§ 2-256. Loan administration board.

The county hereby names the board of the county industrial development authority as the ABF loan administrative board, referred to as the "IDA board" in this section. The IDA board represents a cross section of business leaders and the banking community. This board will make recommendations on approval or rejection of potential purchasers/lessees of buildings constructed through the ABF program and ABF management procedures to the board of county commissioners. The duties of the IDA board will be as follows:

(1)

Review all potential purchasers/tenants, establishing that each project has sufficient financial feasibility and sound management practices.

(2)

Recommend approval or rejection of potential purchasers/lessees to the board of county commissioners. All purchases or leases receiving approval recommendations will be in compliance with the goals, policies and procedures as set forth in this division.

(3)

Establish, with the consent of the board of county commissioners, rules, procedures, policies, goals and forms to further the purpose of this division.

(4)

Prepare an annual report by July 1 of each year detailing the use of the ABF during the previous year, the status of all construction projects, current leases and sales, and the current available balance in the ABF. After approval, an original copy shall be forwarded to the department of community affairs.

(Ord. No. 90-55, § 6, 10-25-90)