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have been disbursed or escrowed; or written confirmation from the primary <br />lender that Applicant has met equity requirements for the project and primary <br />Lender has either funded their portion of the project; Lender has fully funded <br />the project and is seeking take out financing by HRA for HRA’s portion of the <br />project; or Lender is requesting simultaneous closing for the funding of the <br />project. <br /> <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 redevelopment <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 this document. <br /> <br /> <br /> <br />XIII. COMPLIANCE WITH MN BUSINESS SUBSIDY LAW <br /> Each company receiving assistance in the principal amount of $75,000 from the <br />HRA Blighted Properties Forgivable Commercial/Industrial Loan Program shall be <br />subject to the provisions and requirements set forth by Minnesota Business Subsidy <br />Law Statute 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 Commercial/Industrial Loan Policy & Guidelines <br /> <br /> <br />Page 7 of 15 <br /> <br />