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f Program Objectives-In addition to quality job and wage creation/retention requirements,the <br /> applicant must meet all Forgivable Loan Program criteria and demonstrate how the proposed <br /> activities will meet at least one of the objectives listed on page two of this application. <br /> 8. The EDA Finance Committee will recommend the approval,denial,or request a resubmission. A <br /> recommendation from the Finance Committee will be forwarded to the EDA for final action. <br /> 9. Loan proceeds will be disbursed upon proof of expenditures. A closing to execute the forgivable loan <br /> documents will only occur upon the following: <br /> a. Evidence that Applicant's portion of project funds have been disbursed or escrowed;or <br /> b. Written confirmation from the primary lender that Applicant has met equity requirements for the <br /> project and primary Lender has funded their portion of the project; <br /> c. Lender has fully funded the project and is seeking take out financing by EDA for FDA's portion <br /> of the project;or <br /> d. Lender is requesting simultaneous closing for the funding of the project. <br /> XI. LOAN POLICY REVIEW <br /> The above criteria will be reviewed on an annual basis to ensure that the policies reflected in this <br /> document are consistent with the economic development goals set forth by the City. <br /> XII. RIGHT OF REFUSAL <br /> The Elk River Economic Development Authority may deny any project which it deems inappropriate <br /> according to the guidelines established in this document. <br /> XIII. COMPLIANCE WITH MN BUSINESS SUBSIDY LAW <br /> Each company receiving assistance in the principal amount of$75,000 or more from the EDA Forgivable <br /> Loan Program shall be subject to the provisions and requirements set forth by Minnesota Business <br /> Subsidy Law Statute 116J.993 and the City of Elk River Business Subsidy Policy. <br /> All applicants will be required to submit annual progress reports to the Economic Development Authority <br /> until job creation requirements are met. Additionally,all new hires will be required to complete a salary <br /> survey to prove LMI requirements are met and forgivable loan policy requirements are met. <br /> XIV. OTHER FEDERAL REQUIREMENTS <br /> 1. FAIR HOUSING AND EQUAL ACCESS <br /> a. Title VI of the Civil Rights Act of 1964,as Amended(42 U.S.C.2000d et seq.) (24 CFR Part 1) <br /> i. No person may be excluded from participation in,denied the benefits of,or subjected to <br /> discrimination under any program or activity receiving Federal financial assistance on the <br /> basis of race,color or national origin. <br /> b. The Fair Housing Act(42 U.S.C.3601-3620) ((24 CFR Part 100-115) <br /> i. Prohibits discrimination in the sale or rental of housing,the financing of housing or the <br /> provision of brokerage services against any person on the basis of race,color,religion,sex, <br /> national origin,handicap or familial status. Furthermore,section 104(b) (2)of the Act <br /> requires that each grantee certify to the secretary of HUD that it is affirmatively furthering <br /> fair housing. The certification specifically requires grantees to conduct a fair housing <br /> Forgivable Loan Policy and Application P O M [ R 1 U R <br /> INAWREE] <br /> Page 5 of 20 <br />