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The EDA Finance Committee will recommend the approval, denial, or request a <br />resubrmssion. A recormnendation from the Finance Committee will be <br />forwarded to the EDA for final action. <br /> <br />Xl. <br /> <br />LOAN POLICY REVIEW <br />The above criteria will be rexdewed 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 /> <br />COHPLIANCE WITH STATE STATUTES <br /> <br />Each company receMng 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 116.I.993 and the City's Business Subsidy Policy summarized below: <br /> <br />Progress Reports <br />The borrower shall file a report annually for two years after the dosing of the loan or <br />until all goals set forth in the application have been meet, wKich ever is later. Reports <br />shall be completed ushag the format drafted by the State of Minnesota and shall be <br />filed with the City in March of each year for the prexdous year. <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 5-years after the date the loan is closed. <br /> <br />Goal Attainment <br />In addidon to attahxing or exceeding the jobs and wages goals set forth in Section IV <br />of the Applicafon, the borrower agrees to achieve at least one of the goals for <br />conununity development set forth in Section IX, part 5, subdivision (e) of the Micro <br />Loan Fund Policy. <br /> <br />Redevelopment loans in the central business district are exempt from job creation and <br />wage goals stated in Section IX, part 5, subdivision (e) provided the loan amount does <br />not exceed 50% of the project cost. <br /> <br />Failure to Comply <br />Businesses f, iling to comply with the above provisions will be subject to fines, <br />repayment requirements in accordance with the state statute, and be deemed <br />ineli~ble by the State to receive an.5' loans or ~ants from public entities for a period . <br />of 5-years. <br /> <br />XIi. <br /> <br />RIGHT OF REFUSAL <br /> <br />The Elk River Econon'fic Development Authority may deny any project which it <br />deems inappropriate according to the guidelines established in this document. <br /> <br />Elk River Econormc Development Authority <br />Micro Loan Fund Policy & Guidelines <br /> <br />Page 8 of 8 <br /> <br /> <br />