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K The Housing and Redevelopment ALIthority �;vill recommend the approvAl, <br /> denial, or request a resubmIlission. <br /> 9. Loan Proceeds will be disbursed upon execution of the Blighted Properties <br /> Forg�ivable (]ornmercial/Industrial Loan documents. .A closing to execute the <br /> 13.1ighted Properties F'or9 ivable Cornmercial/Industrial Loan documents will onl,g,, <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 I-IRA for I IRA's portion of the <br /> project; or Lender is requesting simultaneous closing Cor the funding of the <br /> Project. <br /> X1. LOAN POLICY REVIEW <br /> The above criteria will be reviewed on an annual basis to ensure that the policies <br /> reflected in this docurnent are consistent with the housing and redevelopment <br /> :authority goals set forth by the City <br /> X11. RIGHT OF REFUSAL <br /> The F'Ilk River I lousing and Redevelopment Authority may deny any project which it <br /> deems inappropriate according to, the gwidelines established in this docurnent. <br /> XIII. COMPLIANCE WITH MN BUSINESS SUBSIDY LAW <br /> Each company receiving assistance stance in the principal amount:of$75,000 from the <br /> I IRA 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 11(`J.99,3 and the City of 1'.,'Ik River BUSineSS Subsidy Policy. <br /> All applicants will be required to submit annual progress reports to the f Jousing and <br /> Redevelopment Authority until job creation requirements are met. <br /> Blighted Properties, ForjvaHe Commercial/Industrial Loan Poky&Guidelines P a I I I I I T <br /> Page 7 of 15 [NAFURE <br />