1. How to Establish an RLF Planning and Organizing

2. SEIRPC RLF History Why an RLF? What is the focus of the fund? How is it structured? How are the funds managed?

3. Des Moines, Henry Lee, and Louisa Counties 4 Counties 33 Cities 113,000 population 5 Rivers in the Region SEIRPC

4. Current Structure SEIRPC EDA $800,000 SEIRPC IRP I$750,000 SEIRPC IRP 2$750,000 Fort Madison$200,000 Henry County$199,000 Keokuk$199,000 Total Funds$2,899,998 SEIRPC EDA Economic Development District Awarded first RLF Program in 1994 Received First IRP 2003 Fort Madison 2003 Henry County 2005 Second IRP 2006 Keokuk 2006 1.5 staff manage portfolio

5. Why an RLF? Another tool for economic development Provides gap financing for projects Injects local match Targeted development efforts Regional or locally driven program Energizes capital sources

6. Are You Ready For? Process Potential for Losses Long Term Loan Federal Reporting Loan Review Committee Fund Management Turn Down Loan Applicants

7. How is it Structured? Key items for consideration –Management –Application Process –Loan Review Committee –Outside Funding Sources –Reporting Focus of Loan Pool (Market Sectors)

8. Process Example 1 SEIRPC Loan Pools –12 Member Loan Review Committee –Weighted with lenders –Applications driven by lenders, developers –Gap financing –Staff presents applications to LRC –SEIRPC Board of Directors (Applicant) –Closing with primary lender

9. Process Example 2 County or City Fund Process –SEIRPC manages pool contractually –Loan Review Committee appointed by County or City –Leads by lenders, chambers, developers –LRC reviews apps and recommends to Council or Board of Supervisors –Staff finalizes closing on behalf of entity and manages repayment, collections, and reporting

10. IRP Development $600,000USDA $150,000Local Match $750,000RLF Fund Regional development projects Counties, cities contributed local match Maximum Loan $187,500 Experience with RLF’s Administrative Plan

11. Community – County RLF Keokuk RLF Target Commercial – Retail in designated areas Maximum loan $25,000 Secured position City $100,000 matched $99,000 from USDA RBEG Program SEIRPC secured funding Administers fund for City

12. SEIRPC - EDA Economic Development Administration –Grant to SEIRPC –Fund formed in 1994 –Pool initiated with $450,000 grant and $150,000 local match for $600,000 pool Focus on gap financing for economic development projects Loans range from $25,000 to $125,000

13. City of Fort Madison RLF City funded RLF with Riverboat Proceeds Fund initiated with $200,000 Focus of fund is to assist commercial and retail businesses in zoned areas of the community Maximum Loan $25,000 No State or Federal Funds

14. City of Fort Madison - cont Projects range from $5,000 to $25,000 Loan Review Committee 5 members SEIRPC staffs program Local banks matched the interest rate of 4% for a total pool of $1,000,000 for the program

15. Contact Information Brian Tapp Executive Director SEIRPC 1.319.753.5107 x 206 btapp@seirpc.com www.seirpc.com