Subpart
1.
General procedures.
Applications for loans
under the program must be made by the borrower and, if applicable, in
coordination with a financial institution. Written evidence of support for the
proposed project by the local unit of government within which it would be
located must accompany the application. Applications may be submitted year
round to the Community Development Division using the Community Development
Division's community development application.
Subp. 2.
First part of
application.
The first part of the community development
application must include:
A. a
description of the borrower, including the borrower's standard industrial
classification code;
B. a narrative
summarizing the need for the proposed tourism-related project; and
C. a project summary outlining the
construction, site preparation, equipment, or other activities or items to be
completed or acquired and the scope of the project.
Subp. 3.
Second part of
application.
The second part of the community development
application must include:
A. an
activities description and budget detailing the specific estimated costs
associated with each proposed activity or acquisition;
B. a description of the proposed
collateral;
C. supporting materials
that are designed to verify or support information presented in subparts
1 and
2 and in items A and B
including, if applicable, a copy of the financial institution's file regarding
the borrower's loan application and a letter containing the financial
institution's assessment of the risks associated with the loan, and the
creditworthiness of the borrower;
D. a statement by the borrower, in the form
provided in Minnesota Statutes, section
13.05,
subdivision 4, paragraph (d), or a form similar to it if the borrower is a
corporation, consenting to the dissemination of private or nonpublic data
applicable to the loan; and
E.
copies of building permits, conditional use permits, resolutions,
correspondence, and other documentation that the proposed project has been
reviewed and approved by the appropriate local government officials.
Subp. 4.
Additional
information.
The Community Development Division may require
additional information from the applicant if it is necessary to clarify and
evaluate the application.
