Project Objective:The Police Department is responsible for the public safety of over 300,000 men, women and children.
The Police Dept. Headquarters is an estimated 40 year old multi-story former Class A office building. The City has spent several million dollars in improvements and preventive maintenance over the past decade. The City’s Public Works and Police Departments, however, have determined that only a major renovation will allow the efficient and responsive service delivery of 21st century public safety resources and to serve the City’s citizens and its visitors.

• Interest Rate:
  1. 0% – up to 3% / non-profit project repayment over 10-15 year term
  2. Any commercial project will be based on Libor + 1%, with 5-7 years repayment.
• Job Creation Standard:
  1. A minimum of 15 permanent jobs per project.
• Loan Forgiveness:
  1. If concluded to provide a social / humanitarian purpose, capital repayment requirements can be cancelled from 30% – 85% of proceeds. To be determined by the investor after identification and submittal of project description.
• Term of SBLC:
  1. Generally – 1 year, 1 day
• SBLC Purpose:
  1. Collateral guarantee to prove project readiness.
• Public Sector Commitment:
  1. 15% of construction budget = $3.75M
• Private Sector Partner Commitment:
  1. Raise 100% of project funds within 1 year with initial proceeds to begin deposits within 30 days of the receipt, verification and acceptance of the SBLC and after signing of Public / Private Investment Agreement.

• Project Funding Release:
  1. Held in Special Sinking Fund Development’s project account – paid out to construction team directly after the approval of both the City’s CFO (or its designee) and Future Unlimited’s designated project representative. Funds are paid on a pro-rata basis, based upon an approved business and/or development plan.