Vacant Properties Initiative Private Entity Application

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City of Cleveland Department of Economic Development 601 Lakeside Ave, Room 210 Cleveland, Ohio 44114 Phone: 216.664.

1 City of Cleveland Department of Economic Development 601 Lakeside Ave, Room 210 Cleveland, Ohio Phone: Hours of Operation: 8 am to 5 pm Fax: Vacant Properties Initiative Private Entity Application Note: Project must score a minimum of 50 points on the application score sheet and meet all eligibility requirements to be considered for funding. I. REQUIRED INFORMATION Site Identification/General Project Information HISTORY Attach a detailed synopsis (limited to 3 pages) on the history and general background of the site and project. GENERAL INFORMATION OWNER S LEGAL PROJECT CONTACT PERSON STREET CITY STATE ZIP PHONE FAX Amount of funding assistance requested: Note: A support letter for the project from the local councilperson is required for funding consideration. Please attach a copy to the completed application. BUSINESS ORGANIZATION Attach ownership structure and principals, if applicable. Corporation Limited Partnership Sole Proprietorship Non-Profit Limited Liability Co. DATE AND STATE OF ORGANIZATION, IF APPLICABLE General Partnership PROJECT REPRESENTATIVES PHONE NUMBER Person in charge of project Legal Counsel Regular bank for business Construction lender Investment Banker/Placement Agent Accountant/CPA Architect Property Manager SITE INFORMATION BUILDING, LOCATION, REFERENCE, ETC. STREET Cleveland, OH ZIPCODE PERMANENT PARCEL NUMBER SITE CONTACT PERSON (IF DIFFERENT THAN PROJECT CONTACT) PHONE NUMBER CONTACT PERSON STREET CITY STATE ZIPCODE LEGAL DESCRIPTION OF SITE Vacant Properties Initiative Application (Rev. 1/11) PAGE 1

2 SITE INFORMATION, CONTINUED Attach an accurate and legible site map showing locations of prominent and relevant site features such as buildings, retaining walls, etc. (NOTE: site map shall include property boundaries, a north arrow and bar scale). Acres of site: Building square footage: Industrial Currently Commercial Retail Warehouse Mixed Use Other (specify): Zoning/Land Use After Renovation Industrial Commercial Retail Warehouse Mixed Use Other (specify): Square footage vacant: Square footage occupied: Economic Condition Length of Vacancy # Sq. feet vacant for # Years # Months vacant for vacant for vacant for Type # Demolition Required? Commercial Yes No Industrial Yes No Residential Yes No BUILDINGS ON-SITE Year Built Year Transferred Purchase Price II. REQUIRED INFORMATION Redevelopment Plan Specify development projects for this site (business name, site usage, etc.) END USE OF SITE Manufacturing Office Rental Housing Mixed use Research lab Warehouse Retail Other (specify): SITE END USER Note: Attach commitment letters from end users, zoning approval, etc. Indicate green/sustainable building initiatives to be implemented (if any): ESTIMATED REDEVELOPMENT COST III. REQUIRED INFORMATION Cost Analysis COSTS The following are required to evaluate redevelopment costs. Attach the following and label each with the titles listed in letters A through C below: A. A detailed line item project budget B. An appraisal of the current market (as-is) value of the property C. An appraisal of the value of the site after redevelopment (as complete) TAXES Property tax for the current year: $ Projected property tax after redevelopment: $ Indicate how the figure was determined and by whom Use the county benefit calculator at Print and attach. Vacant Properties Initiative Application (Rev. 6/14) PAGE 2

3 FINANCING LOAN COLLATERAL Letter of Credit, issued by: First priority lien, other lender: Shared first lien Indicate commitments from the State of Ohio or local resources to contribute to redevelopment costs Source of Commitment Dollar Amount IV. Required Additional Information Jobs Creation and Current Employees Number of current full-time equivalent employees: Total current payroll: $ Project the number of full time equivalent private sector jobs (not construction jobs) created through redevelopment of the site (attach additional pages, if necessary) Position Title Total # Jobs Annual Salary per Job Expected Hire Date Total Number of All Jobs Created: Vacant Properties Initiative Application (Rev. 6/14) PAGE 3

