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HomeMy WebLinkAboutPacket - 09/05/2017 - Finance and Personnel Committee MCHenr Finance and Personnel Committee September 5, 2017, 5:30 PM McHenry Council Chamber 333 S Green Street McHenry, IL 60050 AGENDA 1. Call to Order 2. Public Comment: Persons wishing to address the Committee will be asked to identify themselves for the record and will be asked but are not required to provide their address. Public comment may be restricted to three-minutes for each individual speaker. Order and decorum shall be maintained at public meetings. 3. Motion to approve July 17, 2017 Revolving Loan Committee meeting report. 4. Motion to approve March 6, 2017 Revolving Loan Committee meeting report. 5. Review of Revolving Loan Program Application, Process, and Proposed Amendment to Municipal Code. 6. Staff Reports. 7. Any Other Business. 8. Motion to adjourn the meeting. Next scheduled meeting is October 2,2017. The Citp of Mcllenry is dedicated to providing its citizens,businesses,and visitors with the highest quality of'progrants and services in a customer-oriented,efficient,and fiscally responsible manner. REVOLVING LOAN FUND COMMITTEE MEETING REPORT Monday,July 17, 2017 Municipal Center Classroom, 5:30 PM In Attendance at Roll Call: Committee Members Present: Chairman Alderman Curry, Alderman Schaefer Alderman Mihevc, and Mayor Wayne Jett. Also in Attendance: Alderman Santi, Director of Economic Development Martin, Director of Finance Lynch, and City Clerk Nevitt. Public Attendance: Applicant Mr. John Smith owner of Smith's Central Garage and William Busse representing I"National Bank of McHenry. I. Call to Order: The meeting was called to order at 5:30 pm. 2. Public Comment: None. 3. Review of the Revolvine Loan Application submitted by Anthem R.E. LLC d/b/a Smith's Central Garaze located at 3315 Pearl Street for $70,000 to install a fire suppression system; and, proposed recommendations to present the application to the full City Council consideration. Director of Economic Development Martin presented and stated the Revolving Loan Fund is to be used for businesses in the City of McHenry for loans. Once the money is loaned out and repaid with interest the money is put back in the fund for future loans. Director Martin told the Committee he did not recommend approval of the $70,000 requested by Anthem R.E. LLC d/b/a Smith's Central Garage, however would recommend up to $50,000, so as not to deplete the fund. The applicant Mr. John Smith, stated he put in the application for the money to be used for a fire suppression system for the building, without the system there cannot be more than 100 people in the building. If the fire suppression system is in installed he would be able to host bigger events in the building. Chairman Alderman Curry asked Mr. Smith if he had tried to get a small business loan, to which Mr. Smith replied yes. Alderman Schaefer stated his opinion that this is exactly what he is looking for in the downtown area, and this is a great example of how the revolving loan fund should be used. Alderman Mihevc asked how much is being loaned out right now and when is it being paid back. Director of Finance Lynch answered two loans are currently open; Plum Garden Restaurant owes approximately'$12,000, which will be paid back this year and Hidden Pearl owes approximately $19,000, which will be paid back over the next 3 years. Chairman Alderman Curry asked Mr. William Busse from 1 st National Bank of McHenry if Mr. Smith had gone to him with the same application, would he run into the same problems he has been, to which the representative responded it would depend if it was a new or and existing business, the individual applying for the loan and the projections. Chairman Alderman Curry stated the funds Mr. Smith is looking for are available and with payments coming in from the two other businesses there would still be funds available to potentially loan to another business in the City of McHenry. Mr. Busse added the City is involved with the terms and conditions of the loans and it is up to the City to determine the interest rate on the loan. Director Martin stated the recommendation is to grant the loan at the current prime rate. Alderman Schaefer stated his opinion to stay at prime rate at the time of the loan to remain consistent from what has been done in the past. Motion made by Alderman Schaefer, seconded by Alderman Mihevc to recommend to the City Council the award of the Revolving Loan application submitted by Anthem R.E., LLC d/b/a Smith's Central Garage located at 3315 Pearl Street for $50,000 including the conditions presented and with prime rate underwriting at 4.0%. All voting aye, motion carried. Motion to Adiourn: Alderman Mihevc made a motion, second by Alderman Schaefer, to adjourn the meeting at 6:00 PM. All voting aye, motion carried. Reviewed and approved this_day of 2017. Alderman Scott Curry, Chairman -2- REVOLVING