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STATE OF WASHINGTON
County of Jefferson
In the Matter of Establishing a
Program To Administer the
Community Investment Fund
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11-1021-02
ORDINANCE NO.
WHEREAS, in 1997 and 1999 the State Legislature authorized rural
counties to retain a portion of sale and use tax to increase their economy by financing
public facilities that will result in new jobs through business expansion and recruitment;
and,
WHEREAS, the program for administering the funds provided to
Jefferson County under RCW 82.14.370 shall be known as the Community Investment
Fund; and,
WHEREAS, the Community Investment Fund monies shall be invested
for economic development in a manner consistent with the goals, policies and objectives
set forth in this ordinance; and,
WHEREAS, the priority of the Community Investment Fund is to create
new jobs by stimulating private investment that will, In turn, improve the economy of the
residents of the incorporated and unincorporated areas of Jefferson County.
NOW, THEREFORE, BE IT ORDAINED, by the Board of County
Commissioners of Jefferson County, Washington, that the following is hereby approved
and adopted as the Program for administering the Jefferson County Community
Investment Fund.
Section 1:
1a
1b
1c
1d
1e
Section 2:
2a
2b
2c
2d
2e
2f
Community Investment Fund
Goals and Objectives
Policy
Program Activities
Public/Private Partnerships
Priorities
Consistency with Area Economic and Comprehensive Plans
Standards for the CIF Portfolio
Job-Cost Ratio
Funding Ratio
Activities Financed
Eligible CIF Fund Recipients
Allocation of Financial Resources
Eligible Loan Types
2g
Section 3:
3a
3b
3c
3d
3e
3f
Section 4:
4a
4b
4c
4d
4e
Section 5:
Section 6:
6a
6b
Section 7:
Section 8:
Section 9:
Eligible Grant Types
Grant and Loan General Financing Policies
Standard Terms Applicable to All Loans
Standard Terms Applicable to All Grants
Modifying Loan and Grant Terms
Standard Interest Rates
Special Financing Techniques
Bonding
Collateral and Equity Requirements
Fees to Borrowers
Administrative Elements of the Plan
Composition of the Investment Fund Board
Responsibilities of the Investment Fund Board
Investment Fund Board Meetings
CIF Loan/Grant Administrator Capacity
CIF Application Administrator Capacity
EDC Application Administration Responsibilities
Jefferson County Loan/Grant Administrator
Loan Selection, Approval Process and Servicing
Application Review Process - Staff Functions
Jefferson County Community Investment Fund Administrative
Costs
Section 10: Availability of Loans and Grants
Section 11: Other Considerations
Section 12: Two-Year Program Review
Section 13: Definitions
Section 14: Severability
Section 15: Venue
Jefferson County Community Investment Fund
Page 2
Section 1: Goals and Objectives
In 1997 and 1999, the state legislature authorized rural counties to retain a portion of
sales and use tax (.04% in 1997; increased to a total of .08% in 1999) to finance public
facilities. The goal of the legislation is to provide additional funds to increase the
economy of the rural counties by financing public facilities that will result in new jobs
through business expansion and recruitment.
Funds from the Community Investment Fund, herein after referenced as CIF, shall be
used to improve the base economy in the incorporated and unincorporated areas of
Jefferson County, through the use of grants and low interest loans for public facilities.
Policy .
The administering of the moneys provided to Jefferson County under RCW 82.14.370
shall be referred to as the Community Investment Fund, or the CIF. CIF money shall be
invested for economic development to support the development of job related public
facilities in a manner that is consistent with the goals, objectives, and policies outlined
herein.
