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f <br /> with each formal application is a written release of information executed by the loan <br /> applicant. <br /> 4. Staff will meet with applicant and other participating lender(s) to refine the plan for <br /> financing the proposed enterprise. <br /> 5. Staff shall analyze the formal application and financial statements contained therein to <br /> determine if the proposed business and finance plan are viable. Staff may, at its discretion, <br /> accept the findings of a banking institution regarding applicant credit and financial viability <br /> of the project. After analysis is complete, staff shall submit a written recommendation to <br /> the City. A decision regarding the application shall be made by the City Council within 45 <br /> days of the submittal of a completed formal application. <br /> 6. The City shall have authority to approve or deny loans; however, within 21 days of City <br /> approval, the City Council may reverse a decision to approve a loan if it is determined by <br /> Council that such loan was issued in violation of HEDF guidelines. <br /> 7. Prior to issuance of an approved loan, the City Attorney shall review all contracts, legal <br /> documents, and intercreditor agreements. After such review is complete, the City shall <br /> issue said loan. <br /> ORIGINAL REVOLVING LOAN Fi_JNDING <br /> It is anticipated that the revolving loan will initially be fiinded by Minnesota Investment Fund <br /> Grant for the Diversified Manufacturing Corporation Expansion Project—2000. <br /> REPORTING <br /> Staff shall submit semi-annual summaries and/or annual report detailing the status of the Hastings <br /> Economic Development Fund. <br /> FUND GUIDELINES MODIFICATION <br /> At a minimum, the City shall review the Fund Guidelines on an annual basis. No substantial <br /> changes to the HEDF guidelines shall be instituted without prior notice to the City Council <br /> LOAN ADMINISTRATION <br /> 1. Staff shall service city loan, shall monitor city position with regard to the loan, and shall <br /> assure city compliance with intercreditor agreement. <br /> 2. All loan documents shall include an intercreditor agreement which must include the <br /> following: <br /> A. Definition of loan default, agreements regarding notification of default. <br />