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• 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. <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 /> I0. 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 /> POVERED RI <br /> Page 10 of 18 NATURE <br />