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e. Prog'ram Objectives - In ad&non to job and ~vage requirements, the <br /> applicant must meet all Micro Loan Fund criteria and demonstrate how <br /> the proposed activines will meet at least one of the following objectives: <br /> <br />The project contributes to the fulf21rnent of the city's approved <br />and adopted economic development and/or redevelopment <br />plans. <br /> <br />The project prevents or eliminates slums and blight. <br /> <br />· The project increases the local tax base. <br /> <br />· The project brings a ~trucmre into compliance with an e:dstmg <br /> building code violation. -- <br /> <br />The EDA Finance Committee will reconnnend the approval, denial, or request a <br />resubmission. A recommendation from the Finance Com-rmttee will be <br />forwarded to the EDA for final action. <br /> <br />Xo <br /> <br />Xl: <br /> <br />LOAN POLICY REVIEW <br /> <br />The above criterm will be reviewed on an annual basis to ensure that the policies <br />reflected in this document are consistent ~vith the economic development goals set <br />forth by the City. <br /> <br />COMPLIANCE WITH STATE STATUTES <br /> <br />Each company receiving assistance in excess of $25,000 from the EDA Micro Loan <br />Fund sh,qll be subject to the provisions and requirements set forth by Minnesota <br />State Statute 116j.993 and summarized below. <br /> <br />Progress Reports <br />The borzo~ver shall file a report annually for two years after the closing of the loan or <br />until all goals set forth in the application have been meet, which ever is later. Reports <br />shall be completed using the format dzafted by the State of Minnesota and shall be <br />filed with the City no later than March 1 of each year for the previous year. <br />Businesses fulfilling job Creation requirements must file a report with the city no later <br />than 30 days after the deadline. <br /> <br />Maintain Facility <br />The borrower agrees to maintain and operate its facility at the site where the loan is <br />used for a period of five years after the date the loan is closed. <br /> <br />Goal Attainment <br />In ad&non to attaining or exceeding the jobs and wages goals set forth in Section IV <br />of the Application, the borrower agrees to achieve at least one of the goals for <br />community development set forth in Secnon Pi, part 5, subdivision (e) of the Micro <br />Loan Fund policy. <br /> <br />Elk thver Economic Development Authomty <br />iVficro Loan Fund Policy & Guidelines <br /> <br />Page 7 of 8 <br /> <br /> <br />