Laserfiche WebLink
5. The application will be reviewed by the City staff to determine if it conforms to <br /> all City policies and ordinances and to consider the following: <br /> a. The availability and applicability of other governmental grants and/or <br /> loan programs. <br /> b. Whether the proposed project will result in conformance with building <br /> and zoning codes. <br /> c. Whether it is desirous and in the best interests of the public to provide <br /> funding for the project. <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 /> a. Project Design-Evaluation of project design will include <br /> review of proposed activities,time lines and a capacity to implement. <br /> b. Financial Feasibility-Availability of funds,private involvement, financial <br /> packaging and cost effectiveness. <br /> • Appropriate ratio of private funds to the Blighted Properties <br /> Forgivable Loan funds. <br /> • Sufficient cash flow to cover proposed debt service as demonstrated <br /> by financial statements and projections. <br /> • Ability to demonstrate a positive net worth. <br /> • Letter of Commitment from applicant pledging to complete the <br /> project during proposed project duration,if the loan application is <br /> approved. <br /> • Letter of Commitment from other financing sources stating terms <br /> and conditions of their participation in the project if applicable. <br /> • Sufficient collateral. <br /> • Certificate of Good Standing from the Minnesota Secretary of State <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 /> d. Project compliance with all city codes and policies. <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 /> objectives listed on page two of this application. <br /> Blighted Properties Forgivable Commercial/Industrial Loan Policy&Guidelines 1 / f 1 E 1 1 1 <br /> Page 6 of 15 NAME <br />