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2018-12-05 EDA Packet
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2018-12-05 EDA Packet
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C. The property shall not be delinquent in the payment of property taxes and special <br /> assessments, and shall not become delinquent during the term of the loan. <br /> D. The structure shall be fully insured during the term of the loan with the lending <br /> institution and City named as mortgagor or covered under a loss payee clause <br /> endorsement. <br /> E. No loan shall exceed 80 percent of the estimated market value of the property to be <br /> rehabilitated upon completion of the rehabilitation, less the principal balance of any <br /> prior mortgage existing on the property at the time the loan is made; as required by <br /> MSA 469.184, Subd. 4(3). <br /> F. All out-of-pocket loan application expenses shall be the responsibility of the <br /> applicant. No other fees shall be charged. <br /> XI. ANNUAL REPORTING <br /> Within 90 days of filing federal tax statements, businesses receiving loans shall annually submit <br /> to the lending institution the following three items: <br /> A. Proof of non-delinquency of property tax payments; <br /> B. Profit/loss statement from Schedule C of federal tax statements; and <br /> C. Personal financial statement satisfactory to the lender. <br /> Participating lending institutions shall annually report to the HRA by March 1 of each year the <br /> status of the RLGP loan. The annual report shall include the status and balance of each loan as <br /> of December 31 of the previous year. <br /> XII. IMPROVEMENT REVIEW PROCESS <br /> Prior to being granted loan approval, the applicant shall receive a positive recommendation from <br /> the WBLAEDC Beautification Subcommittee(the "Subcommittee"). The Subcommittee shall <br /> review proposed plans and the existing exterior condition of the property being improved. The <br /> Subcommittee shall base its recommendation upon the projects consistency with the Downtown <br /> Design Guidelines. The applicant may appeal any recommendation of the Subcommittee to the <br /> HRA. In the event of limited funds,priority will be given to exterior facade improvements. <br /> XIII. CONTRACTING AND CONSTRUCTION <br /> The applicant shall prepare and have prepared a detailed Scope of Work, which will also be the <br /> project's bidding document. The Scope of Work will be submitted to the City and the <br /> participating financial institution. <br /> The Scope of Work shall include: <br /> • A detailed description of the work to be undertaken; <br /> • Estimates of the quantity and materials to be used in the project; <br /> • Qualified licensed contractor(s) <br /> 1� <br />
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