LOAN APPLICATIONS.

116J.5762 LOAN APPLICATIONS. § 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. History: 2012 c 288 s 6