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Special CPI meeting on NAP loan application

Special CPI meeting on NAP loan application

September 3rd, 2014 in News

At special meeting on Tuesday, Aug. 26, the California Progress, Inc. (CPI) board and the California Historic District (CHD) Loan Committee took up the topic of application requirements for the Neighborhood Assistance Program (NAP) loans. The topic had been tabled at the regular Aug. 26 meeting, with no decision made on whether to require a credit report with loan applications.

According to information obtained by NAP Administrator Ann Albertson, the Missouri Department of Economic Development (DED) encourages credit reports on potential borrowers. Albertson was also informed by the DED that if a loan is defaulted on during the first loan cycle, CPI must reimburse the NAP account for the amount due.

After discussion, the CPI board approved the NAP Loan Committee application process, starting with the prospective borrower obtaining a loan packet from the NAP Administrator. After a credit report is obtained, the completed loan packet is presented to the Loan Committee for approval or denial. If approved, the borrower follows the guidelines and submits a rendering of the proposed facade work for approval. Following approval of the loan and the rendering by the Loan Committee, the CPI Board gives final approval, after which the Promissory Note is signed. All documentation is kept by the Loan Committee.

The CHD will provide a rendering at a cost or the borrower may obtain a professional rendering on their own, at their own cost.

In other business, the board approved April 11, 2015, for the annual "Wine, Dine and Win" fundraiser. Currently, the event is set for Braykley's Hall.

The board also approved up to $200 for a granite plate to be mounted on the Finke Theatre. The plate, with specific wording, is required by the Missouri Department of Economic Development.