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and reviewing for credit worthiness and soundness of plan, community <br />development staff Will place loan applicationthe on the agenda for the EDA's <br />next scheduled meeting. <br /> <br />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 /> <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 /> <br />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 /> <br />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 />fbr funding. Upon the return of the executed commitment letter, community <br />development staff will begin the loan closing process with the City Attorney. <br /> <br />6. Closing. The City Attorney Will prepare documentation and coordinate the <br /> closing with the Borrower or the BOrrower's counsel. <br /> <br />Loan servicing. Community development staff will coordinate loan servicing <br />activities. <br /> <br />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 /> <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 /> <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 /> <br />13 <br /> <br /> <br />