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be assigned pending status and the applicant will be informed in writing of the <br />missing documentation. <br /> <br />3. Transmittal. Applications transmitted by oral, telegraphic, facsimile, or e-mail will <br /> not be accepted. <br /> <br />4. Determination of eligibility. Applicant eligibility will be determined by community <br /> development staff using criteria enumerated in subsection D (1) of this section. <br /> <br />Site inspection. As part of the eligibility determination process, the city will inspect <br />the property or building designated for improvements for compliance with the city <br />administrative ordinances and zoning codes. <br /> <br />6. Credit check. A credit dheck for the company and each of its principal owners shall be <br /> conducted by community development staff.. <br /> <br />Loan approval process. Community development staff will prepare loan app 1 ications and <br />make recommendations to the EDA. <br /> <br />EDA agenda. Upon determining the eligibility of the completed application and <br />reviewing for credit worthiness and soundness of plan, community development staff <br />will place loan application the on the agenda for the EDA's next scheduled meeting. <br /> <br />Criteria. The EDA will 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 />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 /> <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 VII, Subsection M of these guidelines. <br /> <br />Approval. If approved, the applicant will be sent a written commitment 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 /> <br />