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Personal guarantees and entity guarantees may be made part of all loan agreements. <br />Key person life insurance may be required as determined by the H <br />amount and company ownership partners. <br /> <br />VIII. TIMING OF PROJECT EXPENSES/PROJECT TIMELINE <br />No project should commence until the Elk River Housing and Redev <br />Authority has approved the loan application. Any costs incurred <br />approval of the loan application are generally not eligible expe <br />must submit project timeline with application; timeline will assist in determining job <br />creation goal deadlines. <br /> The applicant will be responsible for all legal, recording, and other fees required for <br />protection of a security interest in the loan, payable by a non-refundable $2000 <br />processing fee, which is paid at the time of application. In addition to the <br />non-refundable $2000 processing fee, all legal and filing fees shall be paid by the <br />borrower at loan closing. <br /> <br />X. PROCEDURAL GUIDELINES FOR APPLICATION AND APPROVAL <br />1.All applicants shall first contact a primary lending institution to determine if <br /> additional equity is needed, and if so, how much. <br /> <br />2. The applicant and the primary lender (if applicable) shall <br />Staff to obtain information about the Housing and Redevelopment Authority <br />Blighted Properties Forgivable Loan program, discuss the project, and obtain <br />application forms. <br /> <br />3. The applicant shall complete and submit an application for <br />with a non-refundable processing fee of $2000. The applicant must provide <br />evidence of their ability to meet the equity requirements or provide a letter of <br />commitment for conventional financing from the primary lending institution if <br />applicable. <br /> <br />4. The HRA 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 M <br />Sections 13.59, Subd. 1, respectively. <br /> <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 gr <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 pub <br />funding for the project. <br /> <br /> <br />Blighted Properties Forgivable Loan Policy & Guidelines <br /> <br /> <br />Page 5 of 15 <br />