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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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B. Agreements between lending institution and city regarding reproduction of pertinent <br /> information regarding the loan. <br /> 3. All loan documentation shall include agreements between borrower and lender regarding <br /> release of privacy regarding the status of the loan. <br /> OTHER REQUIREMENTS <br /> The purpose of this determination is to ensure that the assistance provided to a for-profit business is <br /> actually needed to make the project work and is not excessive in the amount of assistance. <br /> In order to accomplish this deterniination, for-profit businesses applying to the HEDF shall provide <br /> the following: <br /> 1. A detailed feasibility study both from a narrative and descriptive basis as well as financial <br /> projections for three years into the futures (i.e. cash flow proforma,projected balance sheets <br /> and profit and loss statements, etc.). <br /> 2. A market analysis demonstrating the opportunity for the product, or increased supply of <br /> product(if an expansion of an existing business). <br /> 3. A management plan and background of key management personnel. <br /> 4. The number of types of jobs to be retained and/or created. <br /> 5. Estimated increases to the tax base of Hastings. <br /> 6. Any other peripheral development which may occur as a result of the project. <br /> The HEDF will also require information necessary to allow them to make the following <br /> determinations. <br /> A. Whether project costs are reasonable in comparison to similar projects or industry <br /> standards. <br /> B. Whether pro forma projections are reasonable when compared with historical date (if any) <br /> or with industry standards (i.e. RMA, etc.). <br /> C. Documentation of private and bank funds that are committed to project costs. <br /> D. Terms of any loan proceeds that are part of Project. <br /> E. Documentation that a financing "gap" exists and financial assistance is necessary. <br /> F. Documentation that the rate of return is unsatisfactory and financial assistance is required to <br />
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