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purpose of reducing the interest rate duc to lower market interest ratcs. <br /> 9. The EDA Finance Committee will recommend the approval,denial,or request a <br /> resubmission. A recommendation from the Finance Committee will be <br /> forwarded to the EDA for final action. <br /> 10. LOAN POLICY REVIEW <br /> The above criteria will be reviewed on an annual basis to ensure that the policies <br /> reflected in this document are consistent with the economic development goals set <br /> forth by the city. <br /> I I. RIGHT OF REFUSAL <br /> The Elk River Economic Development Authority may deny any project which it <br /> deems inappropriate according to the guidelines established in this document. <br /> I2. COMPLIANCE WITH MN BUSINESS SUBSIDY LAW <br /> AAll developers/businesses receiving financial assistance from the City of Elk River --{Formatted:Font:Garamond <br /> shall be subiect to the provisions and requirements set forth by the City's Business <br /> Subsidy Policy as amended and Minnesota Statutes Sections 1161993 to 116J.995 <br /> (the"Minnesota Business Subsidy Law")Each company receiving assistance in the <br /> :. .. :. ,. ... : - - D .. :- <br /> Law Statute 116J.993 and the city of Elk River Busine33 Subsidy Policy. .• . <br /> Page 11of18 rovEREI IY <br /> NATUR I <br /> Page 11 of 18 <br />