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b. Whether the proposed project will result in conformance with building <br /> and zoning codes. <br /> c. Whether it is desirous and in the best interests of the public to provide <br /> funding for the project. <br /> 6. With written permission granted by the applicant,the application will be <br /> submitted by city Staff to the Small Business Development Center (SBDC) as <br /> advisory consult for staff and EDA Finance Committee. Applicant will be asked <br /> to execute a Release of Information form with SBDC. To make an appointment <br /> with the SBDC, call 320.308.4842. <br /> 7. The EDA Finance Committee and EDA Commissioners will review each <br /> application in terms of its consistency with the goals of the city's Comprehensive <br /> Plan and Economic Development Strategic Plan and in relation to the project's <br /> overall impact on the community's economy. Downtown Revitalization <br /> Program applications will also be reviewed by a Housing&Redevelopment <br /> Authority Commissioner in conjunction with the EDA Finance Committee. <br /> Energy Efficiency Improvement Program applications will also be reviewed by <br /> an Energy City Commissioner in conjunction with the EDA Finance Committee. <br /> The EDA Finance Committee will evaluate the project application in terms of <br /> the following: <br /> a. Project Design -Evaluation of project design will include <br /> review of proposed activities, time lines and a capacity to implement. <br /> b. Financial Feasibility-Availability of funds,private involvement, financial <br /> packaging and cost effectiveness. <br /> • Appropriate ratio of private funds to Microloan funds. <br /> • Sufficient cash flow to cover proposed debt service as demonstrated <br /> by financial statements and projections. <br /> • Ability to demonstrate a positive net worth. <br /> • Letter of Commitment from applicant pledging to complete the <br /> project during proposed project duration,if the loan application is <br /> approved. <br /> • Letter of Commitment from other financing sources stating terms <br /> and conditions of their participation in the project if applicable. <br /> • Sufficient collateral. <br /> c. All other information as required in the application and/or additional <br /> information as may be requested by the Economic Development <br /> Authority. <br /> d. Project compliance with all city codes and policies. <br /> e. Program Objectives - In addition to quality job and wage <br /> Page8ofl5 P S I E 1 E 0 1 1 <br /> NA E <br />