Resolution No. 32-2017 - Amended Industrial Revolving Fund Plan

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If deemed necessary, the loan applicant may be required to perform or provide evidence of performance of a Phase I Site assessment to identify possible sources of contamination, a Phase 11 Site Assessment to test soil and/or groundwater samples, and a Phase III Site Remediation involving mitigation of applicable contaminants, No activity shall be financed which involves unresolved site contamination issues. The loan applicant shall be responsible for working with the appropriate state environmental agency office to resolve any issues before any loan can be approved for the affected site. 1A.Loan processing The City of South Bend's Department of Community Investment currently provides loan management and administrative services for the IRF under a contract. These services include: Loan processing Credit analysis Loan write-ups and recommendations Closings Collections Servicing Handling defaulted loans and foreclosures Compliance with EDA requirements Various other administrative services In order to perform the services listed above, the Department of Community Investment will provide trained personnel with experience in the areas of business, finance, marketing, credit analysis, loan packaging, processing, and servicing. The IRF will use an attorney experienced in loan transactions to prepare loan documents, provide counsel on foreclosure actions, and provide other counsel as appropriate on the administrative or loan related issues of the IRF. 1.51oan closings The IRF staff is responsible for the loan closings. Legal counsel is responsible for all actions, documentation preparation, and other procedures necessary to close loans. The forms and documents required are outlined in Section C Loan Closing and Disbursement procedures. 1.6. Loan servicing It is the objective of the IRF loan servicing activities to monitor loans in the portfolio to be in compliance with established EDA standard procedures. 23