4 APPLICATION PACKAGE ATTACHMENT CHECKLIST Please use the checklist to determine if all required attachments are enclosed. Incomplete applications cannot be processed. Business Information Audited business financial statements for the last 3 years Audited interim financial statements dated in the last 45 days Business debt schedule (form attached) Federal tax returns for the last 3 years Three year operating pro forma Articles of Organization and Operating Agreement (if LLC) Articles of Incorporation and by-laws (if applicable) Itemized list of new jobs and payroll amounts Real Estate Information Real Estate Purchase Agreement (if available) Construction cost budget Appraisal for real property pledged as collateral Legal description of project site Settlement Statement (if available) Existing environmental studies Five year real estate pro forma Proof of Insurance (if available) Detailed project operating cost items, depreciation and projected debt service Explanation of green/sustainable building initiatives (if applicable) Line item project budget As-is appraisal Subject-to appraisal Cuyahoga County benefit calculation Personal Information (each owner of 20% or greater) Management Resumes Personal financial statement (form attached) Personal tax returns for the last 3 years Partnership Agreement (if partnership) Franchise Agreement Other Information Letter of commitment for other funding Detailed business plan Machinery/Equipment liquidation appraisal (if applicable) Detailed project description W-9 Form (form attached) Letter of Support from Councilperson If tenants, provide leases, jobs associated with tenant and square footage $150 nonrefundable application fee (check or money order made payable to City of Cleveland) I UNDERSTAND THAT ANY WILLFUL MISREPRESENTATION ON THIS STATEMENT COULD RESULT IN A FINE AND/OR IMPRISONMENT UNDER PROVISIONS OF THE UNITED STATES CRIMINAL CODE. I HEREBY AUTHORIZE THE RELEASE TO THE CITY OF CLEVELAND ANY INFORMATION THEY MAY REQUIRE AT THE TIME FOR ANY PURPOSE RELATED TO MY CREDIT TRANSACTION WITH THEM. I FURTHER AUTHORIZE THE CITY OF CLEVELAND TO RELEASE SUCH INFORMATION TO ANY ENTITY THEY DEEM NECESSARY FOR ANY PURPOSE RELATED TO MY CREDIT TRANSACTION WITH THEM. APPLICANT TITLE SIGNATURE DATE APPLICANT TITLE SIGNATURE DATE Vacant Properties Initiative Application (Rev. 6/14) PAGE 4

5 Department of Economic Development Vacant Property Initiative PROJECT EVALUATION Score (Maximum Potential Points subject to Minimum of 50 points required for project eligibility change.) Maximum Potential Pts. Score Notes Age of building (date of first building permit) 80+ years to 80 years to 60 years 5 20 to 40 years 3 Less than 20 years with loss of 100 or more jobs in last year 5 Less than 20 years - PROJECT INELIGIBLE 0 Size of existing building (square feet) Fill in one below: 100,000 sf+ sq. ft ,000-99,999 sf sq. ft ,999 sf sq. ft. 5 25,000-49,999 sf sq. ft. 4 Less than 25,000 sf sq. ft. 2 Total vacant sq. ft. in the project building #DIV/0! sq. ft. % of property or land that is vacant Fill in one below: 100% sq. ft % -99% - ELIGIBLE PROJECT 7 74% -40% - ELIGIBLE PROJECT 5 Less than 40% - PROJECT INELIGIBLE 0 Period of time building or land had 40% or more vacancy 3+ years years 5 Less than 2 years & 100 or more jobs were lost 3 Less than 2 years & less than 100 jobs lost - INELIGIBLE 0 Project Type (primary use) Manufacturing (including high tech) 10 Office 7 Technical Center / Research Laboratories 7 Mixed Use with Rental Housing 5 Warehouse/Distribution 3 Vacant Properties Initiative Application (Rev. 6/14) PAGE 5

6 Other Commercial 2 New jobs potential 100+ FT Equivalent On site Job Retention ( 25 / 50 / 100+ jobs) 2 / 4 / 5 Total eligible project costs $ 1,250, $ 1,000,000 1,249,999 7 $ 500,000 $999,999 5 $250,000 - $499,99 3 Less than $ 250,000 1 Leverage of City Dollars 76% - 100% 10 51% - 75% 7 26% - 50% 5 10% - 25% 3 Under 10% - PROJECT INELIGIBLE 0 Annual Tax Impact of Project (use Cuyahoga County Economic Benefit Calculator**) Over $200, $100,000 - $200,000 7 $50,000 - $100,000 5 $10,000 - $50,000 3 Under $10,000 2 Decreased Tax payments 0 TOTAL POINTS - minimum 50 points required for eligibility Vacant Properties Initiative Application (Rev. 6/14) PAGE 6

