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7. The EDA Finance Committee will recommend the approval, denial, or request a <br /> resubmission. A recommendation from the Finance Committee will be <br /> • forwarded to the EDA for final action. <br /> X. 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 economic development goals set <br /> forth by the City. <br /> XI. COMPLIANCE WITH STATE STATUTES <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 forth by Minnesota <br /> State Statute 1161993 and the City's Business Subsidy Policy summarized below: <br /> Progress Reports <br /> The borrower shall file a report annually for two 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 drafted by the State of Minnesota and shall be <br /> filed with the City in March of each year for the previous year. <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 /> 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 /> community development set forth in Section Iii,part 5, subdivision (e) of the Micro <br /> Loan Fund Policy. <br /> Redevelopment loans in the central business district are exempt from job creation and <br /> wage goals stated in Section Iii,part 5, subdivision (e) provided the loan amount does <br /> not exceed 50%of the project cost. <br /> Failure to Comply <br /> Businesses failing to comply with the above provisions will be subject to fines, <br /> repayment requirements in accordance with the state statute,and be deemed <br /> ineligible by the State to receive any loans or grants from public entities for a period <br /> of 5-years. <br /> XII. RIGHT OF REFUSAL <br /> The Elk River Economic Development Authority may deny any project which it <br /> deems inappropriate according to the guidelines established in this document. <br /> • <br /> • <br /> Elk River Economic Development Authority <br /> Micro Loan Fund Policy&Guidelines Page 8 of 8 <br />