8.2. HRSR 08-05-2019 - Laserfiche WebLink

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3 498470v2 JSB EL185-13 priorities that the HRA must consider. Awards are based on the availability of funds. SIMULTANEOUS MICROLOANS The simultaneous use of different HRA microloan programs by any one borrower or for any one project is prohibited. CALL OF LOAN A loan shall become due and payable in full if the owner-occupant relocates outside of the city of Elk River prior to the maturity date of the loan. COST OF REVIEW The applicant will be responsible for all legal, recording, and other fees required for protection of a security interest in the loan, payable by a $500 processing fee, which is paid at the time of application, plus legal and any other out-of-pocket costs incurred by the HRA. In addition to the processing fee, all legal and filing fees shall be paid by the borrower at loan closing. PROCEDURAL GUIDELINES FOR APPLICATION AND APPROVAL 1. All applicants shall first contact a primary lending institution which will be assisting with the financing of the overall project. 2. The applicant shall then meet with city staff to obtain information about the microloan program, discuss the project, and obtain application forms. 3. The applicant shall complete and submit an application form to the city, along with a $500 processing fee plus legal and any other out-of-pocket costs incurred by the HRA. The fee is used to cover processing expenses and any remaining funds will be returned to the applicant. The applicant must provide a letter of commitment for conventional financing from the primary lending institution. 4. The HRA is a governmental entity and as such must provide public access to public data it receives. Data deemed by applicant to be nonpublic data under State law should be so designated or marked by applicant. See Minnesota Statutes, Chapter 13, as amended. 5. The application will be reviewed by the city staff to determine if it conforms to all city policies and ordinances and to consider the following: a. The availability and applicability of other governmental grants and/or microloan programs. b. Whether the proposed project after demolition will result in conformance with building and zoning codes. c. Whether it is desirous and in the best interests of the public to provide funding for the project. 6. The HRA Commissioners will review each application in terms of its consistency with the goals of the city’s Comprehensive Plan and Housing and Redevelopment Authority’s Strategic Plan and in relation to the project’s overall impact on the community’s economy.