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The application will be reviewed by the C~ty staff to determine if it conforms to <br /> alt City policies and ordinances and to consider the following: <br /> a. The availability, and applicability of other governmental grants and/or <br /> loan programs. <br /> b. Whether the proposed project will result in conformance ~vith building <br /> and zoning codes. <br /> c. Whether it is desirous and in the best interests of the public to provide <br /> funding for the project. <br /> <br />The EDA Finance Committee and EDA Commissioners will review each <br />application m terms of its consistency with the goals of the Growth <br />Management, Strategic, and Economic Development Plans and in relation to the <br />project's overall anpact on the community's economy. Redevelopment Loan <br />applications will also be reviewed by an HP~ member in conjufict/on with the <br />EDA Finance Committee. <br /> <br />They will also evaluate the project application in terms of the following: <br /> <br />a. Project Design - Evaluation of project desig'n will include <br /> review of proposed activities, time lines and a capacity to implement. <br /> <br />b. Financial Feasibility - Availability of funds, private involvement, financial <br /> packaging and cost effectiveness. <br /> <br />· Appropriate ratio of private funds to lVficro Loan funds. <br /> <br />· Sufficient cash flow to cover proposed debt.service as <br /> demonstrated by financial statements and projections. <br /> <br />· Business must show a positive net worth. <br /> <br />Letter of Cornm/nnent from applicant pledging to complete the <br />project during proposed project duration, if the loan application <br />is approved. <br /> <br />Letter of Commitment from other financing sources stating <br />terms and conditions of their participation in the project if <br />applicable. <br /> <br />Sufficient collateral. <br /> <br />All other information as required in the application and/or add/rional <br />information as may be requested by the Economic Development <br />Authority. <br /> <br />d. Project compliance with all city codes and pohcies. <br /> <br />Elk Ikiver ]Econormc Development Authority <br />Micro Loan Fund Policy & Gmdelines <br /> <br />Page 6 of 8 <br /> <br /> <br />