(1) Review and approval of the terms and conditions, as applicable, of each grant and loan made under the covered programs.

(2) Review and approval of policies for actions and remedies imposed for instances of default on grants and loans.

(3) Review and approval of actions and remedies imposed for instances of default on grants and loans.

(4) Review and approval of program plans and reports as may be required under program funding agreement.

(5) Review and approval of an annual report to be submitted to the city council regarding the status of the covered programs of the community and economic development grant and loan program; including, but not limited to, a summary of active grants and loans, an accounting of all principal and interest payments, and the status of all grant and loan applications submitted during the past year.

(6) The approval process described in this section shall be operated in accordance with grant and lending practices generally accepted as prudent for public grant and loan programs.

(7) The decision of the business advisory board whether to make a particular grant or loan shall be made on a case-by-case basis, at the sole discretion of the business advisory board, and shall not create any vested right in any individual or entity to receive any funding, grant or loan, or to the City's participation in any funding, grant or loan.

(8) City attorney review. All grants and loans made under the community and economic development grant and loan program shall be subject to the review and recommendation of the city attorney. (Ord. No. 2018-60, § 2, 12-10-2018)