[HISTORY: Adopted by the Common Council of the City of Rensselaer 10-16-1991 by L.L. No. 6-1991. Amendments noted where applicable.]
Code of Ethics — See Ch. 17.
The City of Rensselaer has established a revolving loan fund, known as the "City of Rensselaer Economic Development Loan Program," from which repayments of loans made to local businesses through past and present Small Cities Community Development Block Grants awarded to the City by the United States Department of Housing and Urban Development are recycled in the form of new economic development loans. The purpose of the Economic Development Loan Program is to assist in the restoration and expansion of local businesses and the recruitment of new businesses to the City, thereby retaining and creating jobs. The Economic Development Loan Program is conducted in accordance with program guidelines adopted by the City of Rensselaer.
The Loan Review Committee is being established to review applications submitted to the City of Rensselaer for economic development loans and to advise the Common Council of the City of Rensselaer whether such loan applications meet the requirements of the program guidelines.
The Loan Review Committee shall consist of five members appointed by the Mayor. Members shall serve for a term of three years. Upon initial appointment of members, one member shall be appointed for a term of one year, two members shall be appointed for a term of two years and two members shall be appointed for a term of three years. Thereafter, all appointments, except those made to fill vacancies, shall be for full three-year terms. Vacancies occurring otherwise than by expiration of a term shall be filled for the unexpired portion of that term. Candidates for membership should have administrative, technical or professional experience in pertinent areas of business, government or education.
The Chair of the Loan Review Committee shall be designated by the Mayor. Such other officers that the Committee determines to be necessary shall be chosen in accordance with bylaws adopted by the Committee. Technical and clerical services shall be provided to the Committee by the Director of the Rensselaer Planning and Development Agency or such other Economic Development Specialist as the Mayor may designate.
The Loan Review Committee shall review applications submitted to the City for a loan through the Economic Development Loan Program with respect to the following criteria:
The financial condition of the applicant, especially ability to repay the loan and management experience of principals.
The number of jobs to be retained or created by the project, especially for persons from low- and moderate-income households.
The ratio of program financing to private financing.
The benefit to the local economy.
The impact on the City tax base.
The availability of job training.
The elimination of blighting influences.
Such other benefits to the City and its residents as can be demonstrated.
Some or all of the above-specified standards may be pertinent to individual applications. An application must be judged on general compliance with the stated purposes of the program.
The Loan Review Committee shall make a written report of its findings, which presents reasons why a particular loan application should or should not be approved to the Common Council. Reports of the Committee are advisory in nature.
The Committee shall not discriminate against any applicant on the basis of race, color, creed, sex or national origins or any other reason extraneous to the stated purposes of the program.
The Loan Review Committee shall meet as needed to review loan applications. Such meetings shall be scheduled by the Chairman and shall be subject to not less than five days' prior notice.
Each member of the Committee shall have one vote.
A majority of the whole Committee shall constitute a quorum.
The rules of procedure shall be as adopted by the Committee.