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Albany Local Development Corporation Loan Application 21 Lodge Street Albany, New York 12207 Telephone (518) 434-ALDC ---PAGE BREAK--- MISSION STATEMENT of the Albany Local Development Corporation The Albany Local Development Corporation (ALDC) is a Section 501©(3) not-for- profit corporation, which was formed in 1979 for the purpose of assisting in the creation and retention of employment opportunities and the attraction and retention of businesses in the City of Albany, New York. Funding for the activities of the ALDC is derived from three principal sources: Urban Development Action Grant (UDAG) loan repayments and Community Development Block Grant (CDBG) loan repayments and recapitalization. The ALDC also derives funding for its activities from real estate and project development revenues, fees for services and grant proceeds. The ALDC operates as a self-sufficient entity that requires no general fund support from the City of Albany. The City’s Department of Development and Planning (DD&P) provides staff services to the ALDC. DD&P maintains offices at 21 Lodge Street. The staff of the ALDC also provides staff to the City’s Industrial Development Agency. Lending activity is limited to areas within the City of Albany pursuant to annual priorities established by the ALDC’s Board of Directors. The uses of loan proceeds are limited to the purchase of fixed assets or real estate and generally may not exceed one- half of the total project costs. Loans must have a significant impact upon the economic well being of the City of Albany and its residents. Potential loan recipients must demonstrate that one job will be either retained or created for every $35,000 lent and provide evidence that without the assistance of the ALDC, the project would not proceed. Participation with the conventional financial institutions is required. Through the cooperative efforts of the local lending institutions, the New York Business Development Corporation and the Albany-Colonie Regional Chamber of Commerce, the ALDC is able to companion its loans to create a complete financing package. ---PAGE BREAK--- ALDC PROJECT REVIEW CHECKLIST The following items are being requested to make a determination as to the viability of the proposed project. These items must be submitted along with the ALDC Loan Application. Only upon receipt of a completed application, with all necessary attachments and the application fee will the application be considered. If any items are not applicable please explain why. Identification of all investors; An appraisal of the subject property; Physical description of the building and the proposed development; Estimates of the costs of renovations and equipment to be purchased; Business plan, include project objectives and a history of the business; Resumes of all key managers and all investors; Personal financial statement of all investors; Historical financial statements for the most recent three years; A balance sheet and income statement dated within 90 days of the loan application together with an aging of accounts receivable and payable; Projections for the first two year of operations after the loan; Proof of site control i.e., copy of deed, lease or sales contract; Signed release of credit information form; Completed job form; and Short environmental form. ---PAGE BREAK--- I. APPLICANT INFORMATION APPLICANT NAME: APPLICANT ADDRESS: TELEPHONE NUMBER: LOAN REQUEST: II. PROJECT INFORMATION (Attach copy of deed) PROJECT ADDRESS: PROJECT Include unit mix and square footage of building Are School and Property taxes current? Attach copy of most recent year’s receipted paid tax bills. Is the property located within a Business Improvement District? Is the property located within the Economic Development Zone? Is the property located within the Enterprise Community Zone? Is the property in a C-1 Neighborhood Commercial District? PROJECT COSTS: PURCHASE PRICE SITE IMPROVEMENTS CONSTRUCTION COSTS RENOVATION COSTS LEASEHOLD IMPROVEMENTS MACHINERY & EQUIPMENT WORKING CAPITAL OTHER SOFT COSTS CONTINGENCY TOTAL PROJECT COSTS SOURCES OF FUNDS - Anticipated ---PAGE BREAK--- BANK FINANCING SUBORDINATE FINANCING (lender) (lender) OWNERS CONTRIBUTION (minimum 10%) OTHER TOTAL III. BUSINESS INFORMATION • TYPE OF BUSINESS: PROPRIETORSHIP LLP PARTNERSHIP CORPORATION LLC YEAR FORMED: LIST ALL PARTNERS/SHAREHOLDERS AND THEIR PERCENT OF INTEREST: NAME % of # of years with ownership company FEDERAL EMPLOYER ID DESCRIBE APPLICANT BUSINESS OPERATIONS: CURRENT FULL TIME EQUIVALENT EMPLOYEES: PROJECTED NEW JOBS WITHIN TWO YEARS: UNION AFFILIATION: ATTORNEY: ---PAGE BREAK--- Telephone: Please attach personal and business income tax returns (as appropriate) for the past two years, a current personal financial statement and signed release of credit information. This application will not be accepted unless the appropriate attachments and fee(s) accompany it. The applicant certifies that all items represented in this application, including fee schedules have been explained to the applicant. The undersigned, in applying to the Albany Local Development Corporation hereby recognizes that prior to receiving any financial assistance, he/she will agree to comply with all applicable federal, state and local laws and regulations as pertain to this application. Name of Applicant: BY: Title: Date: ---PAGE BREAK--- RELEASE OF CREDIT INFORMATION In order to