8.0. EDSR 12-10-2001 - Laserfiche WebLink

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. 4 e. Program Objectives - In addition to job and wage requirements,the • applicant must meet all Micro Loan Fund criteria and demonstrate how the proposed activities will meet at least one of the following objectives: • The project contributes to the fulfillment of the city's approved and adopted economic development and/or redevelopment plans. • The project prevents or eliminates slums and blight. • The project increases the local tax base. • The project brings a structure into compliance with an existing building code violation. 6. The EDA Finance Committee will recommend the approval, denial,or request a resubmission. A recommendation from the Finance Committee will be forwarded to the EDA for final action. X. LOAN POLICY REVIEW The above criteria will be reviewed on an annual basis to ensure that the policies reflected in this document are consistent with the economic development goals set forth by the City. • XI. COMPLIANCE WITH STATE STATUTES Each company receiving assistance in excess of$25,000 from the EDA Micro Loan Fund shall be subject to the provisions and requirements set forth by Minnesota State Statute 116J.993 and summarized below. Progress Reports The borrower shall file a report annually for two years after the closing of the loan or until all goals set forth in the application have been meet,which ever is later. Reports shall be completed using the format drafted by the State of Minnesota and shall be filed with the City no later than March 1 of each year for the previous year. Businesses fulfilling job creation requirements must file a report with the city no later than 30 days after the deadline. Maintain Facility The borrower agrees to maintain and operate its facility at the site where the loan is used for a period of five years after the date the loan is closed. Goal Attainment In addition to attaining or exceeding the jobs and wages goals set forth in Section IV of the Application,the borrower agrees to achieve at least one of the goals for • community development set forth in Section IX,part 5, subdivision (e) of the Micro Loan Fund policy. Elk River Economic Development Authority Micro Loan Fund Policy&Guidelines Page 7 of 8