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Post closing amendments and modifications. Requests for amendments and modifications <br />following award, closing or disbursement of funds to the underwriting of the original <br />request require City approval and shall be presented at the next scheduled meeting of the <br />EDA. <br /> <br />Loan declination. The City will not make a loan if it determines the loan amount would <br />place an undue burden on the financial 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 />O. Appeal. There will be a complaint and appeal procedure for aggrieved applicants: <br /> <br />1. Written notice. Applicfints will receive written notice of denial of the loan and the <br /> reasons(s) for the determination within fourteen (14) days of the determination. <br /> <br />Petition. The aggrieved applicant may petition the EDA writing for reconsideration <br />within fourteen (14) days from date of the ~vritten notice of denial. Any request to <br />appear before the EDA must be in writing and must be submit least seven (7) days <br />prior to the EDA's scheduled meeting. Upon receipt of the written petition for <br />reconsideration, the EDA shall consider the petition at it's next scheduled meeting <br />and advise the petitioner in writing of its decision within fourteen (14) days of that <br />meeting. The EDA's decision will be final. <br /> <br />Re-application. Applicants aggrieved by the EDA's final decision may re-apply for <br />revoMng loan funds after ninety (90) days if the concerns in the preceding <br />application 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 revolving loan applications rests with the City Council. <br /> <br />Conflict of Interest. All 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 />applications and recommendations for review by the EDA, and coordinating the loan <br />approval and service process as set forth in Subsections D -- G of this section. <br /> <br /> <br />