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<br />2. The applicant shall then meet with city staff to obtain information about the microloan <br />program, discuss the project, and obtain application forms. <br /> <br />3. The applicant shall complete and submit an application form to the city, along with a <br />$2,000 processing fee. The fee is used to cover processing expenses and any remaining <br />funds will be returned to the applicant. The applicant must provide evidence of their <br />ability to meet the 10% equity requirements or provide a letter of commitment for <br />conventional financing from the primary lending institution. <br /> <br />4. The EDA 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 Minn. Sat. Sections 13.59, Subd. 1, respectively. <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 will result in conformance with building and <br />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 EDA Finance Committee and EDA Commissioners will review each application in <br />terms of its consistency with the goals of the city’s Comprehensive Plan and Economic <br />Development Strategic Plan and in relation to the project’s overall impact on the <br />community’s economy. Downtown Revitalization Loan applications will also be <br />reviewed by a Housing & Redevelopment Authority Commissioner in conjunction with <br />the EDA Finance Committee. Energy Efficiency Improvement Loan applications will <br />also be reviewed by an Energy City Commissioner in conjunction with the EDA Finance <br />Committee. <br /> <br />The EDA Finance Committee will evaluate the project application in terms of the <br />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 and projections. <br /> Letter of Commitment from applicant pledging to complete the project <br />during proposed project duration, if the loan application is approved. <br />6 EDA & City Council Approved April 17, 2017 <br /> <br />