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. <br />d. Project compliance with all city codes and policies <br /> <br />e. Microloan Objectives - In addition to quality job and wage creation/retention <br />requirements, the applicant must meet all Microloan Fund criteri <br />demonstrate how the proposed activities will meet at least oneof the following <br />objectives: <br /> <br />The project contributes to the fulfillment of the citys approve <br />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 />violation. <br /> <br />7.A written request for an extension shall be accompanied by a cop <br />statements and a $500 upfront processing fee. The processing fee is used to cover <br />processing expenses. The application for an extension beyond th <br />include a letter of denial from a conventional lender. <br /> <br />8.The EDA Finance Committee will recommend the approval, denial, o <br />resubmission. A recommendation from the Finance Committee will be forwarded <br />EDA for recommendation of approval, denial to the City Council f <br />MICROLOAN POLICY REVIEW <br />The above criteria will be reviewed on an annual basis to ensurecies reflected in this <br />document are consistent with the economic development goals set <br />RIGHT OF REFUSAL <br />The EDA may deny any application if it is found not consistent w <br />Comprehensive Plan and Economic Development Strategic Plan and in relation to the projects <br />overall impact on the communitys economy. <br /> <br />AGREEMENT TO PAY COSTS OF REVIEW <br />It is the policy of the City of Elk River to require applicants <br />reviewing and acting upon applications, so that these costs are <br />City. These costs include all of the Citys out-of-pocket costs for expenses, including the Citys costs <br />for review of the application by the Citys Financial Consultant <br />consultants, recording fees, and necessary publication costs. <br /> <br />The application processing fees cover anticipated costs; costs incurred above the application fee will <br />be invoiced as they are incurred, and payment will be due within <br />are not refundable, though any unused portion is returned at the <br />payment is not received as required by this agreement, the City may su <br />process and may deny the application for failure to comply with <br />application. Payment for costs will be required whether the application is granted or denied. <br /> <br />7 <br /> <br />