Program Activities
The essential activities of the CIF include the creation of new jobs and income by
improving the base economy by the following:
1. Promote the ongoing operation of businesses;
2. Promote the expansion of existing businesses;
3. Attract new business investment;
4. Assist in the development of new businesses from within the incorporated and
unincorporated areas of Jefferson County; and
5. Provide family wage jobs to the citizens of the County
Public/Private Projects
Moneys collected under this section shall only be used for financing public facilities in
rural counties. The public facility must be listed as an item in the officially adopted county
overall economic development plan, or the economic development section of the
county's comprehensive plan, or the comprehensive plan of a city or town located within
the county for those counties planning under RCW 36.70A.040. For those counties that
do not have an adopted overall economic development plan and do not plan under the
growth management act, the public facility must be listed in the county's capital facilities
plan or the capital facilities plan of a city or town located within the county. In
implementing this section, the county shall consult with cities, towns, and port districts
located within the county. For the purposes of this section, "public facilities" means
bridges, roads, domestic and industrial water facilities, sanitary sewer facilities, earth
stabilization, storm sewer facilities, railroad, electricity, natural gas, buildings, structures,
telecommunications infrastructure, transportation infrastructure, or commercial
infrastructure, and port facilities in the state of Washington.
Priorities
The priority of the CIF is to create new jobs by stimulating private investment that will, in
turn, improve the economy of the residents of the incorporated and unincorporated areas
Jefferson County Community Investment Fund
Page 3
of Jefferson County. Grants and loans shall only be given to support the creation of
public facilities that improve the base economy. The following criteria shall be used to
evaluate projects: .
1. Improvements that have a large job creation-to-funding ratio.
2. Retention or expansion proposals that exhibit a higher probability for supporting
immediate basic industry job opportunities, over recruitment proposals that do not
provide a similar probability.
3. Projects that leverage public and public/private financial partnerships.
4. Accelerated repayment schedules.
5. Redevelopment, in-fill and expansion of existing infrastructure systems.
6. Higher match percentage and the use of outside fund leveraging. Match may include
project-related expenditures for a period up to one year prior to the request for
funding.
7. Projects that will immediately benefit the incorporated or unincorporated areas of
Jefferson County.
8. Projects that successfully mitigate for significant adverse environmental impacts, if
applicable.
Consistency with Area Economic and Comprehensive Plans
In addition to compliance with general federal, state and local laws, all projects must be
consistent with the officially adopted county overall economic development plan, or the
county economic development section of the county's comprehensive plan, or the
comprehensive plan of the incorporated area(s) of Jefferson County.
Section 2: Standards for the CIF Portfolio
This section outlines the general standards to be achieved by the CIF portfolio as a
whole. Individual loans and grants may vary but CIF loans and grants shall generally
conform to the standards specified in this section. Variations shall be premised upon one
or more of the following: critical timing; emergent opportunities: enhanced immediate or
long-term economic benefits.
Job/Cost Ratio
Applications demonstrating a lower investment per job shall be given preference. The
job types can be categorized as unskilled, semi-skilled, and skilled.
Funding Ratio
Funds provided shall not exceed 50% of the project cost. The cost may include in-kind
expenses.
Activities Financed
CIF funds shall only be spent to support the development of public facilities within
Jefferson County and the administration of the CIF.
CIF funds shall not be spent on the construction of public facilities that do not improve
the base economy.
Jefferson County Community Investment Fund
Page 4
Eligible CIF Fund Recipients
Eligible CIF fund recipients shall include local public agencies within Jefferson County.
All applications shall include a resolution of support adopted by the governing body of
the public agency.
Allocation of Financial Resources
To conserve fund equity, principal deferrals or similar flexible repayment techniques
should be used to offset financial hardship in lieu of grants.
Eligible Loan Types
All CIF funds shall be used only for projects that are consistent with all other goals,
policies, and requirements as defined herein. Priority may be given to those projects
placed on the Jefferson County WACERT list; however, a project may be considered
that is not on the WACERT list. Loan projects must meet the following criteria:
1. Moneys collected under this section shall only be used for financing public facilities in
rural counties. The public facility must be listed as an item in the officially adopted county
overall economic development plan, or the economic development section of the
county's comprehensive plan, or the comprehensive plan of a city or town located within
the county for those counties planning under RCW 36.70A.040. For those counties that
do not have an adopted overall economic development plan and do not plan under the
growth management act, the public facility must be listed in the county's capital facilities
plan or the capital facilities plan of a city or town located within the county. In
implementing this section, the county shall consult with cities, towns, and port districts
located within the county. For the purposes of this section, "public facilities" means
bridges, roads, domestic and industrial water facilities, sanitary sewer facilities, earth
stabilization, storm sewer facilities, railroad, electricity, natural gas, buildings, structures,
telecommunications infrastructure, transportation infrastructure, or commercial
infrastructure, and port facilities in the state of Washington; all for the purpose of job
creation, job retention, or job expansion, herein before and hereinafter referred to as a
public facility.
