Sec. 2-644. Art district loan committee.
(a) Establishment; membership. There is hereby established an art district loan committee. Such committee shall consist of nine members, to be appointed by the city council as based upon the following recommendations:
(1) Two members shall be recommended by the citizen's advisory committee;
(2) Two members shall be recommended by the original Aurora Renewal Board;
(3) Two members shall be recommended by the business advisory board;
(4) Two members shall be recommended by the North Aurora Business Association; and
(5) One member shall be recommended by the city manager.
(b) Terms; residency. Such members need not be residents of the City.
(c) Duties and obligations. The art district loan committee shall have the following duties and obligations:
(1) Review and approval of all loan application forms.
(2) Review and evaluation of all loan applications.
(3) Approval of any loan applications that meet the eligibility criteria set forth in section 2-645 and are deemed acceptable for funding under the evaluation criteria set forth in section 2-647.
(4) Review and approval of the terms and conditions of each loan made under the art district loan program.
(5) Review and approval of an annual report to be submitted to the city council regarding the status of the arts district loan program; including, but not limited to, a summary of active loans, an accounting of all principal and interest payments, and the status of all loan applications submitted during the past year.
(d) The decision of the art district loan committee whether to make a particular loan shall be made on a case-by-case basis, at the sole discretion of the art district loan committee, and shall not create any vested right in any individual or entity to the City's participation in any such loan. All loans made under the art district loan program shall be subject to the approval of all loan documents by the city attorney as to form. (Ord. No. 2005-12, § 13, 4-11-2005; Ord. No. 2002-08, § 2, 2-25-2002)