LOAN FUND COMMITTEE MEETING REPORT Monday,March 6, 2017 Council Chamber, 6:15 p.m. In Attendance at Roll Call: Committee Members: Mayor Low, Chairman Alderman Wimmer, Alderman Condon and Alderman Curry. Absent: None. Also in Attendance: City Administrator Morefield, Director of Economic Development Martin, Director of Finance Lynch and City Clerk Jones. Alderman Schaefer arrived at 6:20 pm and Alderman Santi arrived at 6:40 pm. Public In Attendance: Applicants Jimmy Bellavia, and Christy Steinmeier of Jimmy Bread & Brew. l. Call to Order: Chairman Alderman Wimmer called the meeting to order at 6:15 p.m. 2. Public Comment: None. 3. Discussion Regarding Revolving Loan Application Jimmybread and Brew Director of Economic Development Martin reiterated that the purpose of the Revolving Loan Program is to provide low interest loans to qualified, existing and/or prospective businesses within the City of McHenry. The loan proceeds can be used to assist in the start-up of a new business, expansion of an existing business, updating of an existing facility to make the business more competitive or to provide an incentive for businesses to relocate to the City. He stated that the primary goal of the program is job creation and the expansion of the sales tax and property tax base. He informed the Committee that the program was established in the late 1980's with funding from a State of Illinois grant. The Revolving Loan Fund is not tax dollar money and the money loaned through the Revolving Loan Fund cannot exceed the balance in the fund at the time of the request. The current available lending balance in the Revolving Loan Fund is approximately $66,000. Director Martin advised the Committee that James ("Jimmy") Bellavia and his partner, Christy Steinmeier, on behalf of Jimmybread and Brew, has submitted an application to obtain a loan for $55,000 for the working capital. They intend to use the money, together with investor dollars, to build a business at 3425 Pearl Street in the City of McHenry. It is Jimmybread and Brew's intention to promote a brand utilizing fresh products and ingredients, artisan style baking and a good quality of food. Director Martin informed the Committee that Jimmy and his business partner, Christy (a trained chef), are committed to growing the business, which already has a well- established customer base, however they currently lack a permanent location. Jimmy has Revolving Loan Fund Committee Meeting March 6, 2017 Page 2 been a part of the McHenry Farmers Market and has assisted in drawing other businesses to the Market. The Committee reviewed and discussed concerns expressed by First National Bank of McHenry, who is conducting underwriting services for the proposal loan application. Should the City of McHenry enter into a Loan Agreement with Jimmybread and Brew the bank recommended that the following should be considered by the city: 1. Securing the Loan with first lien purchase money security interest in the business assets purchased(i.e., fixtures and equipment); 2. No disbursement of City Loan Funds unless and until all investor group seed funding of $145,000 has been validated and deposited as start-up funding for the enterprise; 3. An unlimited and personal guarantee from James Bellavia and Christy Steinmeier; 4. Personal and business financial statements be submitted annually; 5. Loan be repayable on a monthly basis, over a five-year term at 3.75% fixed rate of interest with no prepayment penalty; and 6. The City would buy back the Loan (after reassignment by First National) if the Loan payments become delinquent for more than 60 days. Director Martin stated the applicants fit the parameters of the program and he concurred with the banks recommendations. Responding to an inquiry from Alderman Curry, Ms. Steinmeier clarified that the restaurant would be on the first floor of the premises and the baking would take place on the second floor. Alderman Curry inquired about where the produce would be planted and Mr. Bellavia answered it is their intent to remove the asphalt from the parking lot and grow the produce in that area, which would then be sourced to the restaurant. Jimmy and Christy responded to Alderman Curry's inquiries regarding investment, financing and equipment purchases. Responding to Chairman Alderman Wimmer's inquiry, Mr. Bellavia stated they hope to open in late May or early June 2017. Mayor Low opined that she appreciates the bank's expertise and concerns. She stated Mr. Bellavia's product is outstanding and he has a unique concept. Mayor Low expressed confidence in the applicants' ability to market the business and succeed. Alderman Curry expressed some concerns regarding the financial aspect of the venture and said he intended to consider the matter further prior to voting at the Council level. Alderman Condon opined that it appears to be an exciting project and she looks forward to the success of the venture in the City of McHenry. Revolving Loan Fund Committee Meeting March 6, 2017 Page 3 Motion by Condon, second by Curry recommending approval of the application submitted by Jimmybread and Brew for a Revolving Loan for$55,000, and directed staff to work with representatives of First National Bank of McHenry to facilitate the Loan subject to the terms and conditions as presented; and, to bring the matter forward to the full City Council for consideration. All voting aye, motion carried. 