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I. <br /> ECONOMIC DEVELOPMENT PROJECTS <br /> S ECIFICS: <br /> -New component of CMG. <br /> - esigned to benefit low/mod income persons. <br /> - esigned to complement local economic development efforts. <br /> -imphasis is on retention of jobs/expansion of existing <br /> Facilities to accomodate new jobs. <br /> --No speculative development. <br /> -Jobs must be firmly committed. <br /> - roviding low interest loans to local businesses for expansion, <br /> TH ESHOLD REQUIREMENTS <br /> -25% of funds must benefit low/mod income persons. <br /> -Activities with less than 50% low/mod benefit, private <br /> funds must match CDBG funds. <br /> -Private entity must demonstrate firm commitment. <br /> -Applicant must demonstrate no other funds are available. <br /> FUNDING CYCLE <br /> -Fiscal year 1983 grants will be awarded biannually, Feb.83/June 83. <br /> FUNDING LEVEL <br /> - ant can not exceed $750,000. <br /> LOCAL OPTION <br />