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funds will be returned to the applicant. The applicant must pro <br />ability to meet the 10% equity requirements or provide a letter <br />conventional financing from the primary lending institution. <br />4.The EDA is a governmental entity and as such must provide public <br />it receives. Data deemed by Applicant to be nonpublic data unde <br />designated or marked by Applicant. See Minn. Sat. Sections 13.59, Subd. 1, respectively. <br /> <br />5.The application will be reviewed by the city staff to determine <br />policies and ordinances and to consider the following: <br />a. The availability and applicability of other governmental grants and/or <br />microloan programs. <br />b. Whether the proposed project will result in conformance wit <br />zoning codes. <br />c. Whether it is desirous and in the best interests of the pub <br />for the project. <br /> <br />6.The EDA Finance Committee and EDA Commissioners will review each application <br />terms of its consistency with the goals of the citys Comprehens <br />Development Strategic Plan and in relation to the projects over <br />communitys economy. Downtown Revitalization Loan applications will also be <br />reviewed by a Housing & Redevelopment Authority Commissioner in <br />the EDA Finance Committee. Energy Efficiency Improvement Loan a <br />also be reviewed by an Energy City Commissioner in conjunction with the EDA Finance <br />Committee. <br /> <br />The EDA Finance Committee will evaluate the project application <br />following: <br /> <br />a. Project Design - Evaluation of project design will include review of proposed <br />activities, time lines and a capacity to implement the project. <br /> <br />b. Financial Feasibility - Availability of funds, private involvement, financial <br /> packaging and cost effectiveness. <br /> <br />Appropriate ratio of private funds to Microloan funds. <br />Sufficient cash flow to cover proposed debt service as demonstrated by <br />financial statements and projections. <br />Letter of Commitment from applicant pledging to complete the pro <br />during proposed project duration, if the loan application is app <br />Letter of Commitment from other financing sources stating terms and <br />conditions of their participation in the project if applicable. <br />Sufficient collateral. <br /> <br />c. All other information as required in the application and/or a <br />as may be requested by the Economic Development staff. <br /> <br />6 <br /> <br />