Laserfiche WebLink
loan application axe not eligible expenditures. <br /> No building construction should commence until the required cityl2ermits are <br /> secured. <br /> The applicant will be responsible for all legal,recording,and other fees required for <br /> protection of a security interest in the loan,payable by-a$7.000 processing fee,which <br /> is paid at the time of a12�lication. In addition to the processing fee,all legal and filing <br /> fees shall be paid by the borrower at loan closing. <br /> Closing of the Microloan should be simultaneous with the borrower's primary <br /> funding.The EDA should be given two weeks'notice before closing_ <br /> 8. PROCEDURAL GUIDELINES FOR APPLICATION AND APPROVAL <br /> 1. All applicants shall first contact a primary lending institution to determine if <br /> additional equity is needed,and if so,how much. <br /> 2. The applicant shall then meet with city staff to obtain information about the <br /> Microloan program,discuss the project,and obtain a,12�lication forms. <br /> 3. The applicant shall complete and submit an application form to the ci ,along <br /> with a$5,000 processing fee. (The fee is used to cover processing expenses and <br /> any remaining funds will be returned only if application is denied.) The <br /> applicant must provide evidence of their ability to meet the 10%equity <br /> requirements or provide a letter of commitment for conventional financing from <br /> the primary lending institution. <br /> 4. The EDA is a governmental entity and as such must provide public access to <br /> public data it receives. Data deemed by A1212licant to be nonpublic data under <br /> State law should be so designated or marked by Applicant. See Minn.Sat. <br /> Sections 13.59,Subd. 1.respectively_ <br /> 5. The application will be reviewed by the city staff to determine if it conforms to <br /> all city policies and ordinances and to consider the following; <br /> a. The availabili, and applicability of other governmental grants and/or <br /> loan programs. <br /> b. Whether the proposed project will result in conformance with building <br /> and zoning codes. <br /> c. Whether it is desirous and in the best interests of the public to provide <br /> funding for the project. <br /> The a,12�lication will be submitted by city Staff to the designated financial advisor <br /> acting as a third-party consult for staff and EDA Finance Committee. <br /> 6. The EDA Finance Committee and EDA Commissioners will review each <br /> application in terms of its consistency with the goals of the city's Comprehensive <br /> Plan and Economic Development Strategic Plan and in relation to the project's <br /> overall impact on the community's economy. Downtown Revitalization <br /> PO110fa B <br /> Page 4 of 29 NATURE <br />