8.1. HRSR 08-03-2020 - Laserfiche WebLink

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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 the Housing and Redevelopment Authority's Strategic Plan and in relation to the project's overall impact on the community's economy. 7. The HRA Commissioners will evaluate the project application in terms of the following: 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. d. Project compliance with all city codes and policies. e. Microloan Objectives - the applicant must demonstrate how the proposed activities will meet at least one of the following objectives: • The project contributes to the fulfillment of the city's approved and adopted economic development and/or redevelopment plans. • The project prevents or eliminates slums and blight. 8. The HRA Commissioners will approve,deny, or request a resubmission of any application submitted under this policy. MICROLOAN POLICY REVIEW The above criteria will be reviewed on an annual basis to ensure that the policies reflected in this document are consistent with the economic development goals set forth by the city. 4 498470v2 JSB ELI 85-13