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Post closin¢ amendments and modifications. Requests for amendments and modificatioms <br />following awarc[, closing or disbursement of funds to the underwriting of the ori~nal, <br />request require City. approval and shall be presented at the ne~ scheduled meeting of the <br />Board. <br /> <br />Loan declination. The City wi il not make a loan if it determines the loan amount would <br />place an undue burden on the £mancial resources of the Borrower or the Borrower cannot <br />demonstrate adequate financial capacity to repay the loan or the City other determines <br />that making the loan is not in the best interest of the City. <br /> <br /> : . ..¥.:. <br />Appeal. There will be a complaint and appeal proced~e!'t~qr_..aggrieved applicants: <br /> <br />I. Written notice. Applicants will rec¢i;ve wzfffen notice 0~ denial of the loan mad the <br /> reasons(s) for the determination ,~:tJffn fourteen- (?,) daY. s: ef the determination. <br /> <br />2. Petition. Thea~grf~ed aPPlicanlt m-~¥ posen the £DA writin¢ for reconsideration <br /> within f6,u~'~i (I 4")!-dal~"from:C~,t;a~ the'written notice of denial. Any request to <br /> appear before71ffie ~Om~ct.must BS?~':~ and must be submit least seven (7) days <br /> prior to.. the B'oard"s seheduI;.ed meeting. Upon receipt of the written petition for <br /> reconsideration.,', the~ EDA Shall consider the petition at it's next scheduled meeting <br /> and adx{Se ~¢ petJ~ffoner in writing of its decision within fourteen (14) days of that <br /> meetin.g.. The Board' s decision will be final. <br /> <br />Re-application. Applicants aggrieved by the Board's fins decision may re-apply for <br />revolving loan funds after ninety (90) days if the Concerns in the preceding application <br />are adequately and appropriately addressed. <br /> <br />VIII. Administration. <br /> <br />Loan review committee. The Ramsey EDA will serve as the loan review~committee. The <br />final determination on all revolvin~ loan applications rests with the City Council. <br /> <br />Co <br /> <br />Conflict of Interest. Ali city officials and employees shall comply with the applicable <br />conflict of interest regulations set forth in the City.Code. <br /> <br />Staff responsibility. Community, development staff shall-have the general responsibility <br />for coordinating the application process, reviewing loan application, preparing <br />application~ and recommendations for review by the EDA, and coordinating the loan <br />approval and service process as set forth in Subsections D - O of this section. <br /> <br />11 <br /> <br /> <br />