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• Letter of Commitment from applicant pledging to complete the <br />project during proposed project duration, if the loan application <br />is approved. <br />• Letter of Commitment from other financing sources stating <br />terms and conditions of their participation in the project if <br />applicable. <br />• Sufficient collateral. <br />All other information as required in the application and/or additional <br />information as may be requested by the Economic Development <br />Authority. <br />d. Project compliance with all city codes and policies. <br />e. Program Objectives - In addition to quality job and wage <br />creation/retention requirements, the applicant must meet all Micro Loan <br />Fund criteria and demonstrate how the proposed activities will meet at <br />least one of the following objectives: <br />• The project contributes to the fulfillment of the city's approved <br />and adopted economic development and/or redevelopment <br />plans. <br />• The project prevents or eliminates slums and blight. <br />• The project increases the local tax base. <br />• The project brings a structure into compliance with an existing <br />building code violation. <br />A written request for an extension shall be accompanied by a copy of current <br />financial statements and a $500 upfront processing fee. The processing fee is <br />used to cover processing expenses and will be returned if request is denied. The <br />application fox an extension beyond the original term should include a letter of <br />denial from a conventional lender. Refinancing will not be allowed solely for the <br />purpose of reducing the interest rate due to lower market interest rates. <br />The EDA Finance Committee will recommend the approval, denial, or request a <br />resubmission. A recommendation from the Finance Committee will be <br />forwarded to the EDA for final action. <br />X. LOAN POLICY REVIEW <br />The above criteria will be reviewed on an annual basis to ensure that the policies <br />reflected in this document are consistent with the economic development goals set <br />forth by the City. <br />Elk Rivex Economic Development Authority Page 7 of 15 <br />Micro Loan Fund Policy & Guidelines <br />1`~ Draft February 2006 <br />