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