4. Adiournment Motion by Condon, seconded by Curry, to adjourn the meeting at 6:48 pm. All voting aye, motion carried. Reviewed and approved this day of 2017. Alderman Scott Curry, Chairman City of McHenry 333 Green Street McHenry, Illinois 60050 McHenr Phone: (815) 363-2100 Fax: (815) 363-2119 www.ci.mchenry.il.us FINANCE AND PERSONNEL COMMITTEE SUPPLEMENT TO: Chairman Curry Members of the Finance and Personnel Committee FOR: September 5, 2017 Finance and Personal Committee FROM: Carolyn Lynch, Director of Finance and Accounting Douglas Martin, Director of Economic Development RE: Review of Revolving Loan Fund Application, Process,and Proposed Amendment to the City of McHenry Municipal Code ATT: 1. Existing Revolving Loan Fund Application 2. Economic Development Strategy adopted by City Council on 7/25/11 3. Draft Ordinance Proposed to Municipal Code Amending Chapter 2 Article III 4. Draft Revised Revolving Loan Fund Application BACKGROUND: At the August 7 Finance and Personnel Committee Meeting discussion on the City's Revolving Loan Fund occurred. Historically, the revolving loan program provided low interest loans to qualified existing and prospective businesses within the City of McHenry. Loan proceeds have been used to assist in the startup of a new business, expand an existing business, and update existing facilities to make the business more competitive, or provide an incentive for established businesses to relocate to the City. The Revolving Loan Fund is not tax dollar money and the money, which can be loaned through the Revolving Loan Fund, must not exceed the balance in the fund at the time of the request. The Revolving Loan Fund promotes entrepreneurialism and assists in facilitating the growth of small business. The program was established in the late 1980's with funding from a State of Illinois grant. The City completed four loans between 1987 and 1998. Because of the limited funds available, loans were restricted to$50,000. Loan applicants were required to pay all attorney and processing fees and personally guarantee repayment of the loan. In 2003,the City used funds from the retired state grant to create the Small Business Retention Loan program with the goal of assisting businesses adversely affected by the reconstruction of Route 120. 1 Y City of McHenry 333 Green Street McHenry, Illinois 60050 McHenr Phone: (815) 363-2100 Fax: (815) 363-2119 www.ci.mchenry.il.us The program requires loan applicants to complete a formal application reviewed by the Revolving Loan Fund Committee, which traditionally has consisted of the Mayor and Finance and Personnel Committee, which makes a recommendation to the full City Council. At the August Committee meeting staff and the Committee reviewed programs from other communities; how the City's revolving loan program be improved and amending the City's ordinance to ensure there is a defined procedure and process moving forward. ANALYSIS: Attached is the existing Revolving Loan Fund application, a proposed amendment to the City's Municipal Code which includes adding the Revolving Loan Fund Committee as a standing committee and a defined membership of the Committee (Mayor and members of the Finance and Personnel Committee); designating the acting chairperson of the Committee (Finance and Personnel Committee Chairperson) as well as a draft application incorporating points discussed at the last meeting which would also be included in the ordinance amendment. If the Finance and Personnel Committee concurs with staff, it is recommended the attached ordinance to the City of McHenry Municipal Code be forwarded to the City Council for consideration. 2 City of McHenry 333 Green Street McHenry, Illinois 60050 McHenr Phone: (815) 363-2100 Fax: (815) 363-2119 www.ci.mchenry.il.us City of McHenry Revolving Loan Fund Application 1. Information on business to be assisted: Name of Business Street Address of Project City State Zip Code Name of Principal in Charge Business Phone Cell Phone Home Address of Principal City State Zip Code SS# of Principal DOB of Principal Type of Business Date Established Employer ID # Name of Bank/Financial Institution Bank Address (include City, State and Zip Code) 3 City of McHenry 333 Green Street McHenry, Illinois 60050 McHenr Phone: (815) 363-2100 Fax: (815) 363-2119 www.ci.mchenry.il.us 2. Project Description—Purpose of Request—Why undertaking the project: 3. Information on Project Impact: Job Impact: # Existing Employees # Positions Created =Total Relocation (if yes, identify