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Board reviews Opportunity Fund economic development loan program: loans prioritized, grants capped at 25%
Summary
Staff described the Fund’s economic development loan program: at least 75% of city awards must be structured as loans (repayable and recycled), up to 25% may be grants; funds act as gap financing and underwriting is performed by a CDFI. Administrative approval thresholds depend on location within target areas.
At the Feb. 24 meeting the South Dallas Fair Park Opportunity Fund Board received a detailed presentation on the fund’s economic development program from Office of Economic Development staff. Staff said the fund is intended primarily to support economic development through repayable loans that return capital to the fund; up to 25% of an award may be provided as a grant where warranted.
Staff said city funding is intended as gap financing: applicants must demonstrate other project financing or that they attempted to obtain it from commercial lenders. Projects go through underwriting by Grow America (a community development financial institution contracted to perform third-party underwriting for the department) to assess feasibility and repayment capacity. Staff said project…
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