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<br />. Letter of Commitment from otller financing sources stating <br />terms and conditions of their participation in tile project if <br />applicable. <br /> <br />. Sufficient collateral. <br /> <br />c. .L"1.ll other information as required in the application and/ or additional <br />information as may be requested by the Economic Development <br />.L"1. u tll 0 ri ty . <br /> <br />d. Project compliance \vith all city codes and policies. <br /> <br />e. Program Objectives - In addition to quality job and \,rage <br />creation/ retention requirements, tlle applicant must meet all :Nficro Loan <br />Fnnd criteria and demonstrate 110\v tlle proposed activities \vill meet at <br />least one of tlle follo\ving objectives: <br /> <br />. The project contributes to the fulfillment of tlle city's approv~ed <br />and adopted economic de\Telopment and/ or rede\ielopment <br />plans. <br /> <br />. The project prevents or eliminates slums and bligl1t. <br /> <br />. TIle project increases tlle local tax base. <br /> <br />. TIle project brings a structure into compliance \Vitll an existing <br />building code violation. <br /> <br />6. .t1.. \vritten request for an extension shall be accompanied by a copy of current <br />financial statements and a $500 upfront processing fee. TIle processing fee is <br />used to cover processing expenses and \v-ill be returned if request is denied. TIle <br />application for an extension beyond tlle original term sllould include a letter of <br />denial from a conventional lender. Refinancing \vill not be allo\"ved solely for the <br />purpose of reducing the interest rate due to 10\~ler market interest rates. <br /> <br />7. Tile ED.L~ Finance Committee \vill recommend tlle approval, denial, or request a <br />resubmission. .L'1.. recommendation from the Finance Committee \vill be <br />fonvarded to tlle ED.L\ for final action. <br /> <br />x. LOAN POLICY REVIEW <br />TIle above criteria \vill be revie\ved on an annual basis to ensure tllat the policies <br />reflected in tlus document are consistent \v-ith the economic de\ielopment goals set <br />fortll by tlle City. <br /> <br />Elk River Economic Development .r\.uthority <br />:l\1icro Loan Fund Policy & Guidelines <br />Re'vlsed June 2004 <br /> <br />Page 7 of 8 <br />