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Revolving Loan Fund Policy Guildelines Page 3 <br /> 8 . TIMING OF PROJECT EXPENSES <br /> No project may commence until the Elk River Economic Development <br /> Authority has approved the loan application. Any costs incurred <br /> prior to the approval of the loan application are not eligible <br /> expenditures . <br /> No building construction may commence until the required City <br /> permits are secured. <br /> The applicant will be responsible for all legal, recording and <br /> other fees required for protecting a security interest in the <br /> loan. <br /> 9 . PROCEDURAL GUIDELINES FOR APPLICATION AND APPROVAL <br /> A. Application and Review <br /> A loan applicant will meet with the City's Economic <br /> Development Coordinator to obtain information about the <br /> Economic Development Revolving Loan Fund, discuss the <br /> proposed project and obtain application forms . <br /> A completed application form, together with a <br /> nonrefundable processing fee of 1% of the loan request, <br /> • must be submitted to the Elk River Economic Development <br /> Authority prior to review and consideration. The fee is <br /> used to cover City expenses for processing the application. <br /> The applicant must obtain a commitment for primary <br /> AOI5C/90. financing from a bank or other common guaranteed lending <br /> institution before initiating a request for an EDA loan. <br /> �jUO�(��G The commitment for primary financing must be evidenced by a <br /> LAN letter stating that conventional financing has been <br /> maximized and the project may not be undertaken without <br /> supplemental financing from the EDA. <br /> The application is reviewed by the City staff to determine <br /> if it conforms to all city policies and ordinances and to <br /> consider the following: <br /> 1. The availability and applicability of other <br /> governmental grants and/or loan programs . <br /> 2 . Whether the proposed project will result in conformance <br /> with building and zoning codes. <br /> B. Project Review: <br /> 1. The EDA Finance Committee and EDA Commissioners will <br /> • review each application in terms of its consistency <br /> with the goals of the Growth Management Plan and in <br /> relation to the project's overall impact on the <br /> community's economy. <br />