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a. The availability and applicability of other governmental gr <br />loan programs. <br />b. Whether the proposed project will result in conformance wit <br />and zoning codes. <br />c. Whether it is desirous and in the best interests of the pub <br /> <br />funding for the project. <br /> <br />7. <br />The HRA Commissioners will review each application in terms of i <br />with the goals of the Citys Comprehensive Plan and Housing and <br />Redevelopment Authority Strategic Plan and in relation to the pr <br />impact on the communitys economy and will evaluate the project <br />terms of the following: <br /> <br />a. Project Design - Evaluation of project design will include <br /> <br />review of proposed activities, time lines and a capacity to impl <br /> <br />b. Financial Feasibility - Availability of funds, private involvement, financial <br /> packaging and cost effectiveness. <br /> <br />Appropriate ratio of private funds to the Blighted Properties <br />Forgivable Loan funds. <br />Sufficient cash flow to cover proposed debt service as demonstra <br />by financial statements and projections. <br />Ability to demonstrate a positive net worth. <br />Letter of Commitment from applicant pledging to complete the <br />project during proposed project duration, if the loan application is <br />approved. <br />Letter of Commitment from other financing sources stating terms <br />and conditions of their participation in the project if applicab <br />Sufficient collateral. <br />Certificate of Good Standing from the Minnesota Secretary of State <br /> <br />c. All other information as required in the application and/or <br />information as may be requested by the Housing and Redevelopment <br />Authority. <br /> <br />. <br />d. Project compliance with all city codes and policies <br />e. Program Objectives -In addition to quality job and wage <br />creation/retention requirements, the applicant must meet all of <br />Blighted Properties Forgivable Loan Program criteria and demonst <br /> <br />how the proposed activities will meet at least oneof the following <br />objectives listed on page two of this application. <br /> <br />8. <br />The Housing and Redevelopment Authority will recommend the appro <br />denial, or request a resubmission. <br />9. <br />A simultaneous closing with the primary lender is required to ex <br /> <br />Blighted Properties Forgivable Commercial/Industrial Loan Policy & Guidelines <br /> <br /> <br />Page 6 of 1717 <br />498473v2 JSB EL185-13 <br />