/No Payments. <br />■ Forgivable over five (5) years at $35,000 per annum. <br />■ Forgiveness is predicated upon satisfaction of all EDF <br />and fulfilment of the job retention/creation goals desci <br />■ The City will place a lien on the subject property <br />$1755000 EDF loan releasable over five (5) years is <br />all loan terms to the City's satisfaction. <br />■ Developer must secure commitments for private f�na <br />Development funds. <br />including timely project completion <br />ibeed`below <br />she form of an 3pen-End Mortgage against its <br />35,000 increments,... predicated on fulfillment of <br />acing prior,to issuance of o.n-CDBG Economic <br />Developer must submit invoices and proof of payment fob qualifying expenses. The ity's financial <br />assistance is strictly for permanent physical improvements to the site. The goal is to both preserve <br />this historic landmark and make this ro ort* suitable for office use. <br />Job Creation & Hiring Requirements <br />The developer must adb.�re to the fo l", ing job r6tent <br />■ Retain and/or create no 'fgwer tha <br />following completion of the fund <br />with the issuance of the Certiflca <br />■ The Developer mush submit ani <br />result of the funded pro�;, <br />ject,for tl+ <br />■ Failure t� fulfill job requirements <br />irty (3 0) pe <br />Jrotect and <br />d creation requirements. <br />ent, FTE jobs in the building within (12) months <br />Main such jobs during the 5-year term beginning <br />or uccu,p anc . <br />.Y <br />Job Repc-ts c�ocunenting actual job retention/creation as a direct <br />1uration of the loan term. <br />4hn the performance period constitutes loan default. <br />(Intentionally Left Blank) <br />Page 20 of 30 <br />