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• CDBG CDBG funds being requested per job created. If that ratio exceeds $34,999/job, the project will be ineligible for CDBG funds. CRA Care Centers has projected a cost estimate for the ALF at $4,759,000. As part of their financing plan, CRA Care Centers proposes that Indian River County obtain a $750,000 Economic Development CDBG. That grant, if awarded, would then be lent to CRA Care Centers, as a second mortgage on the ALF, so that CRA Care Centers could receive a first mortgage on the facility. Other funding sources include $347,000 from CRA Care Centers and $3,712,000 from private lenders. Economic Development CDBG funds may be used for the following activities: • Acquisition of real property; • Acquisition, construction, or rehabilitation of commercial and industrial buildings and structures; • Purchase of capitalized machinery and equipment with a useful life of at least five years; • Energy conservation improvements designed to encourage the efficient use of energy resources; • Public, commercial, or industrial real property or infrastructure improvements; • Activities to remove barriers which restrict access for the elderly or handicapped to publicly owned and privately owned buildings, facilities, and improvements; and JANUARY 19, 1999 -35- 0 BOOK NO PAGE IAV a MINEs'1��1 O e ee moo : �aee �r 1• J 21 ^Ir i1 1r [1 Ir f � 1'•, V 6-k CDBG CDBG funds being requested per job created. If that ratio exceeds $34,999/job, the project will be ineligible for CDBG funds. CRA Care Centers has projected a cost estimate for the ALF at $4,759,000. As part of their financing plan, CRA Care Centers proposes that Indian River County obtain a $750,000 Economic Development CDBG. That grant, if awarded, would then be lent to CRA Care Centers, as a second mortgage on the ALF, so that CRA Care Centers could receive a first mortgage on the facility. Other funding sources include $347,000 from CRA Care Centers and $3,712,000 from private lenders. Economic Development CDBG funds may be used for the following activities: • Acquisition of real property; • Acquisition, construction, or rehabilitation of commercial and industrial buildings and structures; • Purchase of capitalized machinery and equipment with a useful life of at least five years; • Energy conservation improvements designed to encourage the efficient use of energy resources; • Public, commercial, or industrial real property or infrastructure improvements; • Activities to remove barriers which restrict access for the elderly or handicapped to publicly owned and privately owned buildings, facilities, and improvements; and JANUARY 19, 1999 -35- 0 BOOK NO PAGE IAV