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9. PROCEDURAL GUIDELINES FOR APPLICATION AND APPROVAL <br /> 1. All applicants shall first contact a primary lending institution to determine if <br /> additional equity is needed,and if so,how much. <br /> 2. The applicant and the primary lender shall then meet with city staff to obtain <br /> information about the Microloan program,discuss the project,and obtain <br /> application forms. <br /> 3. The applicant shall complete and submit an application form to the city,along <br /> with a processing fee of 1%of the loan request. (The fee is used to cover <br /> processing expenses and will be returned only if application is denied.) The <br /> applicant must provide evidence of their ability to meet the equity requirements <br /> or provide a letter of commitment for conventional financing from the primary <br /> lending institution. <br /> 4. The EDA is a governmental entity and as such must provide public access to <br /> public data it receives. Data deemed by Applicant to be nonpublic data under <br /> State law should be so designated or marked by Applicant. See Minn.Sat. <br /> Sections 13.59,Subd. 1,respectively. <br /> 5. The application will be reviewed by the city staff to determine if it conforms to <br /> all city policies and ordinances and to consider the following: <br /> a. The availability and applicability of other governmental grants and/or <br /> loan programs. <br /> 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_F—With written permission granted by the applicant,the application will be 4- Formatted:Numbered+Level:1+ <br /> submitted by city Staff to the Small Business Development Center(SBDC)as Numbering Style:1,2,3, +Start at:6+ <br /> Alignment:Left+Aligned at: 0.5"+Indent at: <br /> advisory consult for staff and EDA Finance Committee. Applicant will be asked 0.75" <br /> to execute a Release of Information form with SBDC. To make an appointment <br /> with the SBDC,call 320.308.4842. <br /> {Formatted:Indent:Left: 0.75",First line: 0" <br /> 6 <br /> 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 /> Pagellofl8 1 R ■ E R E I I I <br /> NA1UR <br /> Page 9ofl8 <br />