expedite your loan application, please fill-out and return this form. I/We hereby authorize the release of My/Our credit information to the Albany Local Development Corporation the above for purposes of obtaining a loan. Applicant Name: Signature: Date: Address: Social Security Number: Date of Birth: Applicant Name: Signature: Date: Address: Social Security Number: Date of Birth: ALDC ---PAGE BREAK--- SCHEDULE OF FEES EFFECTIVE April 27,2004 Loan Fees Application Fee $250 Commitment Fee 1.5% for loans less than $200,000 1.0% for loans greater than $200,000 Renewal, Modification, Extension Commitment Fee 0.75% of loan amount Legal Fees New Loans Actual time spent, not to exceed 1.0% of loan amount, plus disbursements * Renewal, Modification, Extensions Actual time spent, not to exceed 0.75% of loan amount, plus disbursements Review of Participating Lender $250 for single lender Documents $350 for multiple lenders • The Borrower will be responsible for all legal costs of ALDC. • There will be a minimum charge of $500 plus documentable disbursements on new loans and modifications. • Borrowers may be responsible for fees of special counsel if deemed necessary by ALDC counsel. . ---PAGE BREAK--- SHORT ENVIRONMENTAL ASSESSMENT FORM Instructions: In order to answer the questions in this short EAF it is assumed that the preparer will use currently available information concerning the project and the likely impacts of the action. It is not expected that additional studies, research or other investigations will be undertaken to complete this form. If any question has been answered YES, the project may be significant and a completed Environmental Assessment Form will be necessary. If all questions have been answered NO, it is likely that the project is NOT significant. Environmental Assessment 1. Will the project result in a large physical change to the project site or alter more than 10 acres of land? Yes____ 2. Will there be a major change to any unique or unusual landform found on the site? Yes____ 3. Will the project alter or have a large effect on an existing body of water? Yes____ 4. Will the project have a potentially large impact on groundwater quality? Yes____ 5. Will project significantly effect drainage flow on adjacent sites? Yes____ 6. Will the project affect any threatened or endangered plant or animal species? Yes____ 7. Will project result in a major adverse effect on air quality? Yes____ 8.Will project have a major effect on the visual character of the community or scenic views or vistas known to be important to the community? Yes____ 9.Will project adversely impact any site or structure of historic, pre-historic or paleontological importance or any site designated as a critical environmental area by a local agency? Yes____ 10. Will project have a major effect on existing or future recreational opportunities? Yes____ 11. Will project result in major traffic problems or cause a major effect to existing transportation systems? Yes____ 12. Will project regularly cause objectionable odors, noise, glare, vibration or electrical disturbance as a result of the project’s operation? Yes____ 13. Will project have any impact on public health or safety? Yes____ 14. Will project affect the existing community by directly causing a growth in permanent population of more that 5.0% over a one-year period OR have a major negative effect on the character of the community or neighborhood? Yes____ 15. Is their public controversy concerning the project? Yes____ Preparer’s signature: Representing: ---PAGE BREAK--- Albany Local Development Corporation Environmental Policy Environmental risk analysis should be conducted as part of the original loan underwriting and upon consideration of taking title to real property through foreclosure or deed in lieu. The potential environmental costs and the potential for further environmental liability must be considered when contemplating either a loan origination or a foreclosure action. For all properties to be taken in collateral transactions or foreclosures, a Phase I Environmental Site Assessment will be required. If the Phase I indicates environmental problems, legal and environmental experts must be consulted to determine whether the proposed transaction is prudent. In the case of orginations, it may be necessary to obtain property transfer liability insurance. In all cases, originating legal documentation is to include legal indemnification from the borrower. ---PAGE BREAK--- EMPLOYMENT FORM Company Name: _ Address: Contact Person: Telephone No: ( ) Type of Business: Borrower Name: Telephone No: ( ) (if different from company) Borrower Address: (if different from company) We understand that we must contact a representative from the City of Albany Human Resources Department in regard to any job openings that we might anticipate after the receipt of ALDC financing. The following is our projected employment plan. Current Permanent Full Time Projection of New Permanent Jobs by Occupation Permanent Full Time Jobs Occupations Base Annual Number Total In Company Salary or of 1st Year 2nd Year 3rd Year New Hourly Wage Employees Jobs Professional Clerical Sales Service Construction Manufacturing: Skilled Semi-Skilled Unskilled Other (Describe) Total: Total: These employees are not are currently covered by a collective bargaining unit with: Union contact (Name of Union and local Number) Contract Expiration : Number of employees covered: Prepared by: