Upon approval of an application, a commitment letter will be issued to the Applicant that outlines the terms and conditions of the BCIB loan. The commitment letter must be signed and returned within 30 days or the offer may be withdrawn. Following the acceptance of an offer by the Applicant and the satisfactory completion of applicable special conditions, a loan closing will be scheduled. Loan recipients will be required to complete Local Government Unit Debt Act proceedings or have an applicable guarantor complete such proceedings. The County and the Applicant will finalize the terms of the loan agreement, including collateral, repayment schedule, and the process for use of any non-BCIB funds towards project construction. If the Turnkey option is utilized, the County’s consultants will certify that the expenses during construction were incurred in accordance with the final design plans approved by the Applicant and the County. If the Finance-Only option is utilized, the Applicant’s consultant(s) will be required to make this certification.
All vendor contracts will be executed between the Applicant and vendor. During the project activity period, the County will receive and review project costs to confirm eligibility and determine the appropriate release of loan funds in accordance with an agreed upon schedule for the release of loan proceeds. The Applicant will be responsible for loan payments to the County in accordance with the terms and conditions of the BCIB loan documents executed at closing.