Laserfiche WebLink
6. With written permission granted by the applicant, the appl <br />submitted by City Staff to the Small Business Development Center <br />advisory consult for staff and EDA Finance Committee. Applicant <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 Ci <br />Comprehensive Plan and Housing and Redevelopment Authority Strategic Plan <br />and in relation to the projectÔs overall impact on the community <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 /> <br />review of proposed activities, time lines and a capacity to impl <br /> <br />b. Financial Feasibility - Availability of funds, private involvement, financial <br /> packaging and cost effectiveness. <br /> <br />Appropriate ratio of private funds to the Blighted Properties <br />Forgivable Loan funds. <br />Sufficient cash flow to cover proposed debt service as demonstra <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 applicatio <br />approved. <br />Letter of Commitment from other financing sources stating terms <br />and conditions of their participation in the project if applicab <br />Sufficient collateral. <br />Certificate of Good Standing from the Minnesota Secretary of Sta <br /> <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 /> <br />. <br />d. Project compliance with all city codes and policies <br /> <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 /> <br />how the proposed activities will meet at least twoobjectives listed on page <br /> <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 <br />forwarded to the HRA for final action. <br /> <br />9.Loan proceeds will be disbursed upon execution of the Blighted P <br /> <br />Blighted Properties Forgivable Loan Policy & Guidelines <br /> <br /> <br />Page 6 of 15 <br />