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03-06-00
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03-06-00
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City Council
City Council - Type
CC Packets
Date
3/6/2000
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project cost. City retains the right to reduce <br /> or waiver loan fee or portion of loan fee. <br /> • PREPAYMENT POLICY No penalty for prepayment. <br /> • DEFERRAL OF PAYMENTS 1. Approval of the City Council, or its <br /> designate,by majority vote. <br /> 2. Extend the balloon if unable to <br /> refinance, verification letter from two <br /> lending institutions subject to Board <br /> approval <br /> • INTEREST LIMITATION ON <br /> GUARANTEED LOANS Subject to security and/or review by City. <br /> • ASSUMABILITY OF LOAN None. <br /> • BUSINESS EQUITY <br /> REQUIREMENTS Subject to type of loan; City will determine <br /> case by case, analysis under normal lending <br /> guidelines. <br /> • COLLATERAL Liens on real property in project <br /> (mortgage deed). <br /> • Liens on real property in business <br /> (mortgage deed). <br /> • Liens on real property held personally <br /> (subject to City approval - homestead <br /> exempt). <br /> • Machinery and equipment liens <br /> (except equipment exempt from <br /> bankruptcy). <br /> • Personal and/or corporate guarantees <br /> (requires unlimited personal <br /> guarantees). <br /> The Hastings Economic Development Fund is operated as an equal opportunity program. All <br /> applicants shall have equal access to HEDF funds regardless of race, sex, age, marital status, or <br /> other personal characteristics. <br /> ORGANIZATION <br /> The City of Hastings administers the Hastings Economic Development Fund, or as necessary, a <br /> loan committee that may be appointed by the mayor, subject to confirmation by the City Council. <br />
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