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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. With written permission granted by the applicant, the application will be <br /> submitted by city Staff to the Small Business Development Center (SBDC) as <br /> advisory consult for staff and EDA Finance Committee. Applicant will be asked <br /> to execute a Release of Information form with SBDC. To make an appointment <br /> with the SBDC, call 320.308.4842. <br /> 7. 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 /> 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 /> POWERED BY <br /> Page 9 of 18 NATURE <br />