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The EDA Finance Commkzee ~ recommend the approval, denial, or request <br />resubmission. A recommendation from the Finance Commattee x~J2 be <br />forwarded to t_he EDA for Smal action. <br /> <br />XI. <br /> <br />LOAN POLICY REVIEW <br />The above cmteria will be reviewed on an annual basis to ensure that the policies <br />reflected in this document a_re consistent wire the economic development goals set <br />forth by the Ck7. <br /> <br />COMPLIANCE WITH STATE STATUTES <br /> <br />Each company receiving assistance in excess of $75,000 from the EDA Micro Loan <br />Fund shall be subject to the provisions and requirements set ford2 by Nfianesota <br />State Statute 116J.993 and the Cky's Business Subsidy Policy summarized below: <br /> <br />Progress Reports <br />The borrower shall £de a report annually for t~-o years after the closing of the loan or <br />until all goals set forth in the application have been meet, which ever is later. Reports <br />shall be completed using the format clzafted by the State of Minnesota and shall be <br />flied with the City in March of each year for the previous year. <br /> <br />Maintain Facility <br />The borrower agrees to maintain and operate its facility at the site where the loan is <br />used for a period of 5-years after the date the loan is closed. <br /> <br />Goal Attainment <br />In addition to attaining or exceeding the jobs and wages goals set forth in Section IV <br />of the Application, the borrower agrees to achieve at least one of the goals for <br />communk7 development set forth in Section IX, part 5, subdivision (e) of the M_icro <br />Loan Fund Policy. <br /> <br />Redevelopment loans in the central business district are exempt from job creation and <br />wage goals stated in Section IX, part 5, subdivision (e) provided the loan amount does <br />not exceed 50% of the project cost. <br /> <br />Failure to Comply <br />Businesses failing to comply with the above provisions w21 be subject to fines, <br />repayment requirements in accordance with the state statute, and be deemed <br />ineli~ble by tiae State to receive any loans or grants from public entities for a period <br />of 5-years. <br /> <br />XII. <br /> <br />RIGHT OF REFUSAL <br /> <br />The Elk River Econormc Development _A_uthoriry may deny any project which it <br />deems inappropriate according to the g~idelmes established in dUs document. <br /> <br />Et River Economic Development Authority. <br />Micro Loan Fund Policy & Guidelines <br /> <br />Page 8 of 8 <br /> <br /> <br />