§ 116J.5762 — LOAN APPLICATIONS

Minnesota § 116J.5762

• Jurisdiction: Minnesota
• Part: ECONOMIC DEVELOPMENT AND PLANNING
• Ch. 116J: EMPLOYMENT AND ECONOMIC DEVELOPMENT

Text

Subdivision 1.Application required.
To obtain a demolition loan, a development authority shall apply to the commissioner. The governing body of the municipality must approve the application by resolution.

Subd. 2.Required content.
The commissioner shall prescribe and provide the application form. The application must include at least the following information:
(1) identification of the property;
(2) proof of ownership by the development authority;
(3) a description of how the structures on the property constitute a threat to public safety, are functionally obsolete, or are economically unfeasible to repair;
(4) length of vacancy;
(5) a detailed estimate, along with supporting evidence, of the total demolition costs for the project;
(6) evidence that the structures on the property are not listed on the National Register of Historic Places;
(7) an assessment of the development potential or likely use of the property after completion of the demolition plan;
(8) the current appraised or assessed value of the property;
(9) financial documentation necessary for loan underwriting;
(10) other sources of funding if the total estimated demolition costs exceed the loan amount;
(11) the proposed source of funds to be used for repayment of the loan;
(12) information showing the applicant's financial condition and ability to repay the loan;
(13) the proposed term and principal repayment schedule for the loan;
(14) the statutory authorization for the applicant to issue bonds, together with a statement that the statutory provision authorizes the use of proceeds of such bonds to pay demolition costs and secure the loan; and
(15) any additional information the commissioner prescribes.

Legislative History

2012 c 288 s 6