8. EDSR 04-08-2013 - Laserfiche WebLink

Home Browse Search

recommendation from the Finance Committee will be forwarded to the EDA for final action. 9. Loan proceeds will be disbursed upon proof of expenditures. A closing to execute the forgivable loan documents will only occur upon the following: a. Evidence that Applicant's portion of project funds have been disbursed or escrowed;or b. Written confirmation from the primary lender that Applicant has met equity requirements for the project and primary Lender has funded their portion of the project; c. Lender has fully funded the project and is seeking take out financing by EDA for EDA's portion of the project; or d. Lender is requesting simultaneous closing for the funding of the project. XI. LOAN POLICY REVIEW The above criteria will be reviewed on an annual basis to ensure that the policies reflected in this document are consistent with the economic development goals set forth by the City. XII. RIGHT OF REFUSAL The Elk River Economic Development Authority may deny any project which it deems inappropriate according to the guidelines established in this document. XIII. COMPLIANCE WITH MN BUSINESS SUBSIDY LAW Each company receiving assistance in the principal amount of$75,000 or more from the EDA Forgivable Loan Program shall be subject to the provisions and requirements set forth by Minnesota Business Subsidy Law Statute 116J.993 and the City of Elk River Business Subsidy Policy. All applicants will be required to submit annual progress reports to the Economic Development Authority until job creation requirements are met. Additionally,all new hires will be required to complete a salary survey to prove LMI requirements are met and forgivable loan policy requirements are met XIV. OTHER FEDERAL REQUIREMENTS 1. FAIR HOUSING AND EQUAL ACCESS a. Tide VI of the Civil Rights Act of 1964,as Amended (42 U.S.C. 2000d et seq.) (24 CFR Part 1) i. No person may be excluded from participation in,denied the benefits of, or subjected to discrimination under any program or activity receiving Federal financial assistance on the basis of race, color or national origin. b. The Fair Housing Act (42 U.S.C. 3601-3620) ((24 CFR Part 100-115) i. Prohibits discrimination in the sale or rental of housing,the financing of housing or the provision of brokerage services against any person on the basis of race,color,religion, sex, national origin,handicap or familial status. Furthermore, section 104 (b) (2) of the Act requires that each grantee certify to the secretary of HUD that it is affirmatively furthering fair housing. The certification specifically requires grantees to conduct a fair housing analysis,develop a fair housing plan,take appropriate actions to overcome the effects of any impediments identified and maintain records on the analysis,plan and actions in this regard. c. Equal Opportunity in Housing (Executive Order 11063,as amended by Executive Order 12259) (24 CFR Part 107) Forgivable Loan Policy and Application [ Mall I I Page 5 of 20 NATURE