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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

Establishing an R.L.F.

Putting the Puzzle Pieces Together

community need
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
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?
creating the rlf
Creating the RLF
  • Partners
    • MIDAS Council of Governments
    • USDA-Rural Development
  • Information Sources
    • Bonding Attorney
    • Business Community
    • Economic Development Professionals
humboldt s r l f
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
administration
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
administration7
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
contact information
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

[email protected]

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