Laserfiche WebLink
c. Whether it is desirous and in the best interests of the public to provide <br />funding for the project. <br /> <br /> <br /> <br />7.The HRA Commissioners will review each application in terms of its consistency <br />with the goals of the City’s Comprehensive Plan and Housing and <br />Redevelopment Authority Strategic Plan and in relation to the project’s overall <br />impact on the community’s economy and will evaluate the project application in <br />terms of the following: <br /> <br />a. Project Design - Evaluation of project design will include <br /> <br />review of proposed activities, time lines and a capacity to implement. <br /> <br />b. Financial Feasibility - Availability of funds, private involvement, financial <br /> packaging and cost effectiveness. <br /> <br /> <br /> <br />Appropriate ratio of private funds to the Blighted Properties <br />Forgivable Loan funds. <br /> <br /> <br />Sufficient cash flow to cover proposed debt service as demonstrated <br />by financial statements and projections. <br /> <br /> <br />Ability to demonstrate a positive net worth. <br /> <br /> <br />Letter of Commitment from applicant pledging to complete the <br />project during proposed project duration, if the loan application is <br />approved. <br /> <br /> <br />Letter of Commitment from other financing sources stating terms <br />and conditions of their participation in the project if applicable. <br /> <br /> <br />Sufficient collateral. <br /> <br /> <br />Certificate of Good Standing from the Minnesota Secretary of State <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 />how the proposed activities will meet at least one of the following <br /> <br />objectives listed on page two of this application. <br /> <br /> <br /> <br />8.The Housing and Redevelopment Authority will recommend the approval, <br />denial, or request a resubmission. <br /> <br /> <br />9.Loan proceeds will be disbursed upon execution of the Blighted Properties <br />Forgivable Commercial/Industrial Loan documents. A closing to execute the <br />Blighted Properties Forgivable Commercial/Industrial Loan documents will only <br />occur upon the following: Evidence of Applicant’s portion of project funds <br /> <br />Blighted Properties Forgivable Commercial/Industrial Loan Policy & Guidelines <br /> <br /> <br />Page 6 of 15 <br /> <br />