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5, The application N611 be reviewed by the (-"try staff to determine if it conft.)nns to <br /> all City policies and ordinances and to consider the following: <br /> a. 'rhe availability and applicability of other governmental grants and/or <br /> loan programs, <br /> 1). Whether the proposed project wall result in conformance with building <br /> and zoning codes. <br /> c. W'hether it Is desirous and in the best interests, of the public to provide <br /> funding for the project. <br /> 7. The FIR-A 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 econornyand will evaluate the project application III <br /> terms of the following: <br /> a. Project Design - Fwaluation 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 nct worth. <br /> • Letter of Conunitment frorn applicant pledging to complete the <br /> project during proposed project duration,,if the loan application is <br /> approved, <br /> • Letter of Corrin-litment from other financing sources stating terri-is <br /> and conditions of their participation in the project if applicable. <br /> • Sufficient collateral. <br /> ,a Certificate of Good Standing from the Minnesota Secretary oaf State <br /> c. All other infon-nation as required in the application and/or additional <br /> information as may be requested by the 1--lousing and redevelopment <br /> Authority. <br /> d. Project corril-.)hanceAith all city codes and policies, <br /> e. Program (")bjectives - lit addi6on to quality,job and wage <br /> creation/retention requirements, the applicant must meet all of the <br /> Blighted properties Forgjvable 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 Lc)an Policy&GuidelinesV I T <br /> Pag6 e of 1-5 ATURIE <br /> UNW <br />