Board agrees on underwriting safeguards and third‑party review for loan program

Board members pressed staff on protections if a borrower defaults and how loan administration would be handled. John Legarza said the city would require three years of accounting (income statements and balance sheets) to vet applicants and that the city could lean the property for outstanding loans. He said the consultant team would perform financial reviews under their current retainer and would make recommendations to staff.

Tyler added that payment terms could be construction‑loan style draws or quick reimbursements to contractors on presentation of invoices, noting the intent was not to give unrestricted checks but to tie funds to building investments. The board asked for comparable pricing and clarity on who would process ongoing payments if the program expands.