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from a conventional lender. Refinancing will not be allowed solely for the purpose <br />of reducing the interest rate due to lower market interest rates. <br />_ _ <br />4,The EDA Finance Committee will recommend the approval, denial, or ', Formatted: indent: Left: os", No bullets or <br />request a resubmission. A recommendation from the Finance Committee will be ' numbenng <br />forwarded to the EDA for final action. <br />X. LOAN POLICY REVIEW <br />The above criteria will be reviewed on an annual basis to ensure that the policies <br />reflected in this document are consistent with the economic development goals set <br />forth by the Ciry. <br />XI. RIGHT OF REFUSAL <br />The Elk River Economic Development Authority may deny any project which it <br />deems inappropriate according to the guidelines established in this document. <br />XII. COMPLIANCE WITH MN BUSINESS SUBSIDY LAW <br />Each company receiving assistance in excess of $75,000 from the EDA Micro Loan <br />Fund shall be subject to the provisions and requirements set forth by Minnesota <br />State Statute 116J.993 and the attached City of Elk River Business Subsidy Policy. <br />Micro Loan Fund Policy & Guidelines Page 9 of 15 <br />Amended Marc{i 2011 DRAFT <br />