new location in space provided): Yes No 4. Information on Participating Financial Institution: Name of Institution Street Address City State Zip Code Repayment Terms: 4 _ City of McHenry 333 Green Street McHenry, Illinois 60050 McHenr Phone: (815) 363-2100 Fax: (815) 363-2119 www.ci.mchenry.il.us S. History and Description of Company and Principals: 6. Information on Use of Project Funds: Land Acquisition $ Land Improvement $ Purchase and/or Remodel on Existing Building $ New Construction $ Purchase and/or Repair Machinery & Equipment $ Purchase Furniture & Fixtures $ Working Capital $ Other Contingencies (Identify below): $ Total Project Cost $ 5 ,r _ City of McHenry 333 Green Street McHenry, Illinois 60050 MCHenr Phone: (815) 363-2100 Fax: (815) 363-2119 www.ci.mchenry.il.us EMPLOYEE INCOME CERTIFICATION FORM (Job Retention) Date: Dear Employee: Please provide the information requested on this form so that we can verify to the Department of Commerce and Community Affairs that your employment here is achieving the goals of the Illinois Community Development Assistance Program. The information will be placed in your confidential personnel files and is available to only a limited number of company officials. This information is also subject to verification by the City of McHenry and representatives of the Department of Commerce and Community Affairs. For assistance, please see . Thank you. (Company Official) Step 1: Circle the size of your family. County yourself and all family members living at home. Family Size: 1 2 3 4 5 6 7 8 9 10 Family Income: +-$50,000 $75,000 $100,000 $125,000 $150,000 $175,000 $200,000 $225,000 $250,000 $275,000+ Step 2: A. Indicate your racial group. White African American Hispanic Native American Asian/Pacific Isles Other B. Sex: Male Female C. Are you a female Head of Household? Yes No D. Are you handicapped? Yes No 6 City of McHenry 333 Green Street McHenry, Illinois 60050 MCHenr Phone: (815) 363-2100 Fax: (815) 363-2119 www.ci.mchenry.il.us Economic Development Strategy for the City of McHenry Policy adopted by Council action 7/25/2011 The City Council is acutely aware of the challenge of maintaining the quality of life residents and businesses alike have come to enjoy and expect without compromising the City's long-term economic sustainability. To this regard the City Council adopted an Economic Development Plan in January of 2009 and the Economic Development Strategy outlined in this document is centered around the goals and objectives included in the plan. Following are general guidelines for economic incentive requests, required submittals and evaluation criteria which will be utilized in determining if an economic incentive is warranted. To realize the future vision of McHenry, there must be a strong, yet realistic strategy that will build upon the City's strengths and work to eliminate weaknesses. The successful strategy will capitalize on the many opportunities available and minimize threats. Goals are the end result toward which all effort is directed and must be specific, measurable and realistic. The following goals were adopted by the McHenry City Council as part of the Economic Development Plan and are the focus of the City's Economic Development Strategy. 1. Create a vibrant Downtown. 2. Develop and Implement Strategies to Retain Existing Businesses in the City. 3. Enhance the existing retail base. 4. Encourage Retail Development on the South Side of the City. 5. Market McHenry as a Character Counts! Community and a Great Place to Live, Work Play and visit. 6. Create Opportunities for Industrial, Job Generating Development AND Work to Locate a Facility for Large-Scale Meetings and Events in the City. Guidelines for Economic Incentives The City of McHenry, at its sole discretion, may approve requests for any economic incentive paid to a specific business. Nothing included in the Policy shall be deemed to require and/or imply a guarantee of economic development funding assistance even if all of the subsequent guidelines are met. The following guidelines should be referenced in the implementation of this strategy. 1. Economic incentives considered by the City must provide a demonstrable return to the City for the future investment of incremental tax revenue and will only be considered if the project would not be possible without this assistance. 2. Incentives shall only be considered for projects which are consistent with the vision for the City, as well as the goals outlined in the City's Economic Development Plan. 7 City of McHenry 333 Green Street McHenry, Illinois 60050 MMcHenr Phone: (815) 363-2100 Fax: (815) 363-2119 www.ci.mchenry.il.us 3. Requests for economic development assistance must be in the form of a written request which shall include, at a minimum: detailed financial information that demonstrates the business/developers projected revenue that the project is expected to generate. The basis for the financial estimates should be included. This information will be regarded as proprietary and will remain confidential. 