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<br />be conducted by community development staff. <br /> <br />F. Loan approval process. Community development staff will prepare loan applications and <br />make recommendations to the EDA. <br /> <br />1. 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 />2. 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 />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 />4. Notification of ED A 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 />5. 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 />return of the executed commitment letter, community development staff will begin <br />the loan closing process with the City Attorney. <br /> <br />6. Closing. The City Attorney will prepare documentation and coordinate the closing <br />with the Borrower or the Borrower's counsel. <br /> <br />G. Loan servicing. Community development staffwill coordinate loan servicing activities. <br /> <br />1. Monitoring. Community development staff will monitor loans for compliance with <br />the accepted terms and conditions including job creation statistics and wage and <br />benefit levels. <br /> <br />2. Reports. Community development staff and finance staff are responsible for ensuring <br />that all required reports are filed in a timely manner. <br /> <br />3. Records. Computer files and conventional paper files will be maintained for the <br />purpose of documenting, tracking, and monitoring program and project activities. <br /> <br />29 <br />