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Blighted Properties Forgivable Commercial/Industrial Loan documents. <br /> <br />10. <br />Loan proceeds will be disbursed upon execution of the Blighted P <br />Forgivable Commercial/Industrial Loan documents at closing. <br />OR <br />Loan proceeds will be disbursed upon evidence of eligible demolis as <br />incurred or paid by the borrower and upon submission of invoices <br />supporting documentation satisfactory to the commission. <br />11. <br /> <br />XI.LOAN POLICY REVIEW <br />The above criteria will be reviewed on an annual basis to ensure <br />reflected in this document are consistent with the housing and redevel <br />authority goals set forth by the City. <br />XII. RIGHT OF REFUSAL <br />The Elk River Housing and Redevelopment Authority may deny any p <br />deems inappropriate according to the guidelines established in this document. <br /> <br /> <br />XIII. COMPLIANCE WITH MN BUSINESS SUBSIDY LAW <br />Each company receiving assistance in the principal amount of $74 <br />HRA Blighted Properties Forgivable Commercial/Industrial Loan Pr <br />subject to the provisions and requirements set forth by Minnesota Business <br />Law Statute 116J.993 and the City of Elk River Business Subsidy <br />All applicants will be required to submit annual progress report <br />Redevelopment Authority until job creation requirements are met. <br /> <br />Blighted Properties Forgivable Commercial/Industrial Loan Policy & Guidelines <br /> <br /> <br />Page 7 of 1717 <br />498473v2 JSB EL185-13 <br />