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Economic Development Revolving Fund: Guidelines
Funds are available anytime throughout the year, contingent upon availability of funds. Twenty-four (24) copies of the application are due to the CD Office by 4:30pm on the 15th of the month and will be reviewed by the CDBG Commission on the first Thursday of the following month. The City Council shall determine final approval for all recommended activities over $25,000 to be assisted with Economic Development Funds; the Mayor shall determine final approval for all recommended activities $25,000 or less.
Applications should be submitted four (4) months prior to the planned acquisition or rehabilitation of the property to allow time for orderly decision making.
Proposals for the Economic Development Fund must identify a specific site address and be able to commit and expend all funds within twelve (12) months of Council approval. The City will provide assistance solely to properties which are or will be owned by the applicant.
The CD Office will secure its funding for capital costs with a mortgage in the form of a non-recourse loan. Funds will be provided in the form of a long-term deferred loan payable upon the sale, transfer, or change in use of the property. The mortgage will require a repayment equal to the amount of CDBG funds invested or the percent of the appraised value which the CDBG funds represent in the value of the property, whichever is higher.
Applications are available from the CD Office.
welcome your proposals!
Please call to discuss the details of your proposal with one of our Grants Administrators and to request an application.