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qW <br /> RESOLUTION NO. 0 —S I <br /> RE USE PLAN <br /> CITY OF BATESVILLE <br /> I. GOALS AND OBJECTIVES OF REUSE PLAN <br /> The objective of the Re-Use Plan is to stiaulate industrial <br /> development with job creation the primary goal. The <br /> recaptured funds will be distributed to private enterprise <br /> through a revolving loan fund. <br /> The recaptured funds shall be held in an interest bearing <br /> account separate from other city funds. The funds shall be <br /> 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. <br /> II. STRUCTURE OF THE REVOLVING LOAN FUND <br /> The recaptured grant funds shall be reserved to capitalize a <br /> 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 are: <br /> 1. The potential business must relocate within a <br /> one-mile extension of the city limits. <br /> 2. The loan amount will be determined on a case-by-case <br /> basis at a term and conditions to be set by the city <br /> council at the time the loan is made. subject to the <br /> following limitations: <br /> a. The minimum interest rate shall be negotiated with <br /> a spread of two to six points below the prime <br /> lending rate. The lower interest rates will be <br /> considered for a high job-creation ratio and/or <br /> short-term first mortgage loan. <br /> b. The term of the loan shall not exceed five (5) <br /> years. <br /> 3. The loan may not exceed 25% of the total project <br /> (W cost. <br />