§ 501.114. Investing in community investment corporations.

(a)

Contingent upon approval by Council, the Agency may invest in community investment corporations which conduct, or agree to conduct, loan guarantee programs assisting minority business enterprises located in the enterprise zone. In making such investments, the Agency shall first attempt to invest in existing community corporations providing services in the enterprise zone. Such investments shall be made under conditions required by law and as the Agency may require, including, but not limited to:

(1)

The funds invested by the Agency shall be used to provide loan guarantees to individuals for minority business enterprises located in the enterprise zone.

(2)

The community investment corporation may not approve any application for a loan guarantee unless the person applying for the loan guarantee shows that he or she has applied for the loan or loan guarantee through normal banking channels and that the loan or loan guarantee has been refused by at least one bank or other financial institution.

(b)

Prior to December 1st of each year, the Agency shall submit to the Office of Tourism, Trade, and Economic Development, a complete and detailed written report setting forth:

(1)

Its operations and accomplishments during the fiscal year.

(2)

The accomplishments and progress concerning the implementation of the Strategic Plan.

(3)

The number and type of businesses assisted by the Agency during the fiscal year.

(4)

The number of jobs created within the Enterprise Zone during the fiscal year.

(5)

The usage and revenue impact of state and local incentives granted during the calendar year.

(6)

Any other information required by the Office of Tourism, Trade, and Economic Development.

(Ord. No. 2001-1099-E, § 2)