7.7 HRSR 05-01-2017 - Laserfiche WebLink

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the fair market value. Both appraisals must be done by an independent appraiser using accepted appraisal methodology. In lieu of an appraisal, the applicant may use the current and projected assessed values as determined by the local assessor. Values cannot be determined in any other manner. The value of the property after the proposed development is completed is also requested. AWARDING LOANS: The HRA will award loans to projects that provide the highest return in public benefits for the public costs incurred and meet all of the statutory requirements. In order to evaluate the applications for public benefits with respect to thecosts incurred, the law specifies priorities that the HRA must consider. Awards are based on the availability of funds. SIMULTANEOUS MICROLOANS The simultaneous use of different HRA microloan programs by any one borrower or for any one project is prohibited. CALL OF LOAN A loan shall become due and payable in full if the owner-occupant relocates outside of the city of Elk River prior to the maturity date of the loan. COST OF REVIEW The applicant will be responsible for all legal, recording, and other fees required for protection of a security interest in the loan, payable by a $500 processing fee, which is paid at the time of application, [plus legal and any other out-of-pocket costs incurred by the HRA]. In addition to the processing fee, all legal and filing fees shall be paid by the borrower at loan closing. PROCEDURAL GUIDELINES FOR APPLICATION AND APPROVAL All applicants shall first contact a primary lending institution 1. the financing of the overall project. The applicant shall then meet with city staff to obtain information 2. program, discuss the project, and obtain application forms. The applicant shall complete and submit an application form to t 3. $1,000500 processing fee [plus legal and any other out-of-pocket costs incurred by the HRA]. The fee is used to cover processing expenses and any remaining returned to the applicant. The applicant must provide a letter conventional financing from the primary lending institution. The HRA is a governmental entity and as such must provide public 4. it receives. Data deemed by Applicantapplicant to be nonpublic data under State law should be so designated or marked by Applicant. See Minn. Sat. Sections 13.59, Subd. 1, respectivelyapplicant. See Minnesota Statutes, Chapter 13, as amended. The application will be reviewed by the city staff to determine 5. policies and ordinances and to consider the following: 3 498470v1 JSB EL185-13498470v2 JSB EL185-13