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<br /> <br />4. The HRA is a governmental entity and as such must provide public access to public data <br />it receives. Data deemed by applicant to be nonpublic data under State law should be so <br />designated or marked by applicant. See Minnesota Statutes, Chapter 13, as amended. <br /> <br />5. The application will be reviewed by the city staff to determine if it conforms to all city <br />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 after demolition will result in conformance with <br />building and zoning codes. <br />c. Whether it is desirous and in the best interests of the public to provide funding <br />for the project. <br /> <br />6. The HRA Commissioners will review each application in terms of its consistency with <br />the goals of the city’s Comprehensive Plan and the Housing and Redevelopment <br />Authority’s Strategic Plan and in relation to the project’s overall impact on the <br />community’s economy. <br /> <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 />4 <br />498470v2 JSB EL185-13 <br />