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Establishing an R.L.F.

Establishing an R.L.F. Putting the Puzzle Pieces Together. Community Need. Humboldt Population 4,452 Downtown revitalization Need for new business ventures in Central Business District Projects on-going New projects on the horizon. Creating a New RLF.

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Establishing an R.L.F.

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  1. Establishing an R.L.F. Putting the Puzzle Pieces Together

  2. Community Need • Humboldt • Population 4,452 • Downtown revitalization • Need for new business ventures in Central Business District • Projects on-going • New projects on the horizon

  3. Creating a New RLF • Discussion points/narrowing the focus • Where will the money come from for RLF? • Who will manage the RLF? • Who will make RLF decisions (govern/operate the fund)? • Who will be our target for loans?

  4. Creating the RLF • Partners • MIDAS Council of Governments • USDA-Rural Development • Information Sources • Bonding Attorney • Business Community • Economic Development Professionals

  5. Humboldt’s R.L.F. • Central Business District RLF • Utilizing Tax Increment Financing • City of Humboldt operates the fund • Use wide-based, expert review committee • Set parameters that will be acceptable to all entities involved • One loan since inception in late 2006

  6. Administration • Costs to administer • Who will pay for those • On-going oversight • Who will conduct on-going oversight, payment coordination, etc. • Indirect Costs • Opportunity cost for not promoting business development in the Central Business District

  7. Administration • Created an urban renewal plan • Costs included in interest rate charged • City of Humboldt provides on-going oversight with the loan review committee’s assistance • Actual direct benefit for City included increasing valuation of former implement building by over $500,000

  8. Rustix Restaurant & Reception

  9. Rustix Restaurant & Reception

  10. Rustix Restaurant & Reception

  11. Contact Information Lorie Bennett, City Administrator City of Humboldt PO Box 529 29 5th Street South Humboldt IA 50548 (515) 332-3435 (515) 332-1453 fax lorieb@ci.humboldt.ia.us

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