Section 1230.500  Staff Review

a)         The staff of the Authority will review each completed application and place it on the agenda for consideration by the Board.  The staff will make a recommendation for Board action with respect to each application based upon the criteria set forth in Section 1230.510 of this Part.  The recommendations of the staff are not binding on the Board.

b)         The Authority will transmit a completed copy of the application to the Department for its review and analysis.  The Department will analyze the application for purposes of a recommendation to the Council.  The recommendation of the Department is not binding on the Council or the Authority.

c)         The Department and the staff of the Authority will recommend favorable consideration based upon analysis of financial statements and pro forma projections, in terms of the liquidity ratios, leverage ratios, activity ratios and profitability ratios, that the loan will be repaid, that the financial projections can be attained and that the project will succeed.