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. f . <br /> Page 23 of 2� <br /> c. Oversee the closings and service the Projects. <br /> 18. Project Review Process -- The Project review process and due diligence to <br /> review, select and approve third party beneficiary Loan or Investment <br /> applications and make final decisions concerning workouts and <br /> � renegotiations will include a Loan Review Committee. The Board shall <br /> establish policies and procedures for processing Projects through its <br /> Modernization Program. <br /> The Grantee shall require third party beneficiary applicants to submit <br /> the following information: <br /> a. Historical and current interim financial statements; <br /> b. History and description of the company, its operations, its market, <br /> its work force, etc. ; <br /> c. Description of the proposed Project and impact on the company <br /> (especially regarding job creation/retention) ; <br /> d. Pro forma balance sheets, projected profit and loss statements, and <br /> cash flow projections; and <br /> e. Additional information requested by the Grantee. <br /> Modernization Projects shall be reviewed by the Project Review Committee, <br /> who shall make recommendations to the Executive Committee for final <br /> disposition. If the Project is approved, the Grantee's staff shall <br /> proceed to closing and servicing. <br /> 19. Financial Analysis -- The credit and financial analysis which shall be <br /> performed by the Grantee (to evaluate the needs, viability, and financial <br /> feasibility of third party beneficiary Loan or Investment requests) shall <br /> be as follows: The Grantee's staff shall conduct an extensive analysis of <br /> the potential third party beneficiary and proposed Project, including an <br /> assessment of credit history, analysis of projections, and comparison <br /> with industry averages. <br /> 20. Staffing and Management -- The Grantee' s management positions, staffing <br /> capability, duties of principal staff and Board membership shall be as <br />� follows: 7he City Council of the City of Decatur shall appoint the <br /> initial 30-member Board. This Board shall set the goals for the Grantee, <br /> monitor its activities and approve Projects made through its programs. <br /> The 30-member Board shall have representatives from business <br />' organizations, neighborhood and community groups, private sector lending <br />, institutions and units of government. The Board shall be organized into <br /> five standing committees: <br /> a. Loan Review Committee <br /> b. Business Development Committee <br /> c. Downtown Development Committee <br /> I� h od Revitalization Committee <br /> d. Neighbor o <br /> e. Housing Committee <br /> - 23 - <br />