5.40.060 Responsibilities of Opportunity Fund Board.
The OFB shall be responsible for evaluating project proposals and for making recommendations to the Board of Clallam County Commissioners. Recommendations should include whether the project funding request should be approved or denied and, if approved, the amount recommended and whether funding should be in the form of a grant, a loan, or a combination of both.
When evaluating applications for funding, the OFB should consider, at a minimum, the following:
(1) The cost of the proposal in relation to the project’s potential to create economic development as defined in this chapter.
(2) The priority of the project with other economic development projects included in the public facilities and/or comprehensive plans of the County or cities.
(3) The readiness of the project, including availability of project financing and arrangements completed for cooperative efforts necessary between governmental jurisdictions.
(4) Whether a loan should be considered for a portion of the funding proposal, particularly if the project is for a utility that, when completed, has the potential to generate revenue through user rates.
(5) The need to retain funds for known future projects that have high priority in the community.