4.1. EDSR 06-28-2016 - Laserfiche WebLink

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of 1%of the loan request. (The fee is used to cover processing expenses and ani unused portions of the apphcation fee is to be refunded if the project is denied. ftrpheftfiatt is The applicant must provide evidence of their ability to meet the equity requirements or provide a letter of commitment for conventional financing from the primary lending institution if applicable. 4. The EDA is a governmental entity and as such must provide public access to public data it receives. Data deemed by Applicant to be nonpublic data under State law should be so designated or marked by Applicant. See Minn.Statute Sections 13.59,Subd.1,respectively. 5. City staff will review the application to determine if it conforms to all City policies and ordinances and to consider the following: a. The availability and applicability of other governmental grants and/or loan programs. b. Whether the proposed project conforms with building and zoning codes. c. Whether the proposed project is desirous and in the best interests of the public to provide funding for the project. 6. The application will be submitted by City Staff to the cities designated financial advisor as advisory consult for staff and EDA Finance Committee. 7. The EDA Finance Committee and EDA Commissioners will review each application in terms of its consistency with the goals of the City's Comprehensive Plan and Economic Development Strategic Plan.Consideration will also be given to the project's overall impact on the community's economy. The EDA Finance Committee will evaluate the project application in terms of the following: a. Project Design-Evaluation of project design includes review of proposed activities,time lines and a capacity to implement. b. Financial Feasibility-Availability of funds,private involvement,financial packaging and cost effectiveness. • Appropriate ratio of private funds to Forgivable Loan funds. • Sufficient cash flow to cover proposed debt service as demonstrated by financial statements and projections. • Ability to demonstrate a positive net worth. • Letter of Commitment from applicant pledging to complete the project during proposed project duration,if the loan application is approved. • Letter of Commitment from other financing sources stating terms and conditions of their participation in the project if applicable. • Sufficient collateral. • Certificate of Good Standing from the Minnesota Secretary of State or other satisfactory evidence of good standing. c. All other information as required in the application and/or additional information as may be requested by the Economic Development Authority. d. Job retention requirements will be determined at the time of approval. e. Project compliance with all city codes and policies. Forgivable Loan Policy and Application P O N [ R 1 U R INMUREEI Page 4 of 20