Agenda - Economic Development Authority - 03/09/1999

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Draft 03/05/99 EDA FINANCING GUIDELINES EDA FINANCING IS INTENDED PRIMARILY WHEN OTHER CONVENTIONAL TYPES OF FINANCING ARE NOT FEASIBLE FOR WHICH THE PROJECT WOULD NOT OCCUR BUT FOR EDA ASSISTANCE The purpose of a company's utilizing EDA financing is to make the project feasible, not to give it an unfair financial competitive advantage over similar businesses which used conventional types of financing. Each company should clearly demonstrate that adequate conventional financing is not available or that the project would not be undertaken but for the availability of EDA financing, and that a major inducement to the company to maintain or expand its facility in the City was the EDA financing. ALL FINANCING APPLICANTS SHALL HAVE A STRONG JOB COMPONENT Each applicant should employ at least one (1) person per 1,000 square feet of financed building area, creating a reasonable number of new jobs or preserving existing jobs. This criteria may be waived when a project assists in accomplishing specific objectives of the City's Comprehensive Plan and achieves preservation of historically significant buildings, consists of a multifamily-rental project, prevents the relocation of the project outside the City, or has a significant portion of costs devoted to pollution control or energy conservation, and when it has been demonstrated that no feasible alternative can meet the job criterion and accomplish these other objectives simultaneously. FINANCING SHOULD HAVE A SIGNIFICANT LEVEL OF LEGITIMATE PROPERTY IMPROVEMENTS Legitimate property improvements include replacing or rehabilitating the basic systems, including, but not limited to, plumbing, electrical and mechanical systems, the basic structure, energy improvements, exterior aesthetic improvements or site improvements, leasehold improvements and other similar improvements. Acquisition of a building without significant property improvements will not be eligible for financing unless it has a strong job component. ALL FINANCED BUILDINGS SHALL HAVE ADEQUATE URBAN DESIGN STANDARDS Urban design standards maintain the integrity of the neighborhood by providing adequate parking and traffic control, minimizing air and noise pollution, assuring adequate screening and energy efficiency to residential areas, providing adequate handicap accessibility, and displaying compatible architectural building design. Page4 2~)