8.1. HRSR 06-01-2020 - Laserfiche WebLink

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The applicant shall then meet with city staff to obtain information about the microloan2. program, discuss the project, and obtain application forms. The applicant shall complete and submit an application form to the city, along with a3. $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 or evidence of sufficient equity to complete the project. The HRA is a governmental entity and as such must provide public access to public data4. 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. The application will be reviewed by the city staff to determine if it conforms to all city5. 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. The HRA Commissioners will review each application in terms of its consistency with6. the goals of the city’s Comprehensive Plan and the Housing and Redevelopment Authority’s Strategic Plan and in relation to the project’s overall impact on the community’s economy. The HRA Commissioners will evaluate the project application in terms of the following:7. a. Project Design - Evaluation of project design will include review of proposed activities, time lines and a capacity to implement the project and whether the proposed Project meets the requirements of this policy. b. Financial Feasibility - Availability of funds, private involvement, financial packaging and cost effectiveness. Appropriate ratio of private funds to Microloan funds. Sufficient cash flow to cover proposed debt service as demonstrated by financial statements. Letter of Commitment from applicant pledging to complete the project during proposed project duration, if the loan application is approved. Letter of Commitment from other financing sources stating terms and conditions of their participation in the project if applicable. c. All other information as required in the application and/or additional information as may be requested by the Economic Development staff. 4 498470v2 JSB EL185-13