(1) The committee shall be responsible for the receipt of applications and the review and processing thereof. The committee shall make recommendations to the council.
(2) Applications shall be in a form established by the committee and shall include, in addition to other information deemed necessary by the committee, the following:
(a) The applicant’s name, address and telephone number;
(b) The form of applicant’s business and the names of the applicant’s officers and principal owners;
(c) A description of the applicant’s history and relevant past performance, including a list of similar projects undertaken by the applicant;
(d) A legal description and address of the property upon which the project is to be located;
(e) A detailed description of the project including the following: the number, size and type of dwelling units; dimensions of improvements; parcel size, amount of real property covered with buildings and amount of open space; existing zoning; type of construction; public and private access; parking and circulation plans; water, sewer and other utility plans; landscaping; expected uses; land uses on adjacent properties; character of the neighborhood; and preliminary economic feasibility studies and market information including proposed rent or sale schedules or cooperative share prices;
(f) A description of the existing use of the property, including any proposal to preserve existing sound residential structures on the development site;
(g) A proposed relocation plan for any persons or businesses who would be displaced from existing improvements;
(h) A site plan of the project including the following: streets; driveways; sidewalks; pedestrian ways; off-street parking; loading areas; locations and dimension of structures; use of the land and structures; major landscaping features; design of the structure; and existing and proposed utility easements and placements including sanitary sewers, storm sewers, water, electric, gas and telephone lines;
(i) Any other information deemed important by the applicant or necessary to fully inform the committee;
(j) The estimated cost of the project; and
(k) The estimated amount of bonds to be issued and an estimated allocation of the proceeds to costs.
(3) An application shall be accompanied by a fee equal to one-twentieth of one percent (1/20 of 1%) of the total proposed bond amount, with a minimum of $500 and a maximum of $5,000, to cover the cost of review and processing of the application.
(4) Submission of an application shall constitute a covenant by the applicant that if the project is approved as an eligible project, the applicant shall:
(a) Pay all costs incurred by the city in review and processing of the application and for issuance of the bonds, including legal, consulting, accounting, reimbursement for staff time and other expenses;
(b) Comply with all applicable federal, state and city laws which concern the project and its development and financing; and
(c) Permit the recording of such conditions, covenants and restrictions affecting the property upon which the project is located as are required by the city to insure that the project is developed, financed and maintained in compliance with all requirements and conditions imposed by the city in granting approval of the project.