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116J.993, Subdivision 2. <br /> <br />VIII. LOAN SECURITY AND GUARANTEES <br />Applicant must secure the loan by providing the HRA with a minimum of a <br />subordinate mortgage upon the building and/or assets or other ap <br />Personal guarantees and entity guarantees may be made part of al <br />Key person life insurance may be required as determined by the HRA based on loan <br />amount and company ownership partners. <br /> <br />VIII. TIMING OF PROJECT EXPENSES/PROJECT TIMELINE <br />No project should commence until the Elk River Housing and Redev <br />Authority has approved the loan application. Any costs incurred prior to the <br />approval of the loan application are generally not eligible expe <br />must submit project timeline with application; timeline will ass <br />creation goal deadlines. <br />The applicant will be responsible for all legal, recording, and other fees <br />protection of a security interest in the loan, payable by a non-refundable $2,000 <br />processing fee, which is paid at the time of application. In ad <br />non-refundable $2,000 processing fee, all legal and filing fees shall be <br />borrower at loan closing. <br />X. PROCEDURAL GUIDELINES FOR APPLICATION AND APPROVAL <br />1. <br />All applicants shall first contact a primary lending institution <br />additional equity is needed, and if so, how much. <br />2. The applicant and the primary lender (if applicable) shall <br />Staff to obtain information about the Housing and Redevelopment <br />Properties Forgivable Commercial/Industrial Loan program, discuss the project, <br />and obtain application forms. <br />3. The applicant shall complete and submit an application for <br />with a non-refundable processing fee of $2,000. The applicant must provide <br />evidence of their ability to meet the equity requirements or provide a letter of <br />commitment for conventional financing from the primary lending i <br />applicable. <br />4. The HRA is a governmental entity and as such must provide p <br />public data it receives. Data deemed by Applicant to be nonpublic data under <br />Minn. Sat. <br />State law should be so designated or marked by Applicant. See <br />Sections 13.59, Subd. 1, respectivelyMinnesota Statutes, Chapter 13, as amended. <br />5. The application will be reviewed by the City staff to determine if it conforms to <br />all City policies and ordinances and to consider the following: <br /> <br />Blighted Properties Forgivable Commercial/Industrial Loan Policy & Guidelines <br /> <br /> <br />Page 5 of 1717 <br />498473v2 JSB EL185-13 <br />