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I . Goals and Objectives of Re-Use Plan <br /> The objective of the Re-Use Plan is to stimulate <br /> industrial development with job creation for low/moderate <br /> income persons as the ultimate goal . The recaptured funds <br /> will be distributed to private enterprise through a <br /> revolving loan fund. <br /> The recaptured funds shall be held in an interest bearing <br /> account separate from other city funds. The funds shall <br /> be available as loans to approved private industry and <br /> businesses for start-up, expansion or relocation within a <br /> one mile extension of the city. A low interest rate will <br /> be the primary incentive for participation. Not less than <br /> 51% of jobs created must be reserved for low/moderate <br /> income persons. (Low/moderate income persons are those <br /> persons having incomes within the Section 8 income limits <br /> established by the Department of Housing and Urban <br /> Development. Such limits are calculated on a county level <br /> and change periodically. The income limits can be <br /> obtained from the Department of Housing and Urban <br /> Development or the Arkansas Industrial Development <br /> Commission (AIDC) in Little Rock. ) <br /> II. Structure of the Revolving Loan Fund <br /> The recaptured grant funds shall be reserved to capitalize <br /> a revolving loan fund. <br /> A. Any private enterprise may submit an application for a <br /> revolving loan. <br /> B. Specific requirements of the revolving loan program <br /> are: <br /> 1. The potential business must locate within a <br /> one-mile extension of the city limits. <br /> -2- <br />