4.1. EDSR 01-31-2017 - Laserfiche WebLink

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i. Project compliance with all city codes and policies. All other information as required in the application and/or additional information as may be requested by the Economic Development staff. Program Objectives -In addition to quality job and wage creation/retention requirements, the applicant must meet all Microloan Fund criteria and demonstrate how the proposed activities will meet at least one of the following objectives: 1. The project contributes to the fulfillment of the city's approved and adopted economic development and/or redevelopment plans. 2. The project prevents or eliminates slums and blight. 3. The project increases the local tax base. 4. The project brings a structure into compliance with an existing building code violation. LOAN EXTENSION A written request for an extension shall be accompanied by a copy of current financial statements and a $500 upfront processing fee. The fee is used to cover processing expenses and any remaining funds will be refunded. The application for an extension beyond the original term should include a letter of denial from a conventional lender. 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.. 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. RIGHT OF REFUSAL The EDA Finance committee and EDA Commissioners have the discretion to consider each application in terms of its consistency with the goals of the city's Comprehensive Plan and/or the Economic Development Strategic Plan and in relation to the project's overall impact on the community's economy, and may deny an application if the findings are such that the application and/or proposed project does not meet the goals of the city's Comprehensive Plan and/or the Economic Development Strategic Plan. AGREEMENT TO PAY COSTS OF REVIEW 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 City's costs for review of the application by the City's Financial Consultant and City Attorney, or other consultants, recording fees, and necessary publication 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 thirty (30) days. Application fees are not