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<br /> <br />Page 4 of 21 EDA & City Council Approved August 21, 2017 <br /> <br /> <br /> <br />1. All applicants shall first contact a primary lending institution to determine if <br />additional equity is needed, and if so, how much (if applicable). <br /> <br />2. The applicant shall then meet with city staff to obtain information about the <br />microloan program, discuss the project, and obtain application forms. <br /> <br />3. The applicant shall complete and submit an application form to the city, along <br />with a $2,000 processing fee. The fee is used to cover processing expenses and <br />any remaining funds will be returned to the applicant. The applicant must <br />provide evidence of their ability to meet the 10% equity requirements or provide <br />a letter of commitment for conventional financing from the primary lending <br />institution. <br /> <br />4. The EDA is a governmental entity and as such must provide public access to <br />public data it receives. Data deemed by Applicant to be nonpublic data under <br />State law should be so designated or marked by Applicant. See Minn. Sat. <br />Sections 13.59, Subd. 1, respectively. <br /> <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 />a. The availability and applicability of other governmental grants and/or <br />microloan programs. <br />b. Whether the proposed project will result in conformance with building <br />and zoning codes. <br />c. Whether it is desirous and in the best interests of the public to provide <br />funding for the project. <br /> <br />6. The EDA Finance Committee and EDA Commissioners will review each <br />application in terms of its consistency with the goals of the city’s Comprehensive <br />Plan and Economic Development Strategic Plan and in relation to the project’s <br />overall impact on the community’s economy. Downtown Revitalization Loan <br />applications will also be reviewed by a Housing & Redevelopment Authority <br />Commissioner in conjunction with the EDA Finance Committee. Energy <br />Efficiency Improvement Loan applications will also be reviewed by an Energy <br />City Commissioner in conjunction with the EDA Finance Committee. <br /> <br />The EDA Finance Committee will evaluate the project application in terms of <br />the following: <br /> <br />a. Project Design - Evaluation of project design will include review of <br />proposed 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