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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 /> 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 /> 7. The HRA Commissioners will evaluate the project application in terms of the following: <br /> a. Project Design-Evaluation of project design will include review of proposed <br /> activities,time lines and a capacity to implement the project and whether the <br /> proposed Project meets the requirements of this policy. <br /> b.Financial Feasibility-Availability of funds,private involvement,financial <br /> packaging and cost effectiveness. <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 Comunitment from other financing sources stating terms and <br /> conditions of their participation in the project if applicable. <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 /> d.Project compliance with all city codes and policies. <br /> e.Microloan Objectives-the applicant must demonstrate how the proposed <br /> activities will meet at least one of the following objectives: <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 /> 8. The HRA Commissioners will approve,deny,or request a resubmission of any <br /> application submitted under this policy. <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 /> 4 <br /> 498470v2 JSB EL185-13 <br />