2008 018 Ordinance - Laserfiche WebLink

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Description of Municipal Redevelopment Fund with Attachments expected that a revenue sharing agreement will be executed as part of the cooperative agreement. Additional points will be awarded for joint projects. Loans made to municipalities must be backed by a first lien on the property or a guaranty deemed acceptable by Cuyahoga County. The borrower must demonstrate that an environmental assessment and sampling has been conducted at the property and remove any asbestos and/or lead paint hazard accordingly and in compliance with all applicable standards by a certain date. Loan principal repayment will be deferred for 3 years or until occupancy permit is issued or sale of the property. Funding Priority: Applications are accepted on an annual competitive funding round. Projects will be reviewed, scored and ranked by committee. Top scoring projects will be reviewed by the Cuyahoga County Community Improvement Corporation/Loan Committee. All project funding support requires recommendation of the Cuyahoga County Community Improvement Corporation/Loan Committee and final approval by the Cuyahoga County Board of Commissioners. Loan Approval Process: A member of the Cuyahoga County Department of Development (DOD) staff will guide applicants through the process and serve as the primary contact person. Projects will be scored according to a point system based on various criteria as determined by the DOD. If the project meets the basic criteria of the program as determined by the CRF score process, a general term sheet may be issued, subject to further approvals. The documents normally required from applicants to process the application include, but are not limited to, "as is" and "as complete" property appraisals, and the most recent financial audit of the applicant. Five to ten-years of operating proformas for the project, including a summary of the assumptions used in preparing the projections, are also required. The County may require such additional environmental and financial information as it deems necessary to evaluate the applicant and the project. The DOD staff reviews applications to determine their administrative and technical completeness, reviews the project, judges which costs are considered for funding under the program, determines which funding sources are available and appropriate and completes a credit and collateral analysis. Once the DOD is satisfied with the project eligibility, commitment of funding for the entire project, ability to repay debt and completeness of the application, the Cuyahoga County Community Improvement Corporation/Economic Development Loan Committee reviews the project for a funding recommendation to the Board of County Commissioners. EXHIBIT A Page 2 of 8