Village of Fredonia, NY - Community Development Fund

Purpose

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    To stimulate private sector investment in the Village of Fredonia and encourage the expansion of existing businesses and the creation of new and varied businesses in the Village.
    Conditions for approval, will include, but not necessarily be limited to the following:
    A. Ability of the project to retain and create jobs in the Village.
    B. The ability of the project to enhance property values (the property in question as well as neighboring properties) and positively impact the tax base of the Village.
    C. The potential impact (aesthetic, traffic, sales, ability to stimulate additional investment, etc.) of the project on the Village.

Program Administration

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Applicants will submit a loan application package. Following an initial review by Village staff, and submission of all information as required per checklist (Exhibit A), the application project will then be referred to the Loan Committee for evaluation. Notification of approval or disapproval will be made in writing within 30 days. From the date of notification, 60 days is allocated for closing the loan. The Village of Fredonia reserves the right to call any loan where the project has not been completed in accordance with this application.

Applications may be picked up at Village Hall, 1st Floor, 9-11 Church Street, Fredonia, New York 14063, Monday thru Friday 9:00 a.m. to 4:30 p.m. in the Village Administrator's Office.

Loan Terms

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Loans from $10,000 to $50,000 are offered and must be secured by a first or second mortgage position on real estate and where a corporation is involved, the personal guarantee of the principals. At least 10 percent of the total project cost must be from the applicant's own equity.

Eligible Projects

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Eligible Projects will include, but not necessarily be limited to the following:

    A. Acquisition of Real Property.
    B. Building Facade Improvements.
    C. Building Additions and Other Real Property Improvements.
    D. Replacement of/Improvements to a building's heating, ventilating and/or air conditioning systems.
    E. Window Replacement.
    F. Interior Building Renovations.
    G. Purchase and Installation of Business Related Machinery, Equipment and             Building Fixtures.