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Description of Municipal Redevelopment Fund with Attachments <br />Municipal Redevelopment Program <br />Eligible Applicants: <br />Local municipal corporations of the County are eligible. They must own the property or <br />have a development agreement in place with a private or not-for-profit entity. Either party <br />may be the borrower. <br />Project Eligibility: <br />Vacant or underutilized sites with prior commercial, industrial or institutional usage the <br />redevelopment of which may be impacted by the actual or presumed presence of <br />asbestos and lead paint qualify for the CRF program. Sites may include adjacent <br />parcels formerly used for housing if the local community approves the zoning change <br />and the property is vacant at the time of application. <br />Projects with environmental contaminants other than asbestos and lead paint are not <br />eligible for the CRF, but may be eligible for the County's brownfield redevelopment fund <br />program. <br />The applicant and project site must be current with all County tax liabilities. The CRF <br />does not support big box, retail mall development, lifestyle centers, or other large scale <br />retail projects. <br />Eligible Costs: <br />Expenditures for property appraisals, property acquisition, environmental site <br />assessments, asbestos and/or lead paint remediation, renovation and modernization, <br />site clearance and demolition are eligible costs. <br />Property acquisition costs cannot exceed 50% of requested County funding. <br />Eligible acquisition costs must have been incurred within one year prior to the <br />date of application. <br />Loan Amount and Term: <br />Maximum loan terms may range up to 15 years. Early loan pay downs and repayments <br />are not penalized and are highly encouraged. All borrowers must enter into and agree to <br />loan documents as prepared by the County. <br />Eligible applicants may apply for funding up to $800,000 to .support locally sponsored <br />projects, which if approved, will be provided as a combination of loan and subsidy in <br />accordance with the Loan Subsidy Schedule by Municipality (See Attachment A), <br />Municipalities must show that the project has a significant impact on the local <br />community and can submit once per year in a competitive funding round. Adjacent <br />municipalities that work jointly on a project may apply for twice the funding amount. It is <br />EXHIBIT A <br />Page 1 of 8 <br />