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a. The availability and applicability of other governmental gr <br />microloan programs. <br />b. Whether the proposed project after demolition will result i <br />building and zoning codes. <br />c. Whether it is desirous and in the bestinterests of the public to provide funding <br />for the project. <br /> <br />The HRA Commissioners will review each application in terms of i <br />6. <br />the goals of the citys Comprehensive Plan and Housing and Redev <br />Strategic Plan and in relation to the projects overall impact on the communitys <br />economy. <br />7. <br />The HRA Commissioners will evaluate the project application in t <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 /> <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 />. <br />d. Project compliance with all city codes and policies <br /> <br />e. Microloan Objectives - the applicant must demonstrate how the proposed <br /> <br />activities will meet at least oneof the following 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 brings a structure into compliance with an existing <br /> <br />violation. <br /> <br />8. A written request for an extension shall be accompanied by a copy of current financial <br />statements and a $500 upfront processing fee. The processing fe <br />processing expenses. The application for an extension beyond th <br /> <br />include a letter of denial from a conventional lender. <br />4 <br />498470v1 JSB EL185-13498470v2 JSB EL185-13 <br />