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Pulaski County staff propose new applicant fee structure to shield RLF from up-front due-diligence costs
Summary
Staff recommended a revised fee model for the county's revolving loan fund after two recent applicant withdrawals left the commission absorbing third-party due-diligence invoices; proposal would charge a modest base fee plus a capped due-diligence amount and require borrower reimbursement for excess costs.
Pulaski County staff told the Community Development Commission on May 12 that changes are needed to the revolving loan fund (RLF) application fees after recent applicants withdrew while the county had already paid third-party due-diligence bills.
"By the time we had gotten the invoices both had already withdrawn their applications," the Executive Director said, describing a situation in which the county temporarily covered regional development…
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