2. The loan term of the loan shall not exceed the useful life of the asset.
3. The loan must improve the base economy for the incorporated or unincorporated
areas of Jefferson County.
4. Loan projects shall result in the direct and immediate development of a public facility.
5. Loans shall be used as a pledge of funding to leverage other sources of funding for
financing public facilities that are found to be consistent with all other goals, policies
and requirements as set forth herein. Placement on the Jefferson County WACERT
list is not a requirement for consideration.
Eligible Grant Types
Grants shall be used as a pledge of funding to leverage other sources of funding for
financing public facilities that may have been placed on the Jefferson County WACERT
List and which are found to be consistent with all other goals, policies and requirements
as set forth herein. Placement of the Jefferson County WACERT List is not a
requirement for granting eligibility.
, .
Jefferson County Community Investment Fund
Page 5
Section 3: Grant and Loan General Financing Policies
).> The loan to grant funding ratio shall be as follows
o The fund shall have 50% committed to the grant program and 50%
committed to the loan program
o Determination for loan disbursements will be based upon a review by the
CIFB of the merits and strengths of the proposed project.
Standard Terms Applicable to All Loans
Subject to final approval by the Board of County Commissioners, the terms for
repayment of the CIF loan are subject to negotiation with the borrower, in accordance
with the following guidelines:
1. The date of interest payment, unless negotiated otherwise, shall be due every June 1
until the loan is satisfied. The date of interest payment and principal shall be due
every December 1 until the loan is fully satisfied. A negotiated moratorium on the
principal may be considered, but for no more than six (6) months from the date of
disbursement. The Community Investment Fund Board (CIFB) shall review proposed
exceptions.
2. The amortization for each loan shall not exceed ten (10) years. Interest rates,
origination and other fees shall be determined at the time of application.
3. The rate of interest will be based on the Local Government Pool Rate as of the last
business day of the preceding month, and subject to a loan origination fee.
4. The CIF may specify or limit the uses of CIF funds if deemed necessary and prudent.
5. The CIF and Treasurer may include special clauses in a loan agreement that
stipulates payments, decreased payments, or increased repayment amounts under
certain circumstances. Such circumstances may include, but are not limited to one or
more of the following:
~ any delay in repayment,
~ project cost overrun, or
~ project cost overestimate.
In each case where such a clause is utilized, the language shall clearly establish the
thresholds that would cause a change in the payment schedule. These thresholds
may include, but are not limited to, the completion of a project ahead of the
deadline(s).
6. Specific performance required of the borrower, including meeting payment
schedules, timely completion of project phases, and other conditions of the loan,
shall be specified in each contract between the County and the borrower. Failure to
comply with the terms of the loan will cause the borrower to be in default, the CIF
Administrator may accelerate debt repayment or demand full payment. The terms will
also include the rights of the borrower to cure the default.
7. Detailed penalty fees, and rates in case of default, and late payment penalties shall
be contained in the contract between the County and the borrower.
8. There will be no prepayment penalty assessed for a principal reduction or early
satisfaction of the loan.
9. A compliance system shall be in place that defines the deadlines for completing
specific project phases directly related to the loan. The monitoring system should
include penalties for not achieving predetermined deadlines.
10. Loan disbursements should be consistent with progress of the project including the
commitment of other necessary funding sources. Verification via an on-site visit
Jefferson County Community Investment Fund
Page 6
written documentation may be required before funds are disbursed. Note: A system
of draws will be put in place depending on size of loan.
Standard Terms Applicable to All Grants
Subject to final approval by the Board of County Commissioners, the terms for CIF
grants are subject to negotiation, in accordance with the following guidelines:
1. Funds may be disbursed upon completion of the project, or as draws upon
completion of pre-determined phases of the project. The method of disbursement will
be determined upon approval of the grant request.
