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K. Notice of award or denial. Applicants will be notified in writing not more than <br /> fourteen (14) days after final action has been taken on their revolving loan fund <br /> application by the City. <br /> L. Loan closing documents. The City will close the loan within sixty (60) days of <br /> final City approval of the loan application. At that time,the City will deliver to <br /> the Borrower all closing documents and a final debt service schedule. In <br /> exchange, the Borrower will deliver to the City its loan obligation which is <br /> defined as a bond, note, or other evidence of obligation issued by the Borrower to <br /> evidence it indebtedness under the loan agreement. <br /> M. Post closing amendments and modifications. Requests for amendments and <br /> modifications following award, closing or disbursement of funds to the <br /> underwriting of the original request require City approval and shall be presented <br /> at the next scheduled meeting of the EDA. <br /> N. Loan declination. The City will not make a loan if it determines the loan amount <br /> would place an undue burden on the financial resources of the Borrower or the <br /> Borrower cannot demonstrate adequate financial capacity to repay the loan or the <br /> City determines that making the loan is not in the best interest of the City. <br /> O. Appeal. There will be a complaint and appeal procedure for aggrieved applicants: <br /> 1. Written notice. Applicants will receive written notice of denial of the loan and <br /> the reasons(s) for the determination within fourteen (14) days of the <br /> determination. <br /> 2. Petition. The aggrieved applicant may petition the EDA in writing for <br /> reconsideration within fourteen (14) days from date of the written notice of <br /> denial. Any request to appear before the EDA must be in writing and must be <br /> submit least seven (7) days prior to the EDA's scheduled meeting. Upon <br /> receipt of the written petition for reconsideration, the EDA shall consider the <br /> petition at it's next scheduled meeting and advise the petitioner in writing of <br /> its decision within fourteen (14) days of that meeting. The EDA's decision <br /> will be final. <br /> 3. Re-application. Applicants aggrieved by the EDA's final decision may re- <br /> apply for revolving loan funds after ninety (90) days if the concerns in the <br />