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DRAFT 2 Error! Unknown document property name. • Before the EDA and/or consultant makes payment to any business under the Program, the business owner must do the following: o Execute any and all documents that are required under the Program, including any agreements; • Within six months of date of the award and execution of loan documents, the business owner must do the following: o Provide to the EDA and/or consultant evidence of paid invoices for the Business Improvements contemplated pursuant to the approved application; and o Provide EDA and/or consultant’s staff with photographs of the completed Business Improvements or, at the request of EDA and/or consultant’s staff, with an opportunity to visit the business to confirm that the Business Improvements are indeed completed and fully operational. LOAN AMOUNTS/PROGRAM LIMITATIONS • Businesses are limited to no more than one forgivable loan under the Program per calendar year that shall not exceed $5,000 and shall not exceed $15,000 total through the program over any number of calendar years. Program resources are limited and cannot exceed a maximum amount of $___________ per calendar year in total forgivable loans awarded under the Program. When said maximum is reached, on a first come, first served basis determined by receipt of completed applications, the Program will close for the year. Nothing contained herein shall preclude the EDA from closing the Program before the aforementioned maximum is reached if it determines, in its sole discretion, that expected funding is no longer available. APPLICATION PROCEDURE • All applications for Program funding shall be made on the prescribed form. Applications are required to be submitted to the Program administrator (contact information is listed below). Mounds View Economic Development Authority Attn: Assistance City Administrator 2401 County Hwy 10 Mounds View, MN 55112 Email: brian.beeman@moundsviewmn.org Phone: (763) 717-4001 • Upon submission of an application, staff will review the application to ensure that all required information is provided. If additional information is needed, staff will make a request for such information. • Following review of a completed Program application that meets all criteria, and assuming that adequate funding is available for the requested Business Improvements, a recommendation will be made for final approval. No Program loan shall be made prior to final approval and authorization. Center for Energy and Environment 212 3rd Ave N, Ste 560, MPLS MN 55401 612-335-5885 (office/fax) www.mnlendingcenter.org