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H 800K [AGE ► Invest at least $150,000 as owner equity for ALF operating deficits and other soft costs; ► Obtain a $4,279,860 (or as needed and available) loan from a commercial lending institution to be used for ALF construction and start-up activities. Only $1,5000,000 of this loan will be used as leverage for grant scoring purposes; ► Use $690,000 in the form of a low interest (4%) loan from the CDBG-ED program as partial funding for construction of the ALF; ► For grant scoring purposes, create at least 26 new jobs within two years of grant award At least 14 jobs (51%) will be made available to persons from low to moderate income households at the date of hiring. CRA Care Centers, Inc. is expected to create up to 35 new jobs, but only 26 will be counted for grant scoring purposes; and ► Locate an ALF facility and begin operations of the facility on the project site located in unincorporated Indian River County, north of CR 510, east of 66h Ave., south of the Sebastian city limits, and west of 60 Ave.. The project site is identified on the County tax roles with the following tax identification numbers: 29-31-39-00000-3000-00003.0 and 29- 31-39-00000-3000-00008.0. If an Economic Development grant is awarded to Indian River County, a participating party agreement will be prepared by the county's attorney office. This agreement will outline the responsibilities of the county to the business and the responsibilities of the business to the county. Essentially, the commitment letters described above, which are part of the grant application, will be the basis for the participating party agreement. As part of their responsibilities, the county's consultant will ensure that both the county and the CRA Care Centers have complied with their commitments as will be indicated in the participating party agreement. CDBG Citizen Advisnry Tack Fore The proposed Economic Development CDBG application will be reviewed by the CDBG Citizen Advisory Task Force on April 19, 1999. Comments and actions from that meeting will be presented at this April 20* public hearing before the Board of County Commissioners. ALTERNATI VER With respect to the proposed Economic Development CDBG application, the Board of County Commissioners has three alternatives. These are: To approve the application as proposed; To approve the proposed application with changes; or To reject the proposed application. Staff recommends that the Board of County Commissioner,: Approve the proposed application; Authorize the community development director to submit the application to the Florida Department of Community Affairs for their consideration; and Authorize the community development director to submit any additional information and sign subsequent forms as needed. 1.) Proposed Economic Development-CDBG application is on file at the Board of County Commissioners office. APRIL 20, 1999 -24- • 0