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o <br /> <br />EDA FINANCING GUIDELINES <br /> <br />AI.L FINANCING APPLICANTS SI-IAI.I. HAVE A STRONG JOB COMPONENT <br /> <br />Each applicant should employ at least one (1) person per 1,000 square feet of financed <br />bulldhhg area, creating a reasonable number of new jobs or preserving existing jobs. <br /> <br />This criteria may be waived when a project assists in accomplishing specific objectives of <br />the City's Comprehensive Plan and achieves preservation of historically significant <br />builditigs, consists of a multifamily-rental project, prevents the relocation of the project <br />outside the City, or has a significant portion of costs devoted to pollution control or energy <br />conservation, and when it has been demonstrated that no feasible alternative can meet the <br />job criterion and accomplish these other objectives simultaneously. <br /> <br />FINA;NCING SHOULD HAVE A SIGNIFICANT LEVEL OF LEGITIMATE <br />PROPF_.RTY IMPROVEMENTS <br /> <br />Legitimate property improvements include replacing or rehabilitating the basic systems, <br />including, but not limited to, plumbing, electrical and mechanical systems, the basic <br />structin'e, energy improvements, exterior aesthetic improvements or site improvements, <br />leasehold improvements and other simil~ improvements. Acquisition of a building without <br />significant property improvements will not be eligible for financing unless it has a strong <br />job component. <br /> <br />ALL FINANCED BUILDINGS SHALL HAVE ADEQUATE URBAN DESIGN <br />STAN'D~S <br /> <br />Urban design standards maintain the integrity of the neighborhood by providing adequate <br />parking and traffic control, minimizing air and noise pollution, assuring adequate screening <br />and e!tergy efficiency to residential areas, providing .adequate handicap accessibility, and <br />display/rig compatible architectural building design. <br /> <br />EQUIp~NT FINANCING MUST HAVE SUFFICIF. NT SECURITY AND SHALL BE <br />LIMITED TO COMPANIES WHICH CREATE OR PRESERVE A SIGNIFICANT <br />N-UMbER OF JOBS <br /> <br />Equipment can be financed, with or without significant property improvements, if a <br />realistic number of new jobs are created or preserved. <br /> <br />RETAIL ESTABLISHMENTS ARE ELIGIBLE FOR FINANCING ONLY IN <br />REDEVELOPMENT AREAS <br /> <br />If any applicant contemplates constructing or rehabilitating a building for retail use in a <br />Redeyelopment Area, EDA financing could be utilized, providing all other guidelines are <br />met. In addition, because of business volatility, the EDA may require additional secmSty. <br /> <br />EDA FINANCING IS INTENDED PRIMARILY WHEN OTHER CONVENTIONAL <br />TYPE~ OF FINANCING ARE NOT FEASIBIJR FOR WHICH THE PROJECT WOULD <br />NOT OCCUR BUT FOR EDA ASSISTANCE <br /> <br />The p.mpose of a company's utilizing FDA financing is to make the project feasible, not to <br />give it an unfair financial competitive advantage over similar businesses which used <br />conventional <br />, types of financing. Each company should clearly demonstrate that adequate <br />convelational financing is not available or that the project would not be undertaken but for <br /> <br />EDA Financing <br />Page 4 of 7 <br /> <br /> <br />