4.1. EDSR 06-28-2016 - Laserfiche WebLink

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denial from a conventional lender. 9. The EDA Finance Committee will recommend the approval,denial,or request a resubmission. A recommendation from the Finance Committee will be forwarded to the EDA for recommendation of approval,denial to the City Council for final action. 9. MICROLOAN POLICY REVIEW The above criteria will be reviewed on an annual basis to ensure that the policies reflected in this document are consistent with the economic development goals set forth by the city. 10. RIGHT OF REFUSAL The Elk River Economic Development Authorit,V may depy any 12roject which it deems inappropriate according to the guidelines established in this document. 11. COMPLIANCE WITH MN BUSINESS SUBSIDY LAW All developers/businesses receiving financial assistance from the City of Elk River shall be subject to the provisions and requirements set forth by the City's Business Subsidy as amended and Minnesota Statutes Sections 1161.993 to 1161.995 (the"Minnesota Business Subsidy Law")if applicable. 12. AGREEMENT TO PAY COSTS OF REVIEW Formatted:All caps It is the policy of the City of Elk River to require applicants to pay costs incurred by the City in reviewing and acting upon applications,so that these costs are not borne by the taxpayers of the City. These costs include all of the City's out-of-pocket costs for expenses,including the Citds costs for review of the application by the City's Financial Consultant and City Attorney,or other consultants,recording fees,and necessary 12ublication costs. The application processing fees cover anticipated costs:costs incurred above the application fee will be invoiced as they are incurred,and payment will be due within thirt�:(30)days_Application fees are not refundable,though any unused portion is returned at the request of the applicant IfIf payment is not received as required by this agreement,the City may suspend the application review process and ma,r�y the application for failure to comply with the requirements for processing the application. Payment for costs will be required whether the application is granted or denied. Formatted:Font:Gill Sans MT,12 pt Formatted:Heading 1,Indent:Left: 0",First 13. MICROLOAN PROGRAMS line: 0",Line spacing: 1.5 lines Formatted:Heading 1,Indent:Left: 0",Line spacing: 1.5 lines Industrial Incentive R*eeFaFgLoan \\ Formatted:Font: 12 pt,All caps Purpose: The purpose of the Industrial Incentive PYe Loan is to �\ Formatted:Font:Gill Sans MT,12 pt,All caps encourage industrial and high technology business development that Formatted:Font:Gill Sans MT,12 pt supports the tax base and brings quality jobs to the city. tted:Indent:Left: 0" "X@e Page 6 of 29