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be assigned z2er~ding 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 />Determination of eligibility. Applicant eligibility will be determined by community <br />development staff using criteria enumerated in subsection D (i) of this section. <br /> <br />5. Si-te insPection. As part of the eligibility determination process, the city Mit 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 check for the company and each of its principal owners shallbe <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 sbundness 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 ieta'med, 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 ~ture 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 wi~h the requirements set forth in <br />Section VII, Subsection M of these gUidelines. <br /> <br />Approval. If approved, the applicantwill be sent a written commitment letter that wilt <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 />7 <br /> <br />20 <br /> <br /> <br />