2. The CIFB may specify or limit the uses of CIF funds if deemed necessary and
prudent.
3. The CIFB and the Treasurer may include special clauses in a grant agreement,
which require a repayment of some or all of the grant funds under certain
circumstances. Such circumstances may include but are not limited to one or more
of the following:
)õ> Project cost overrun,
)õ> Project cost overestimate, or
)õ> Unreasonable non-compliance with project timelines
)õ> Impossibility of performance by borrower
)õ> Acts of God making performance impossible
)õ> Lack of CIF funds due to decreased sales tax revenues
4. A compliance system shall be in place that states timelines for completing specific
activities directly related to the grant. The activities should be detailed as to the
characteristics. The compliance system should include penalties for not achieving
predetermined deadlines.
5.Grant disbursements should be consistent with progress of the project including the
commitment of other necessary funding sources.
6. Public Works Trust Fund Construction Loan Program/Matching Program: This
mechanism provides for a local match against the Public Works Trust Fund
Construction Loan Program, which is one of four loan programs under the umbrella
of the Public Works Trust Fund. This is a low-interest revolving loan fund designed
to help local governments finance critical public works projects. Eligible applicants
for this program are - Counties, Cities and Towns and Special Purpose Districts.
Eligible projects include repair, replacement, rehabilitation, reconstruction, or
improvement of eligible public works systems to meet current standards for existing
users, and may include reasonable growth as part of the project. Six types of
systems are eligible for funding: domestic water, storm sewer, solid waste/recycling,
sanitary sewer, and road, bridge. The interest rate is linked to the percentage of the
local match:
15% Local Match = 0.5% Interest Rate
1 0% Local Match = 1 % I nterest Rate
5% Local Match = 2% Interest Rate
The loan term is for the life of the project, or 20 years, howeverprojects must be
completed within 48 months after contract execution. The CIF may be used as a
matching grant and or loan for eligible public entities provided the project fulfills the
requirements of RCW 82.14.370, the result of the project is the creation of new jobs
through business expansion and recruitment.
Jefferson County Community Investment Fund
Page 7
Modifying Loan and Grant Terms
CIF loan and grant the CIF Loan/Grant Administrator shall properly document terms.
There may be circumstances that warrant modification of the original terms of the loan or
grant. The borrower or grantee may apply for modification using forms provided by the
CIF Loan/Grant Administrator and shall clearly state the facts supporting the request for
modification. The borrower or grantee shall also provide supporting documentation. The
CIF Loan/Grant Administrator shall review and process the request in the same manner
as the original application. As with the original loan or grant, final approval rests with the
Board of County Commissioners. Any modification to CIF Loan Terms must be in writing
and agreed to by the CIF Loan Administrator and the Borrower.
The CIF Loan/Grant Administrator may recommend corrective action to the terms of a
loan or grant to the Board of County Commissioners without a request from the borrower
or grantee, but shall give the borrower or grantee fourteen (14) days notice of any such
corrective action.
Standard Interest Rates
Interest shall be agreed upon at the time of application. CIF income will be reinvested
into the CIF. The rate of interest will be based on the local Government Pool Rate as of
the last business day of the preceding month.
Special Financing Techniques
CIF loans and grants shall be part of a larger package involving other funding sources.
CIF loans and grants should be used to leverage other funding sources toward the total
project financing.
Bonding
Bonding shall be permitted.
Section 4: Collateral and Equity Requirements
Collateral may not be required for CIF fund recipients if mutually agreed to by the
Administrator and borrower. Generally, CIF loans shall be made on a direct basis by the
loan fund to the borrower. The County shall receive all payments of principal, interest,
and penalties.
Loans to eligible borrowers will not be secured. However, loans will be general
obligations of the eligible CIF fund recipient, committing its full faith and credit. Care will
be taken that proper borrowing or grant-funding resolutions are obtained. Loans shall not
be made which will cause the jurisdiction to exceed its legal borrowing limits.
Fees to Borrowers
All customary and usual loan fees may be charged to applicants including, but not
limited to, title insurance, escrow, attorney fees, recording fees, and loan origination fee.
