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• All required documents have been submitted; <br /> • The requested assessment amount (including contingency) is equal to or <br /> greater than $2,500; and <br /> • PACE OF MN funding for the Improvements has been approved by the <br /> Lender and is available. <br /> Within 15 business days of receipt of an application, the Port Authority notifies <br /> the Property owner if the application is incomplete, approved, denied or requires <br /> additional approval. <br /> • Incomplete. An application shall be deemed incomplete if it is missing any <br /> information or attachments the property owner is required to provide. All <br /> requested documentation must be submitted within 30-days. <br /> • Approved. An application shall be approved if the Port Authority has <br /> verified all of the items in Section E. <br /> • Denied. An application shall be deemed denied if the Port Authority cannot <br /> verify any of the items in Section E. PACE OF MN will send a written <br /> denial notice. Property owners are free to submit a new application, which <br /> will be processed on a first-come, first-served basis based upon the new <br /> receipt date, under the following circumstances: <br /> 0 If an application is denied on the sole basis that PACE OF MN <br /> funding is not available, the application does not need to be <br /> resubmitted; applicants will be placed on a waiting list based on the <br /> date of application receipt. <br /> 0 If an application is denied because the cost estimate(s) is/are not <br /> deemed reasonable by the Port Authority, a resubmitted application <br /> must be accompanied by additional documentation of cost <br /> estimates as determined in the Port Authority's discretion, <br /> including, but not limited to, cost estimates provided by one or more <br /> additional contractors. The property owner will not be .required to <br /> select the low bid; however, the Port Authority may limit the <br /> maximum assessment amount to an amount deemed reasonable <br /> by the Port Authority. <br /> Applications for PACE OF MN Financing require approval of both the President of the <br /> Port Authority and the Lender. The Property owner will be notified that the application is <br /> complete and has been forwarded to the Lender for approval. <br /> With respect to an application to finance a renewable energy system(s) other than solar <br /> (such as wind or geothermal) or a custom energy efficiency measure(s) (such as a <br /> combined heat and power system cogeneration system), or to finance an emerging <br /> technology ("Custom Measures"), the Port Authority reserves the right to require the <br /> 3 <br /> 9835459v6 <br />