§ 2-255. Eligibility requirement.

(a)

Eligible applicants for ABF participation under this division include:

(1)

Any legal entity, individual, public (including this county) and private organization, and federally recognized Indian tribal groups which reside or desire to locate within the county.

(2)

Applicants will be considered without regard to race, color, religion, sex, national origin, age, handicap condition, familial status or marital status.

(3)

Applicants must demonstrate that the project to be financed will result in private sector job creation or retention and contributes to the economic development efforts of the county.

(4)

Applicants must demonstrate that the request is necessary or appropriate, as defined in 24 CFR 570. (Exhibit 1-A to Ord. No. 90-55 must be completed and submitted with all the applications.)

(5)

Applicants must demonstrate that requirements relating to meeting a national objective, as defined in 24 CFR 570 will be met. (Exhibit 1-B must be completed and submitted with all applications.)

(b)

Eligible activities for ABF assistance within the county include:

(1)

Construction of industrial buildings and structures.

(2)

Acquisition of real property.

(3)

Construction of a business incubator to provide inexpensive space and assistance to new firms to help them become viable businesses.

(4)

Expansion of an existing industrial building to assist a local industry to create new jobs in addition to present employment.

(5)

Removal of architectural barriers which restrict the mobility of elderly or handicapped persons in conjunction with building expansion.

(c)

Ineligible activities for ABF assistance include:

(1)

Projects which assist the relocation of jobs within the state without the creation of significant new jobs unless existing jobs would be lost to the state without the relocation.

(2)

Projects which would create a potential conflict of interest for any officer or employee of the county or any current or former member of the loan administration board provided for in section 2-255, or staff who review, approve or otherwise participate in decisions on ABF projects.

(3)

Construction/expansion of facilities for any applicant who was an original recipient of a community development block grant loan from the county and whose repayment is to be a capitalization source of the ABF.

(d)

Eligible debt finance mechanisms. The ABF capital may only be used for construction/expansion of industrial buildings. ABF capital cannot be used for:

(1)

Direct loans to businesses.

(2)

Purchase or financing of equity in private businesses.

(3)

Subsidizing interest payments on existing loans.

(4)

Refinancing loans made by other lenders.

(5)

Financing working capital, inventory or supplies.

(6)

Purchase of an asset owned by the applicant or a principal of the applicant.

(e)

The ABF program is established to construct available buildings for eligible applicants at lease rates and prices determined by the board of county commissioners to be most appropriate in achieving the goals of the ABF. The ABF income will not be commingled with other county funds or with program income from other community development block grant non-economic development activities. Separate interest bearing checking accounts will be established for this purpose.

(f)

In the determination of leverage requirements, the board shall consider the merits and potential economic benefits of each request. When appropriate and practical, ABF construction shall be leveraged by at least equal amounts of privately funded construction or equipment purchases, working capital or inventory.

(Ord. No. 90-55, § 5, 10-25-90)