The Jefferson County Treasurer shall assume the responsibility for loan and grant
administration of the funds. The Jefferson County Economic Development Council shall
assume the responsibility of application administration for the fund. Final policy making
authority for the Community Investment Fund, shall rest with the Jefferson County Board
Jefferson County Community Investment Fund
Page 8
of Commissioners. However, in order to achieve the goals and policies of the CIF, the
County shall establish a Community Investment Fund Board.
Composition of the Community Investment Fund Board
The CIFB shall consist of no more than seven (7) members. The Public Utility District #1,
the City of Port Townsend, the Port of Port Townsend and Jefferson County shall each
have the right to appoint one elected official or their representative to serve on the CIFB.
The remaining three seats shall be considered at large positions and will be filled as
follows: one representative from each Commissioner District will be appointed by the
BOCC. At large members to the CIFB will possess some experience or expertise in
private sector business development and or financing. The Board of County
Commissioners shall signify final approval and appointment of the members of the CIFB
by the adoption of a resolution.
Criteria For CIFB Members
Members of the CIFB should posses the technical knowledge necessary to evaluate
project proposals based on their technical and economic development merits. Any
person acting pursuant to the CIFB shall comply with all state and local ethical
requirements and conflict of interest laws.
Responsibilities of Community Investment Fund Board
The CIFB shall be responsible for making recommendations to the Board of County
Commissioners who shall have final authority to approve or deny any and all
applications.
The CIFB may make recommendations for improving the administration of the CIF to the
Board of County Commissioners.
Community Investment Fund Board Meetings
Meetings of the CIFB shall be conducted in accordance with State law and the
procedures commonly known as "Robert's Rules of Order." The CIFB shall meet in a
timely manner, no more than 30 days after a complete application has been received.
All actions by the Board shall be expressed by motion and/or resolution. All motions and
resolutions, once in final written form, shall be signed as approved by the chairperson on
behalf of the CIFB.
The CIFB may transact business via teleconference. Teleconference meetings shall be
announced in accordance with state law. A speakerphone shall be utilized during the
public meeting to allow members of the public to hear CIFB proceedings and, at the
discretion of the Chair, participate in discussions by CIFB members.
No representations shall originate from any member of the CIFB utilizing the name of the
Community Investment Fund Board to endorse or oppose any issue, unless a majority of
the members of the CIFB approve such position.
Jefferson County Community Investment Fund
Page 9
Quorum
A quorum shall be considered present for a CI FB meeting when at least five (5)
members are present.
VotinQ
The voting on elections, motions, and resolutions shall be by voice vote. In lieu of voice
vote, members may request a roll call vote. Any member of the CIFB may request a roll
call vote. A majority of affirmative votes by CIFB members present at the meeting are
necessary for the exercise of any power or function of the CIFB.
Section 5: Loan/Grant Administrator Capacity
The Jefferson County Board of Commissioners shall designate a CIF Loan/Grant
Administrator for the Community Investment Fund. The administrative costs associated
with the CIF shall be covered by the funds submitted to the County Treasurer's Office as
a result of RCW 82.14.370
Section 6: CIF Application Administrator Capacity
The Jefferson County Economic Development Council, herein after referenced as the
EDC, shall be the Application Administrator of the CIF Fund Program. The EDC shall be
compensated for the administrative costs associated with the CIF from funds submitted
to the County Treasurer's Office as a result of RCW 82.14.370. Compensation and
services provided shall be as outlined in the County's contract services agreement with
the EDC.
EDC Application Administration Responsibilities
The EDC shall provide adequate staffing to carry out the responsibilities of the primary
location for information, inquires and coordination relating to funding applications.
Applications shall be in accordance with local economic development priorities
established by the jurisdictions. Guidelines and application materials shall be available to
eligible borrowers. The CIF Application Administrator shall review all preliminary
applications for the CIF submitted by eligible borrowers. This review shall determine the
suitability of the proposal for funding under these program guidelines and judge the
overall integrity of the proposal.
