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<br />APPLICANT: Huerfano County (City of Walsenburg)
<br />
<br />APPLICATION NO: 85-608
<br />
<br />PROJECT TITLE: Huerfano County Revolving Loan Fund
<br />
<br />OVERALL STAFF RAIING
<br />Low
<br />Medium-Minus
<br />Medium
<br />Medi um-Pl us
<br />X Hi gh
<br />
<br />AMOUNT REQUESTE~: $210,000
<br />PROJECT TY.PE: __--.L SP
<br />
<br />MP
<br />
<br />X MJ
<br />
<br />.
<br />
<br />PROJECT DESCRIPTION: Huerfano County proposes to expand their Revolving Loan Fund by
<br />$200,000. The program will focus on increasing business ownership among minorities
<br />and women. The RLF plays a key role in the downtown redevelopment undertaken by the
<br />City of Walsenburg.
<br />
<br />Loans made with previous grants ($200,000) have created 55 jobs county-wide and
<br />leveraged $800,000 in private investment. Of the jobs created thus far, 82% have
<br />been filled by persons of low/moderate income. Repayment revenues for the present
<br />fund do not accummulate quickly enough to create a reasonably continuous program.
<br />
<br />Present new requests exceed $600,000, will create 77 new jobs and leverage $1.1
<br />million dollars in private investment. The County's program focuses on increasing
<br />business ownership among minorities and women.
<br />
<br />Project
<br />Activities--
<br />
<br />PROPOSED PROJECT ACTIVITIES AND. BUDGET
<br />Brd.ICDBGI I Project Fundi ng I
<br />Nat.I$L/M1 Project I State Other I
<br />Obj.1 % Costs I CDBG Amount Source I Status I
<br />I I I 1 I I
<br />I $ 48,450 1$ 10,000 1$ 27,350 IRLF Int/Org I Committed ,
<br />I I , IFees , ,
<br />I I I 1,500 I County Cash 'COllIIlitted ,
<br />, I I , I I
<br />I I I 9,600 I Co. In-Kind I Committed I
<br />I I I , , I
<br />L/M I 85 567,000 I 200,000 I 367,000 'Local Lend- I Commi tted/ I
<br />I , I lers/Private I Proposed I
<br />I , I I Investors I I
<br />I , I I I I
<br />I I I I I I
<br />I I I I I I
<br />Totals $615,450 1$210,000 1$405,450 ,
<br />
<br />Administration
<br />
<br />RLF
<br />
<br />.
<br />
<br />BACKGROUND INFORMATION:
<br />
<br />a. 1980 Population:
<br />b. # L/M Persons:
<br />c. % L/M Persons:
<br />d. Current Co. Unempl. %:
<br />e. 3 Year Co. Unempl. %:
<br />f. Assessed Valuation:
<br />g. Mill Levy/Overlapping:
<br />h. Bonded Indebtedness:
<br />i. Sales Tax %/Revenue:
<br />
<br />County
<br />6,440 (total)
<br />2,967
<br />47.07
<br />8.2%
<br />7.8%
<br />$57,082,270
<br />18.057/91 .07
<br />-0-
<br />.24%/$60,000
<br />
<br />gi~
<br />, 5
<br />1,723
<br />44.20
<br />8.2% (Huerfano Co.)
<br />7.8% (Huerfano Co.l
<br />$8,050,390
<br />16.5/91.07
<br />-0-
<br />2.66%/$478,400
<br />
<br />.
<br />
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<br />PROJECT REVIEW FACTORS
<br />
<br />L I M 1 H I I
<br />1. PROJECT IMPACT I I X I I
<br />20 jobs to be created, 85% of which will likely be L/M based I
<br />a. Low/Mod Income on prior performance. RLF guidelines require that at least I
<br />Benefit 80% of all Jobs created or retained must be L/M; loan reci- ,
<br />pients required to accept referrals from JTPA. Job cost in ,
<br />CDBG dollars estimated at $8,000 based on pending apps. ,
<br />I
<br />I
<br />b. Need and Extent Loan requests on hand total $610,000 and would average $1.1 I
<br />Addressed million and 77 new jobs. Request is 1/3 of need. I
<br />I
<br />I
<br />I
<br />c. Consistency/ Community Development Plan delineates 3 economic development I
<br />Coordination goals, one of which is to increase the RLF. RLF fund #1 pri-I
<br />ority of City and County for 1984 and 1985. Good county and I
<br />private sector representation on board. I
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