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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 /> creation/retention requirements,the applicant must meet all Microloan <br /> Fund criteria and demonstrate how the proposed activities will meet at <br /> least one of the following objectives: <br /> • The project contributes to the fulfillment of the city's approved and <br /> adopted economic development and/or redevelopment plans. <br /> • The project prevents or eliminates slums and blight. <br /> • The project increases the local tax base. <br /> • The project brings a structure into compliance with an existing <br /> building code violation. <br /> 8. A written request for an extension shall be accompanied by a copy of current <br /> financial statements and a$500 upfront processing fee. The processing fee is <br /> used to cover processing expenses and will be returned if request is denied. The <br /> application for an extension beyond the original term should include a letter of <br /> denial from a conventional lender. Refinancing will not be allowcd iolcly for the <br /> Page 11of18 PRA■ EREI I1 <br /> �N 'UR I <br /> Page 10 of 18 <br />