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Forgivable Loan documents. A closing to execute the Blighted Properties <br />Forgivable Loan documents will only occur upon the following: E <br />ApplicantÔs 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 funde <br />of the project; Lender has fully funded the project and is seeki <br />financing by HRA for HRAÔs portion of the project; or Lender is <br />simultaneous closing for the funding of the project. <br /> <br /> <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 R <br />Authority goals set forth by the City. <br /> <br /> <br />XII. 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 t <br /> <br /> <br /> <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 sub <br />provisions and requirements set forth by Minnesota Business Subs <br />116J.993 and the City of Elk River Business Subsidy Policy. <br /> <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 /> <br /> <br /> <br />Blighted Properties Forgivable Loan Policy & Guidelines <br /> <br /> <br />Page 7 of 15 <br />