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2020-06-17 EDA Packet
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2020-06-17 EDA Packet
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<br />The cost of having the Scope of Work prepared shall be reimbursable to the applicant from the <br />loan proceeds. No RLGP loan will be approved until an adequate Scope of Work/Bidding <br />Document is submitted and approved by designated EDA staff. The applicant must receive and <br />submit at least two itemized competitive bids for all work to be completed and materials to be <br />purchased with the loan funds. The bids will be reviewed and filed by the financial institution to <br />establish that they are competitive and address the work identified in the Scope of Work. <br /> <br />The EDA, through the City Building Inspector, shall monitor the quality and progress of all work <br />funded through the Program. Request(s) for payment (up to three partial payments and one final <br />payment) by the applicant for completed work and supplied materials shall be in writing to the <br />financial institution. Partial payments shall not exceed 90 percent of the total loan amount. The <br />final payment shall be held until a certificate of completion is obtained from the City and <br />submitted to the financial institution. <br /> <br />Upon submission and approval of a written request for the release of loan funds, designated EDA <br />staff will, in writing, authorize the financial institution to release the requested funds. <br /> <br />All work must be inspected by the City Building Inspector to ensure conformance with code and <br />must be verified for proper completion by City staff to ensure compliance with specifications <br />prior to final payment. The final inspection cannot be scheduled until all permits taken out have <br />been signed off by field inspectors. Upon satisfactory completion, a certificate of completion <br />will be granted. <br /> <br />All work must be completed within 12 months of issuance of a building permit unless written <br />permission of an extension is granted by designated EDA staff and financial institution. This <br />action does not constitute an extension to any other deadlines imposed by permits or other <br />regulation. <br /> <br />All eligible improvement work performed pursuant to an approved RLGP loan must provide a <br />12-month warranty from the date of accepted completion by the loan recipient and the EDA. <br />This warranty must cover the quality of materials used and workmanship in performing the <br />work. This warranty is the responsibility of the recipient and shall meet the requirements and <br />definitions in MN State Statute, Chapter 327A. <br /> <br />XIIV. LOAN DISBURSEMENTS <br />Loan funds shall be released by the financial institution, but not before written approval from the <br />EDA is provided, and an RLGP check is issued. A minimum of 10 percent of the total loan will <br />be retained until all work is completed, inspected, and approved, as evidenced by current <br />certificate of completion. <br /> <br />XIIIV. IMPROVEMENTS COMPLETED PRIOR TO LOAN CLOSING <br /> <br />(hazardous code deficiencies, etc.) and the following steps are taken: <br /> <br /> Applicant must fill out a loan application with the financial institution. <br /> Applicant must submit a written request to the financial institution describing the need. <br /> Applicant must receive written permission from both the EDA and the financial institution. <br />9 <br /> <br />
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