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0 Sufficierit collateral.. <br /> c. All other information as required in the application and/or additional <br /> information as may be requested by the Economic Development <br /> ,Authority. <br /> d. project compliance with all city codes and policies. <br /> c. Program(.-)bjectives - In addition to quality job and wage <br /> creation/rctention requirements, the applicant must meet all Microloan <br /> Fund criteria and dernonstrate how the proposed activities will meet at <br /> least one of the following objectives; <br /> • The project contributes to the fulfillment of the city's approved and <br /> adopted economic development and/or redevelopment plans. <br /> • The project prevents or eliminates slums and blight. <br /> • The project increases the local tax base. <br /> • The project brings a structure into compliance with all existing <br /> buildirig code violation. <br /> 8. A written request for all extension shall be accompanied by a copy of current <br /> financial statements and a $500 upfront processing fee. 17he processing fee is <br /> used to cover processing expenses and will be returned if request is denied,. The <br /> application, for an extension beyond the original term should include a letter of <br /> denial from a conventional lender. <br /> 9'. The FIDA Finance. Committee will recommend the approval, denial, or request a <br /> resubmission. A recommendation from the Finance Committee will be <br /> forwarded to the IN for final action. <br /> 10. LOAN POLICY REVIEW <br /> "I'lie above criteria will be reviewed oil all annual basis to ensure that the policies <br /> reflected in this document rare consistent with the economic development goals set <br /> forth by the city, <br /> 11. RIGHT OF REFUSAL <br /> The Elk River Economic Development Authority may deny any project which it <br /> deems inappropriate according to the guidelines established in this document. <br /> 12. COMPLIANCE WITH MN BUSINESS SUBSIDY LAW <br /> All developers/bLISInesses receiving financial assistance from the Clity of Elk River <br /> shall be subject to the provisions and requirements set forth by the ("ity's, Business <br /> Subsidy policy as amended and Nlinnesota Statutes Sections 11(�J.9'93 to 116J.995 <br /> (the "Minnesota Business Subsidy Law") <br /> P 1 0 1 R E D I I <br /> Rage 10 of 17 EVN4=;UWOR�i <br />