4. The applicant will demonstrate that but for financial assistance requested from the City, the project would not otherwise be carried out. The developer will provide an affidavit to such effect. 5. Requests for economic incentives will generally be based upon project costs, costs of the development including land,site and public infrastructure, building and site amenity costs necessary to constitute an operating commercial or industrial project. Financial assistance will not include interest on the developer's invested cost that the incentive is being applied to. 6. All project assistance from the City will be provided based on a negotiated Economic Incentive Agreement between the City and the private party and adopted by resolution. The agreement will contain a cost recovery process to follow in the event that the assisted project fails prior to the completion of the period covered by the incentive. 7. The subject project must comply with the City's approved design guidelines and development standards if applicable. 8. The City will not consider any requests for the waiver of the following fees or charges: recapture fees, utility fees,fees from other taxing districts, or City consultant review fees. 9. In addition to the policies set forth above,the following provisions apply: A. The adoption of these policies by the City Council in the form of a resolution should not be construed to mean that the provision of financial incentives using incremental revenues to be generated by a proposed project is inherently approved for any applicant and/or project that may be able to comply with the policies as set forth herein. Each project will be approached as an entity to be independently evaluated. B. The City reserves the right to amend, modify, or withdraw these policies; revise any requirement of these policies; require additional statements, sworn affidavits or other information from any applicant/developer, to negotiate or hold discussions with any applicant/developer and/or project which does not 8 City of McHenry ., 333 Green Street McHenry, Illinois 60050 McHenr Phone: (815) 363-2100 Fax: (815) 363-2119 www.ci.mchenry.il.us completely conform to the policies as set forth above,to waive any nonconformity with these policies,to eliminate these policies in whole or in part, if the City deems it is in its best interest to do so, and to waive any timetables established by ordinance, resolution or motion. C. Submission of a written request for economic development assistance that complies with the spirit and intent of these policies does not commit the City approval of the development/redevelopment project associated with said application. Submittal Requirements Requests for economic incentives must be written and include, at a minimum, the following information. 1. Documentation indicating how the request meets the referenced Evaluation Criteria in this policy, as well as the City's overall Economic Development Strategy and Economic Development Plan. 2. Amount of applicant's investment in the project. 3. Level of the incentive requested. 4. Detailed business or development pro forma. 5. Proof of applicant's financial stability or business plan. Evaluation Criteria Each request shall be generally evaluated based upon the following criteria. 1. Consistency with the City's Economic Development Plan and Economic Development Strategy. 2. Revenue benefit to the City. 3. Level of circumstances with the property characteristics that create challenges or practical difficulties regarding the development of the site. 4. Number and quality of jobs produced. 5. Strong public benefit to the City. 9 1 == City of McHenry 333 Green Street McHenry, Illinois 60050 McHenr Phone: (815) 363-2100 saw Fax: (815)363-2119 www.ci.mchenry.il.us 6. The ability of the development to spur additional economic development in the area. 7. The impact of a proposed development on the existing businesses within the City. 8. Level of applicant's creditworthiness and financial strength. 9. Level of compliance with approved design guidelines and development standards. 10 ORDINANCE NO. MC-17- AN ORDINANCE AMENDING CHAPTER 2 ADMINISTRATION,ARTICLE III CITY COUNCIL OF THE CITY OF MCHENRY MUNICIPAL CODE WHEREAS, the City of McHenry, McHenry County, Illinois, is a home rule municipality as contemplated under Article VII, Section 6, of the Constitution of the State of Illinois, and the passage of this Ordinance constitutes an exercise of the City's home rule powers and functions as granted in the Constitution of the State of Illinois. NOW THEREFORE, BE IT ORDAINED BY THE CITY COUNCIL OF THE CITY OF MCHENRY, MCHENRY COUNTY, AS FOLLOWS: NOW, THEREFORE, BE IT ORDAINED by the CITY COUNCIL of the CITY OF McHENRY, McHenry County, Illinois, as follows: SECTION 1: Chapter 2 Article III Sec. 2.43 Standing Committees, shall be amended to include