Laserfiche WebLink
<br /> <br />4 <br />498470v2 JSB EL185-13 <br />7. The HRA Commissioners will evaluate the project application in terms of the following: <br /> <br />a. Project Design - Evaluation of project design will include review of proposed <br />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 by <br />financial statements. <br />• Letter of Commitment from applicant pledging to complete the project <br />during proposed project duration, if the loan application is approved. <br />• Letter of Commitment from other financing sources stating terms and <br />conditions of their participation in the project if applicable. <br /> <br />c. All other information as required in the application and/or additional information <br />as may be requested by the Economic Development staff. <br /> <br />d. Project compliance with all city codes and policies. <br /> <br />e. Microloan Objectives - the applicant must demonstrate how the proposed <br />activities will meet at least one of the following objectives: <br /> <br />• The project contributes to the fulfillment of the city’s approved and adopted <br />economic development and/or redevelopment plans. <br />• The project prevents or eliminates slums and blight. <br /> <br />8. The HRA Commissioners will approve, deny, or request a resubmission of any <br />application submitted under this policy. <br /> <br /> <br />MICROLOAN POLICY REVIEW <br />The above criteria will be reviewed on an annual basis to ensure that the policies reflected in this <br />document are consistent with the economic development goals set forth by the city. <br /> <br />RIGHT OF REFUSAL <br />The HRA may deny any application if it is found not consistent with the goals of the city’s <br />Comprehensive Plan and Housing and Redevelopment Authority Strategic Plan, or Mississippi <br />Connections Plan and in relation to the project’s overall impact on the community’s economy. <br /> <br />PREFERRED SCORE: <br />Precedence will be placed on applications which meet a “preferred” score of 75 or more. To fulfill <br />this requirement of reviewing applications in an objective and fair manner, the following criteria