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APPLICATION NO.: 85-608 2. PUBLIC/PRIVATE COMMITMENTS a. Local Financial Conmitments b. Local Non-Financial COllIIlitments c. Other Commitments 3. MANAGEMENT CAPABILITY a. Staff and Contractors b. Budget c. Statutory/Regula- tory Compliance APPLICANT: Huerfano County (City of Walsenburg) ILIMlffl I I I X I I I Local banks and private investors have committed and/or I proposed $367,000; leveraging would be about 2:1. I I The local bank is providing servicing and escrow I servicing without charge. County has allotted approxi- I mately $SOO/mo. of in-kind services administration. I I Rocky Mountain JTP Office handles documentation of L/M I eligibility and the loan recipients are required to I accept referrals. I I L I M I H I I I I X I I I Staff has COBG and other Federal and State grant manage- I ment experience. RLF in operation 2 years. I I I Adiminstration costs 5~ of COBG funds requested. I I I I Prior COBG experience with good results (see below). I I . PRO STATEMENTS: o Integral part of overall area economic development efforts with emphasis on minorities and women. o Well done, realistic needs assesment. CON STATEMENTS: COMMENTS: . o Local Pri ori ty: Huerfano Co.: 1 of 2; Ci ty of Wa 1 senburg: 1 of 1. o Eligibility of activities: Eligible. o Validity of National Objectives: Valid as low/Mod Benefit. o 1983 COBG grant ($50,000) and 1984 COBG grant ($150,000) have leveraged $800,000 creating 55 jobs of which 8a were filled by l/M persons. COBG job cost at $3,636. o 1984 COBG grant ($150,000) funds were committed 12 weeks after acceptance of loan applications began. As of March 1,1985, there remains in the fund approximately $60,000 as two original loans fell through at the last minute. However, additional applications are in process which, if approved, would deplete the fund. The loan cOlllllittee meeting is scheduled for March 14, 1985. o Huerfano County has used Impact funds and in-kind contributions to cover admin. costs to establish this RlF. o COBG funds are 35~ of total program funds and job cost is estimated at not more . than $8,076. o Needs assessment is based on loan requests for COBG funds in hand totalling $610,000 projecting the creation of 77 jobs.