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by financial statements and projections. <br />Letter of Commitment from applicant pledging to complete the <br />project during proposed project duration, if the loan application is <br />approved. <br />Letter of Commitment from other financing sources stating terms <br />and conditions of their participation in the project if applicab <br />Sufficient collateral. <br /> <br />c. All other information as required in the application and/or addition <br />information as may be requested by the Economic Development staff. <br />. <br />d. Project compliance with all city codes and policies <br />e. Microloan Objectives -In addition to quality job and wage <br />creation/retention requirements, the applicant must meet all Microloan <br />Fund criteria and demonstrate how the proposed activities will m <br /> <br />least oneof the following objectives: <br /> <br />The project contributes to the fulfillment of the citys approved and <br />adopted economic development and/or redevelopment plans. <br />The project prevents or eliminates slums and blight. <br />The project increases the local tax base. <br />The project brings a structure into compliance with an existing <br /> <br />building codeviolation. <br /> <br />7.A written request for an extension shall be accompanied by a cop <br />financial statements and a $500 upfront processing fee. The pro <br />used to cover processing expenses. The application for an exten <br />original term should include a letter of denial from a conventional len <br /> <br />8.The EDA Finance Committee will recommend the approval, denial, o <br />resubmission. A recommendation from the Finance Committee will <br />forwarded to the EDA for recommendation of approval, denial to the City <br />Council for final action. <br /> <br /> <br />8. MICROLOAN POLICY REVIEW <br />The above criteria will be reviewed on an annual basis to ensure <br />reflected in this document are consistent with the economic deve <br />forth by the city. <br /> <br />9. RIGHT OF REFUSAL <br />The EDA may deny any application if it is found not consistent with the goals of the <br />citys Comprehensive Plan and Economic Development Strategic Pla <br />relation to the projects overall impact on the communitys economy. <br /> <br /> <br />Page 6 of 22 <br /> <br /> <br />