§ 2-254. Goals and objectives.

(a)

One of the major incentives that the county can offer to industrial prospects locating in the county is the availability of a suitable, appropriately located, existing industrial building. The establishment of the ABF is an effort to address the continuing need for available buildings in the county, as well as to attract additional capital to the community which otherwise would not be available for local economic development.

(b)

The primary program objectives are private sector job creation for members of low and moderate income families and increased private capital investment in the county. Projects are expected to support specific economic development activities planned in the community. These may include but are not limited to the following types of projects:

(1)

Construction of available buildings for lease/sale within the county which will be used as a location/expansion incentive to new and expanding industries in the county.

(2)

Expansion of existing buildings for local industry.

(c)

The effectiveness of the ABF as a development tool will depend on its lending policies and financing techniques. These include but are not limited to:

(1)

Innovative repayment terms, such as shortterm deferral of initial principal and/or interest payments.

(2)

Leasing the available buildings constructed through this program for a maximum of three years with a buy out of the facility required by that time.

(3)

Utilizing other state and federal programs in conjunction with the ABF program in order to maintain maximum dollars within the ABF pool.

(4)

Requiring a minimum one to one leverage of private capital investment to invested ABF funds.

(d)

All proceeds from lease/purchase payments will be utilized in the following manner:

(1)

To cover administrative cost related to the ABF program.

(2)

Returned to the ABF to provide funds for additional new buildings.

(Ord. No. 90-55, § 4, 10-25-90)