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8. The Housing and Redevelopment Authority will recommend the approval, <br /> denial,or request a resubmission. <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 /> 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 /> 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 /> 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 /> 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 /> All applicants will be required to submit annual progress reports to the Housing and <br /> Redevelopment Authority until job creation requirements are met. <br /> Blighted Properties Forgivable Commercial/Industrial Loan Policy&Guidelines <br /> Page 7 of 15 INATUREI <br />