OAR 124-010-0050: Project Funding

(1) The Board may provide financing for an eligible applicant’s project within the Region in the form of a grant or loan. (2) The Board may not have any more than 10 open grant awards at any one time. (3) The Board shall consider the following evaluation materials provided by the Department when determining the award of a grant or loan. Evaluative materials provided by the Department shall include at a minimum: (a) An evaluation of proposed timelines for completion of a project for which Fund monies will be used; (b) An evaluation or whether necessary development permits have been or can be obtained; (c) A recommendation how to maximize Fund monies to ensure successful completion of a project; (d) An assessment of an applicant’s ability to repay a loan; (e) A review of the strengths, weaknesses and risks associated with an applicant or project; and (f) Recommendations regarding terms and conditions for an approval of a grant or loan. (4) The Board may utilize the following considerations when determining whether to award a loan or grant: (a) Whether a project is ready for implementation; (b) An Applicant’s commitment of funding contributions for a project from other public, private, or non-profit source; (c) A project’s ability to s upport the retention or creation of jobs in the region ; (d) The anticipated increase in local tax revenue as a result of the project; (e) A project’s expected useful life; (f) The anticipated number of businesses or residents served; (g) A project’s ability to not rely on future public subsidies for ongoing operations or maintenance; (h) Performance metrics provided by an Eligible Applicant; and (i) Any other considerations the Board determines necessary to make an informed decision regarding utilization of monies from the Fund.