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Administrative Policy— Economic Development Incentive Program <br />1. The CRA reserves the right to elect an appropriate financial institution <br />to administer the loan; <br />2. The eligible business will receive an interest rate below market value <br />2; <br />3. The CRA will provide the financial institution with the necessary funds to <br />manage the loan, plus reasonable costs for administration. <br />4. The eligible business must qualify for the loan under the financial <br />institution's requirements. <br />(B) The CRA will deposit the awarded loan funds into a certified financial institution <br />to act as a security. The loan will be administered by the institution which in turn <br />will provide said funds to the business. <br />(A) All applicants must meet with the City's Economic Development staff prior to <br />submitting a request to the CRA. Applicants should be prepared to provide <br />documentation about their business such as; but not limited to their documented <br />business plan, business tax receipts, projection on job growth and salaries (if <br />applicable), marketing strategy, copy of corporate documents for the applying <br />business entity, and track records of business owners. <br />(B) Once eligibility is verified City staff will present the funding request to the CRA <br />Board for approval. Applicants will be notified of the date and time that their loan <br />request will be presented to the Board. It is recommended that the Applicant <br />attend the CRA Board meeting to address any questions that the CRA Board <br />may have. <br />IMP-1 14 1111261 <br />The CRA reserves the right to call for any additional information and /or requirements as <br />deemed necessary from the applicant on a case -by -case basis. <br />N 11110 122.6-161 IET & F R 111 I I A I <br />Please direct all inquiries of the Economic Development Incentive Fund Program to the <br />Community Development Department: Economic Development Division. <br />City of Casselberry <br />95 Triplet Lake Drive <br />Casselberry, FL 32707 <br />407 - 262 -7700 x1110 <br />2 Market value will be determined by a staff evaluation of local financial institution's loan interest rates. <br />3 <br />