Compilation of Rules and Regulations of the State of Georgia
Department 110 - RULES OF GEORGIA DEPARTMENT OF COMMUNITY AFFAIRS
Chapter 110-19 - DOWNTOWN DEVELOPMENT REVOLVING LOAN FUND (DD RLF)
Subject 110-19-1 - DOWNTOWN DEVELOPMENT REVOLVING LOAN FUND (DD RLF)
Rule 110-19-1-.05 - Review of Loan Applications
Current through Rules and Regulations filed through September 23, 2024
All applications received from applicants will be reviewed to determine the merit of the applications and of the proposed uses of funds. In determining whether an applicant shall receive a loan, the following criteria will be considered:
(1) Each application will be reviewed based upon an analysis of the proposed project's potential enhancement of downtown development opportunities, creditworthiness, overall project feasibility, project impact, and soundness of the proposed strategy. The analysis will include but is not limited to such factors as: impact on the community's tax base; degree of local commitment; consistency with local development plans, goals and objectives; project readiness; project feasibility; reasonableness of cost estimates; elimination of blighting influences; total private capital investment; number of jobs created and/or retained; historic preservation impact and potential state and regional impact. DD RLF financing is used to provide the necessary gap financing for a project or the low-cost financing that will enable a project to move forward.
(2) The Department expects that all projects will substantially meet The Secretary of the Interior's Standards for the Treatment of Historic Properties, Revision 1992. The Department may make exceptions to this requirement if meeting the Standards will not allow a project to obtain a market rate of return or if other public benefits and other considerations significantly outweigh the public costs of noncompliance. Evidence of compliance with the Standards may include approval of proposed rehabilitation plans by the State Historic Preservation Office, a certificate of appropriate nessor other documentation from an active, bona fide local historic preservation commission, or other documentation acceptable to the Department.
(3) In its review of applications, the Department may, at its discretion, consult with other individuals or agencies as appropriate for the purpose of receiving information and/or advice.
(4) The criteria listed in this rule are designed to assist the Department in making its decision and provide prospective applicants with guidance as to the factors that their applications need to address in order to be competitive. Additional factors may be considered depending on the nature of particular projects, their relative merit compared to competing proposals, and the availability of funding at the time of application. The decisions made by the Department shall be final and conclusive.
O.C.G.A.§ 50-8-8.