7 City of Cleveland Department of Economic Development 601 Lakeside Ave, Room 210 Cleveland, Ohio Phone: Hours of Operation: 8 am to 5 pm Fax: Personal Financial Statement AS OF, 20 Complete this (1) each proprietor, or Form for: (2) each limited partner who owns 20% or more interest and each general partner, or (3) each stockholder owning 20% or more voting stock and each corporate officer and director, or (4) any other person or entity providing a guarantee on this loan. HOME PHONE BUSINESS PHONE STREET (HOME) CITY STATE ZIP BUSINESS OF APPLICANT/BORROWER Assets Liabilities Cash on hand and in banks $ Accounts payable $ Savings accounts $ IRA or other retirement accounts $ Accounts and notes receivable $ Life Insurance Cash surrender value only (complete section 8) Stocks and Bonds (complete section 3) Notes payable to banks and others (complete section 2) Installment account (Auto) Monthly payments Installment account (other) Monthly payments $ Loan on Life insurance $ $ Mortgage on Real estate (complete section 4) Real Estate (complete section 4) $ Unpaid taxes (complete section 6) $ Automobile present value $ Other personal property (complete section 5) $ Other Assets (complete section 5) $ TOTAL ASSETS: $ TOTAL LIABILITIES: $ Section 1. Source of Income Contingent Liabilities Salary $ As endorser or co-maker $ Net Investment Income $ Legal Claims & Judgments $ Real Estate Income $ Provisions for Federal Income Tax $ Other Income (Describe below)* $ Other Special Debt $ *Description of Other Income in Section 1: (Alimony or child support payments need not be disclosed in Other Income unless it is desired to have such payments counted towards total income. $ $ $ $. Economic Development Loan Application Form (Rev. 1/11) PAGE 7

8 Section 2. Notes Payable to Banks and Others Use Attachments If Necessary. Each Attachment Must Be Identified as Part of This statement And Signed Name and Address of Note Holders Original Balance Current Balance Payment Amount Frequency (Monthly, etc.) How Secured or Endorsed Type of Collateral Section 3. Real Estate Owned List each Parcel Separately. Use Attachments if necessary. Each attachment must be identified as part of this statement and signed. Type of Property Property A Property B Property C Owner Property Address Original Costs Present Market Value Mortgage Holder Mortgage Balance Economic Development Loan Application Form (Rev. 1/11) PAGE 8

9 Section 4. Other Personal Property and Other Assets: Describe, and if any is pledged as security, state name and address of lien holder, amount of lien, terms of payment, and, if delinquent, describe delinquency DESCRIPTION LEINHOLDER AND AMOUNT PAYMENT TERMS DESCRIBE DELINQUENCY, IF ANY DESCRIPTION LEINHOLDER AND AMOUNT PAYMENT TERMS DESCRIBE DELINQUENCY, IF ANY DESCRIPTION LEINHOLDER AND AMOUNT PAYMENT TERMS DESCRIBE DELINQUENCY, IF ANY Section 5. Unpaid Taxes: Attach tax lien TYPE OF TAX PAYABLE TO DUE DATE AMOUNT IF FOR A PROPERTY, INDICATE TYPE OF TAX PAYABLE TO DUE DATE AMOUNT IF FOR A PROPERTY, INDICATE TYPE OF TAX PAYABLE TO DUE DATE AMOUNT IF FOR A PROPERTY, INDICATE Section 6: Life Insurance Held: Describe in detail I authorize the City of Cleveland to make inquires as necessary to verify the accuracy of the statements made and to determine my creditworthiness. I certify the above statements contained in the attachments are true and accurate as the state date(s). These statements are made for the purpose of either obtaining a loan or guaranteeing a loan. I understand that any willful misrepresentation on this statement could result in a fine and/or imprisonment under provisions of the United States criminal Code APPLICANT TITLE SIGNATURE DATE SOCIAL SECURITY NUMBER APPLICANT TITLE SIGNATURE DATE SOCIAL SECURITY NUMBER Vacant Properties Initiative Application (Rev. 6/14) PAGE 9

10 Business Debt Schedule: Indebtedness- furnish the following information on all installment debts, contracts, notes and mortgages payable. Do not include accounts payable or accrued liabilities Creditor Original Amount Original Date Present Balance Interest Rate Maturity Date Monthly Payment Security Current or Delinquent Total Present Balance* Total Monthly Payment *Total must agree with balance shown on current financial statement Vacant Properties Initiative Application (Rev. 6/14) PAGE 10

11 Economic Development Loan Application Form (Rev. 1/11) PAGE 1

City of El Centro REVOLVING LOAN FUND (RLF)

City of El Centro REVOLVING LOAN FUND (RLF) FACT SHEET PROGRAM: ELIGIBILITY: Program has been established to assist commercial and industrial growth by providing gap financing to businesses that will create