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6. With written permission granted by the applicant, the application may be <br /> submitted by City Staff to the Small Business Development Center (SBDC) as <br /> advisory consult for staff and EDA Finance Committee. Applicant may be <br /> asked to execute a Release of Information form with SBDC. <br /> 7. The EDA Finance Committee and HRA Commissioners will review each <br /> application in terms of its consistency with the goals of the City's <br /> Comprehensive Plan and Housing and Redevelopment Authority Strategic Plan <br /> and in relation to the project's overall impact on the community's economy. The <br /> EDA Finance Committee will evaluate the project application in terms of the <br /> 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 the Blighted Properties <br /> Forgivable Loan 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 /> • Certificate of Good Standing from the Minnesota Secretary of State <br /> c. All other information as required in the application and/or additional <br /> information as may be requested by the Housing and Redevelopment <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 of the <br /> Blighted Properties Forgivable Loan Program criteria and demonstrate <br /> how the proposed activities will meet at least two objectives listed on page <br /> two of this application. <br /> 8. 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 HRA for final action. <br /> 9. Loan proceeds will be disbursed upon execution of the Blighted Properties <br /> Blighted Properties Forgivable Loan Policy&Guidelines P D W E H E D D Y <br /> Page 6 of 15 4A f URA <br />