Ga. Comp. R. & Regs. R. 110-19-1-.05 - Review of Loan Applications
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.
Notes
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