SEC. 50.22. MAXIMUM LOAN AMOUNT; FACTORS IN DETERMINING TERMS AND CONDITIONS.

The maximum amount of a loan under this Chapter shall be $200,000. The Director shall determine the terms and conditions of each loan, based upon the following factors:

(a) Whether the arts organization owns the subject property or holds a longterm lease the life of which exceeds the anticipated repayment period;

(b) The size, age, value and condition of the subject property;

(c) The nature and extent of all Code and incipient Code violations;

(d) The type of security to be given for the loan;

(e) The verifiable financial soundness of the arts organization and its ability to complete the project for which the loan application is made;

(f) The degree to which an arts organization can demonstrate community interest in and support for its artistic programs; and

(g) Any other factors that the Director shall, by rule and regulation, establish.

(Added by Ord. 69-84, App. 2/15/84; amended by Ord. 160-91, App. 4/25/91; Ord. 280-99, File No. 991737, App. 10/29/99)