Jefferson County Loan/Grant Administrator
This function will oversee loan/grant recipient compliance with all conditions required by
the CIF. The compliance function will end only upon satisfaction of the loan or
completion of the project funded by a grant. All appropriate federal, state and local
requirements shall be disclosed to each prospective CIF funding recipient at the time of
application. A system will be established to ensure compliance with financial and
programmatic responsibilities prior to the issuance of any loan or grant. The Loan/Grant
Administrator shall work in conjunction with the Jefferson County Department of Public
Jefferson County Community Investment Fund
Page 10
Works to ensure that projects are progressing to full completion. To do this the
Loan/Grant Administrator shall have the ability to perform site inspections.
The CIF Loan/Grant Administrator and the County Treasurer's Office are responsible for
the prudent management of the funds. This role includes substantial responsibilities to
ensure that federal, state, and local requirements are met. The responsibilities include
an annual review to determine if the CIFB's actions are in compliance with the policies
and procedures contained in the CIF plan.
Section 7: Loan Selection, Approval Process and Servicing
The Jefferson County CIF Loan/Grant Administrator and the Jefferson County Economic
Development Council shall develop all forms necessary for implementation of the CIF.
The application shall describe the basic eligibility requirements and the selection criteria
essential to successful applications.
Section 8: Application Review Process - Staff Functions
The EDC shall help prepare and review the applications for program objectives, eligibility
requirements, selection criteria, and loan terms with any potential applicant. A written
summary of each proposal shall be prepared by EDC to accompany each application.
When a completed application is submitted, the CIF Loan/Grant Administrator shall take
responsibility for reviewing the application. The CIF Loan/Grant Administrator is
responsible for ensuring that each application package submitted to the CIFB for review
is complete. Project applicants submitting incomplete documentation will be noticed
within ten (10) business days of receipt. The application shall be checked against
eligibility criteria, program objectives, financial feasibility, selection criteria,
environmental requirements, civil rights requirements, and other program considerations.
The CIF Loan/Grant Administrator may request any additional information not submitted
with the application that the CIF Loan/Grant Administrator deems necessary for the CIFB
to review the application.
A decision by the CIFB to approve or deny a loan or grant application is not appealable
However an eligible borrower may submit a proposal more than once.
Treasurer's Office Services
The Jefferson County Treasurer's Office shall be responsible for monitoring all loan
repayment schedules and performance and for reporting delinquent loans. Any loan that
is in excess of thirty-days past due must be brought to the attention of the CIF
Loan/Grant Administrator. In the case that the Treasurer's Office learns of adverse
circumstances that may affect the loan, the Treasurer's Office shall notify the CIF
Loan/Grant Administrator.
Staff Administrator Monitorinq Activities
A system for monitoring the progress of each loan and grant shall be in place prior to
issuance of the loan or grant, and is the responsibility of the CIF Loan/Grant
Administrator. The monitoring system should utilize financial reports from the Treasurer's
Jefferson County Community Investment Fund
Page 11
Office and gather information on project completion and performance. Technical
oversight for a project should be in collaboration with the Jefferson County Public Works
Department to ensure that projects are proceeding in the agreed upon manner. Failure
to comply with the terms and conditions of the loan or grant, whether financial or
programmatic, shall require the CIF Loan/Grant Administrator to initiate corrective action
with the CIF fund recipient. Corrective action plans shall be part of the loan/grant
agreement that prepared in writing and shall be signed by the CIF fund recipient.
Penalties may be assessed in accordance with the CIF fund recipient's loan or grant
agreement. Corrective action plans shall become a legally binding part of the loan or
grant agreement between the recipient and the County.
In the event of serious failure to comply with the terms and conditions of the program or
financial default, the CIF Loan/Grant Administrator shall call an emergency meeting of
the CIFB to consider remedial steps. Decisions of the CIFB regarding non-complying
loans and grants shall be in writing and appeal able to the Board of Jefferson County
Commissioners.
The CIF Loan/Grant Administrator shall prepare an annual summary evaluation of the
CIF including financial performance, number of jobs directly created, comparison of
projected and actual benefits, recommendations to improve operations, the number of
activities financed and their outcomes, the uses made of interest payments, the
achievement of environmental goals, benefits of the program, and an evaluation of the
program's overall administration.
