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Forgivable Loan documents. A closing to execute the Blighted Properties <br /> Forgivable Loan documents will only occur upon the following: Evidence of <br /> Applicant's portion of project funds have been disbursed or escrowed; or written <br /> confirmation from the primary lender that Applicant has met equity <br /> requirements for the project and primary Lender has either funded their portion <br /> of the project;Lender has fully funded the project and is seeking take out <br /> financing by HRA for HRA's portion of the project; or Lender is requesting <br /> simultaneous closing for the funding of the project. <br /> XI. 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 Housing and Redevelopment <br /> Authority goals set forth by the City. <br /> XI 1. RIGHT OF REFUSAL <br /> The Elk River Housing and Redevelopment Authority may deny any project which it <br /> deems inappropriate according to the guidelines established in this document. <br /> XIII. COMPLIANCE WITH MN BUSINESS SUBSIDY LAW <br /> Each company receiving assistance in the principal amount of$75,000 or more from <br /> the HRA Blighted Properties Forgivable Loan Program shall be subject to the <br /> provisions and requirements set forth by Minnesota Business Subsidy Law Statute <br /> 116J.993 and the City of Elk River Business Subsidy Policy. <br /> All applicants will be required to submit annual progress reports to the Housing and <br /> Redevelopment Authority until job creation requirements are met. <br /> Blighted Properties Forgivable Loan Policy&Guidelines P D W E H E D D Y <br /> Page 7 of 15 4A f URA <br />