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and reviewing for credit worthiness and soundness of plan, community <br /> development staff will place loan application the on the agenda for the EDA's <br /> next scheduled meeting. <br /> 2. Criteria. The EDA will base their decision on the economic benefit to the City <br /> of Ramsey, credit underwriting typical to the lending community including <br /> the borrower's ability to repay the loan and the collateral offered to secure the <br /> loan, the number of jobs to be created or retained, wage rates of jobs created <br /> or retained, and increase in the local tax base. <br /> 3. EDA action. Upon placement on the agenda, the EDA shall approve, deny, or <br /> postpone for consideration at a future meeting the loan application request. <br /> 4. Notification of EDA action. The applicant shall be notified in writing within <br /> fourteen (14) days of the EDA's decision in accordance with the requirements <br /> set forth in Section VII, Subsection M of these guidelines. <br /> 5. Approval. If approved,the applicant will be sent a written commitment letter <br /> that will outline the terms and conditions of the loan approval. A copy of the <br /> commitment letter will be signed by the Borrowers and Guarantors signifying <br /> acceptance of the terms and conditions of the loan proposal and the conditions <br /> for funding. Upon the return of the executed commitment letter, community <br /> development staff will begin the loan closing process with the City Attorney. <br /> 6. Closing. The City Attorney will prepare documentation and coordinate the <br /> closing with the Borrower or the Borrower's counsel. <br /> G. Loan servicing. Community development staff will coordinate loan servicing <br /> activities. <br /> 1. Monitoring. Community development staff will monitor loans for compliance <br /> with the accepted terms and conditions including job creation statistics and <br /> wage and benefit levels. <br /> 2. Reports. Community development staff and finance staff are responsible for <br /> ensuring that all required reports are filed in a timely manner. <br /> 3. Records. Computer files and conventional paper files will be maintained for <br /> the purpose of documenting, tracking, and monitoring program and project <br />