Laserfiche WebLink
be assignedfendfnf status and the applicant will be informed in wr/ting of the <br />missing documentation. <br /> <br />3. Transm/ttal. AppLications n'ammitted by oral, telegraph/c, facsimi!e, or e-mail Mll <br /> not be accepted. <br /> <br />4. Determination of dig4bility. Applicant eLig/bility will be determined by commullity <br /> development staff ming criter/a enumerated 'tn subsection D (1)'of this section, <br /> <br /> 5. Site inspection. Az part of the eli~bility determination process, the city will inspect <br /> the property or building designated for h:nprovements for-c'~pliance with the city <br /> administrative ord/nances and zoning codes, .:;¥ .?(~%?.:-- - <br /> .~'.: . 7"'- X. ' <br /> <br /> 6. Credit check. A credit check for the comport7 and each of'i-ts princ/paI owners shall be <br /> conducted by communi~develo~ent staffi,, '.. ,2,. . ,:il <br /> ,~!~;~:~,- .~Tyr~,..:,!~.L .!~j';. :. :.: .. . -. <br /> <br /> Loan approval pr..ocess~i~'C~ty., i~v'~fipm~nt staff will ~epare loan applications and <br /> <br /> 1. sD^ elf~bility of the completed application and <br /> reviewing for:Crsdd.~"~o~S and Soundness of plan, Community development staff <br /> will place loan app~fcation the on the agenda for the EDA's next scheduled meeting. <br /> <br />2. Cfiter/a: 'The EDA w/Il base their decision on the economic benefit to the City of <br /> Ramsey, credit underwriting typical to the lending community including the <br /> borrower's ability to repay the loan and the Collateral offered to secure the loan, the <br /> number of jobs to be created or retained, wage rates of jobs created or retained, and <br /> increase in the local tax base. <br /> <br />.3. EDA action, Upon placement on the agenda, the EDA shall approve, deny, or table <br /> for consideratio~ at a future meeting the loan application request. <br /> <br />Notification of EDA action. The applicant shall be notified in writing within fourteen <br />(14) days of the EDA's decision in accordance with 'the requirements set forth in <br />Section VLI, S absection M of these guidelines. <br /> <br />Approval. If approved, the applicant will be sent a wr/tten comm/tment letter that will <br />outline the terms and conditions of the loan approval. A copy of the commitment <br />letter will be signed by the Borrowers and Guarantors signifying acceptance of the <br />terms and conditions of the loan proposal and the conditions for funding. Upon the <br /> <br />13 <br /> <br /> <br />