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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 />XI. RIGHT OF REFUSAL <br />The Elk River Economic Development Authority may deny any project which it <br />deems inappropriate according to the guidelines established in this document. <br />XII. COMPLIANCE WITH MN BUSINESS SUBSIDY LAW <br />Each company receiving assistance in excess of $75,000 from the EDA Micro Loan <br />Fund shall be subject to the provisions and requirements set forth by Minnesota <br />State Statute 116J.993 and the attached City of Elk River Business Subsidy Policy. <br />Micro Loan Fund Policy & Guidelines Page 8 of 14 <br />Amended May 2006 <br />