Section 9:
Community Investment Fund
Administrative Costs
Administrative costs for managing the CIF shall be funded by moneys provided to the
Jefferson County Treasurer's Office per RCW 82.14.370. CI F funds shall not be spent
on the administration of other programs. In those years when CIF income is to be used
for administrative fees, a budget and plan for expending projected CIF income shall be
developed by the EDC and the CIF Loan/Grant Administrator, and submitted to the
Jefferson County Board of Commissioners, prior to adoption. Administrative costs shall
not exceed five percent (5%) of annual fund proceeds.
Section 10:
Availability of Loans and Grants
Proceeds returned to the fund, pending the approval of new loans or grants, shall be
held with the Jefferson County Treasurer's Office. The Treasurer's office shall manage
the funds in a manner consistent with law and shall return all interest income to the fund.
Section 11:
Other Considerations
The project must comply with all federal, state, county, and city regulations.
Jefferson County Community Investment Fund
Page 12
Section 12: Two-Year Program Review
The CIFB shall perform a of review of the Ordinance two years from the date of
enactment. The purpose of the review will be to analyze overall program
effectiveness. This Ordinance shall expire two years from its effective date
unless reviewed and readopted after an additional public hearing by the BOCC at
a time between twenty and twenty-three months after its initial adoption.
Section 13: Definitions
1. EDC - Jefferson County Economic Development Council.
2. Emergent Opportunity - A project attracting a business that would significantly
improve the base economy. The business that the project is intended to attract must
be prepared to locate in Jefferson County.
3. Improve the Base Economy - The creation of new wealth through primary
economic activity (such as manufacturing, or extra-regional trade) as compared to
those sectors of the economy that recycle existing wealth such as retail trade or
government.
4. In-kind Expenses - The donated or loaned real or personal property, volunteer
services, and employee services.
5. CIFB - Community Investment Fund Board.
7. CIF - Community Investment Fund
7. CIF Loan/Grant Administrator - The person(s) charged by the Board of County
Commissioners to carry out the duties of the CIF assigned within this ordinance to
the CIF Loan/Grant Administrator, and any other duties relating to the CIF assigned
by the Board of Commissioners.
8. CIF Application Administrator - The Jefferson County Economic Development
Council shall carry out the duties assigned within this ordinance as the Application
Administrator.
9. CIF Portfolio - A list of projects that have received CIF funding. The CIF Portfolio
should include a job to cost ratio, annual income, and the current fund balance.
10. Local Government Pool Rate - The rate of interest charged for loans as
determined by the Local Government Investment Pool (LGIP) enacted by RCW
43.250.010.
11. Project - The planned construction of a public facility that has applied for CIF
funding.
12. Public Facility - Shall include bridges, roads, domestic and industrial water facilities,
sanitary sewer facilities, earth stabilization, storm sewer facilities, railroad, electricity,
natural gas, buildings, structures, telecommunications infrastructure, transportation
Jefferson County Community Investment Fund
Page 13
infrastructure, or commercial infrastructure, and port facilities, if listed as an item in
the officially adopted county overall economic development plan, or the economic
development section of the county's comprehensive plan, or the comprehensive plan
of the incorporated area(s) located within Jefferson County.
13. WACERT List - A list of projects evaluated and ranked by the local public agencies
and submitted to the Jefferson County Commissioners. Upon Commission, adoption
the list is forwarded to the Washington Community Economic Revitalization Team for
review and possible funding.
Section 14: Severability
If any provision of this ordinance or its application to any person or circumstance is held invalid,
the remainder of this ordinance or the application of the provisions to other persons or
circumstances are not affected.
Section 15: Venue
For any lawsuit arising from this Ordinance, any loan granted by the SOCC from CIF funds, or
any decision of the CFIS, venue shall lie only in the Superior Court In and For Jefferson County.
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~aneY, CMC
Clerk of the Board
APPROVED AND ADOPTED this
oct, , 2002.
APPROVED AS T
oOcunJ
JO]3}02
Deputy Prosecuting Attorney
Jefferson County Community Investment Fund
Page 14