7.7. SR 04-18-2016 - Laserfiche WebLink

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4. The EDA is a governi-nental entity and as such must provide public access to public data it receives, Data deemed by Applicant to be nonpublic data under State hIW Should be so designated or marked by Applicant. See Minn, Sat. Sections 13,59, Subd. 1,respectively. 5. The application will be reviewed by the city staff to determine if it conforins to all city policies and ordinances and to consider the following: a. The availability and applicability of other governmental grants and/or loan programs. b, \Vhether the proposed project will result in conformance with building and zoning codes. c. Whether it is desirous and In the best interests of the public to provide funding for the project. 6. With written permission granted by the applicant, the al-.)plication be submitted by city Staff to the Small Business Development Center (SBDC) as advisory consult for staff and EDA finance Committee. Applicant will be asked to execute a Release of Information form with SBDC,. To make an appointment with the SBDC, call 320.308.4842. 7. The 1.7l..)A Finance Committee and F,'IDA Commissioners will review each :application in terms of its consistency with the goals of the city's Comprehensive Plan and Economic Development Strategic Plan and in relation to the project's overall impact on the community's economy. Downtown Revitalization Program applications will also be reviewed by a I lousing& Redevelopment Authority Commissioner in conjunction with the f,"'DA Finance Committee. .nergy Efficiency trnproven-lent Prognarri applications will also be reviewed by an Energy City C'ornmissioner niconpunction with the EDA Finance Committee. The EDA I-,inance Committee will evaluate the project application in terms of the following: a. Project Design - Evaluation of project design will include review of proposed activities, time lines and a capacity, to implernerit. b. Mnancial Feasibility -Availability of funds, private involvement, Financial packaging and cost effectiveness, • Appropriate ratio of private funds to Microloan, funds. • Sufficient cash flow to cover proposed debt service as demonstrated by financial statements and projections. • Ability to demonstrate a positive net worth. • Letter of Commitment from applicant pledging to complete the project during proposed Project duration,if the loan application is approved. • Letter of Corriniin-nent from other financing Sources staring terms and conditions of their participation in the project if applicable. Page 9 of 17