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Property owners within the City will receive assistance with promotion of available <br />rental spaces. <br /> <br />Payment of rent subsidies will occur upon receipt of proof of rental payment starting <br />in the business’ first month of operation. Payment may only be made directly to the <br />business owner applicant accepted to this program by the EDA. <br /> <br />Property owners and businesses owners must be eligible and compliant with all city <br />regulations and obligations to receive monetary assistance benefits delineated above. <br /> <br />In order to receive assistance indicated through this program, lease/terms must be <br />acceptable as determined by the EDA. Additionally, property must be zoned for <br />business/commercial usage. Residentially zoned properties will not be considered. <br /> <br />Contingencies and Considerations: <br /> <br />To improve odds of long-term success, approved applicants are required to follow <br />program conditions considered to be valuable by the EDA: <br /> <br />1. Business will open within 90 days of approval of application by the EDA. <br />2. Business owner will participate in ALL educational classes (outlined in <br />assistance section of this document) provided through this program by the <br />EDA. <br />3. Business owner will meet with the EDA’s staff and the City’s Finance <br />Director on a quarterly basis at minimum. Financial information and <br />documentation will be released and reported during these meetings. <br />Additional meetings may be requested by the business owner or the EDA. <br />4. Business owner must agree to hours of operation that include at least five <br />(5) days per week. If business is retail affiliated, the business may be <br />required to operate until at least 8 p.m. one (1) evening/week. <br />5. Business owner will give a presentation after one (1) year of successful <br />operation at a public EDA meeting to divulge challenges and plans for <br />sustained success. <br /> <br />Application & Other Requirements: <br /> <br />The process for admission into this program includes the following steps: <br /> <br />1. Completion of the Business Planning and Financial Projections course. For <br />schedule and registration, please contact City Hall. <br />2. Submission of a completed application including the following attachments: <br />a. Business plan (including 3 years of financial projections excluding <br />requested program funding) <br />b. Financial statements <br />c. Lease agreement (including term and pricing) <br />d. Types and names of professional services being acquired (e.g. <br />accountant, legal, etc.) <br />3. Staff review of application and attachments. Staff may require/request <br />additional information or clarification. <br />4. EDA Finance Committee meeting with applicant to discern any concerns <br />relevant to the sensitive information within the application.