the Revolving Loan Fund. SECTION 2: Chapter 2 Article III Sec. 2-45 Membership on Committees; Chairman, shall be amended by adding the following as paragraph three: The Revolving Loan Fund Committee shall consist of three City Council members and the Mayor of the City. The Chairman of the Revolving Loan Fund Committee shall be the same as appointed as Chairman of the Finance and Personnel Committee. SECTION 3: Chapter 2 Article III Sec. 2-48. Order of Business of the City of McHenry Municipal Code is hereby amended by adding the following language: The Revolving Loan Fund Committee shall review all applications for a City for Revolving Loan Fund and make a recommendation to the City Council on each application submitted. SECTION 4: If any section, paragraph, subdivision, clause, sentence or provision of this ordinance shall be adjudged by any Court of competent jurisdiction to be invalid, such judgment shall not affect, impair, invalidate or nullify the remainder thereof, which remainder shall remain and continue in full force and effect. SECTION 5: All Ordinances or parts thereof in conflict herewith are hereby repealed to the extent of such conflict. SECTION 6: This Ordinance shall be in full force and effect upon its passage, approval and publication in pamphlet form (which publication is hereby authorized) as provided by law. Voting Aye: Voting Nay: Absent: Abstain: APPROVED: Mayor Wayne Jett ATTEST: City Clerk Lynzi Nevitt CITY OF MCHENRY �,. REVOLVING LOAN FUND APPLICATION Oz >. W ~ = HEART OF THE FOX RIVER V C� CITY OF MCHENR Y'REVOL VING LOAN FUND PROGRAM An econorn c it ntive program to foster the attraction/relocation creation and/or growth of business particularly in underserved areas and/or on underutilized sites/buildings; expanding employment base; providing needed services which contribute to the long-term viability and sustainability of the community of the City of McHenry) "r 1 r � McHenr Eligible Uses (including but not necessarily limited to): Construction of or addition to a building; Renovation of an existing building; Leasehold improvements; Purchase of new or used machinery& equipment; and/or Working capital; which may also lead to expansion of employment base City of McHenry Finance&Personnel Committee 333 S Green Street McHenry,IL 60050 815-363-2100 1 CITY OF MCHENRY >. REVOLVING LOAN FUND APPLICATION LLIr Oz �. W Z; H E A R T OF THE FOX RIVER t� v In rmation on Project: Name of B - ess (Legal and Commo Street Address of Project(in City of McHenry) Ownership Structure (%) (Primary Contact Phone) Address of Owner(s) City State Zip Code SS#of Principal DOB of Principal Email Address Type of Business Date Established Employer ID# Name of Bank/Financial Institution Bank Address (include City,State and Zip Code) Project Description—Purpose of Request—Why undertaking the project/requesting Loan? Page 2 J2XH ITY OF MCHENRY EVOLVING LOAN FUND APPLICATION U. O >. E A R T OF THE FOX RIVER I formation on Project: mployment Impact: #Exis ' Employees Positions Created =Total Relocation Y/N (State primary reasons for relocation) Expansion Y/N (State primary reasons for expansion/primary reason(s)for requesting loan) History and Description of Company and Principal (Examples of Community Investment-Monetary and Non- Monetary,i.e.: Community Service; partnerships,causes supported,service organizations) Information on Use of Project Funds: Land Acquisition $ Land Improvement $ Purchase and/or Remodel on Existing Building $ New Construction $ Purchase and/or Repair Machinery&Equipment $ Purchase Furniture& Fixtures $ Working Capital $ Employee Training $ Total Project Cost $ Page 3 JMH ITY OF MCHENRY LLEVOLVING LOAN FUND APPLICATION O >. F- E A R T O F THE FOX RIVER As essment • T tal Jobs Created and/or Retained (w/i first 2 years insert date Points E Jobs Created )' PTE s Created FTE Jobs Re PTE Jobs Retained • Total Capital Investment(w/in first 2 years (insert date Land $ )' Building $ Equipment $ • Location of Site Underutilized building/land Brownfield site Downtown/West Route 120 • Primary justification for application (Le. Has conventional loan or other type of financing been considered?) Other types of investment vehicles being utilized?(Please list and include amount;term and any conditions associated.): Grants Loan (Personal/Other) SBA County Revolving Loan Fund Other • Economic Benefit to City(One,five and ten-year estimates) (can be increase in tax-base as well if existing business): Sales Tax (1 Yr.) $Yr.) (10 Yr.) $ Property Tax $ $ $ Income Tax $ $ $ • Consistent with goals of adopted City Council Economic Development Strategy: Please state/list how(Be specific): • Although application will be submitted by the City to a local financial institution for underwriting, please generally state primary guarantee or collateral for loan : Filing Fee:$100 non-refundable application fee and all costs incurred by the City will be the responsibility of the applicant. Page 4