8. HRSR 08-02-2010 - Laserfiche WebLink

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(b) The factors in paragraph (al are not listed in a rank order or priority; rather. the commissioner may weigh each factor, depending upon the facts and circumstances. as the commissioner considers appropriate. The commissioner may consider other factors that affect the net return of public benefits. Subd. 2. Application Cycle. The commissioner shall establish semiannual application deadlines in which loans will be authorized from available money in the accounts. 116.T.5764 LOAN TERMS AND CONDITIONS. Subdivision 1. Terms. Loans to development authorities for demolition costs may be made by the commissioner subiect to the following terms and conditions: 1. the agreement to repay the loan must be a General obligation of the develoament authority, payable primarily from a dedicated source of revenue, and the develon_ meat authority must deliver its bond or note to the commissioner to secure the loan; 2. the term of the loan may not exceed 15 years; 3. the loan shall bear interest at a rate equal to two percent. but interest will not accrue during the first two years of the loan term; 4. the development authority shall make semiannual interest payments and annual principal payments beginning in the third year of the loan until the end of the term; 5. the principal amount of a loan may not exceed $1,000,000; 6. loan proceeds shall be disbursed for eligible demolition costs as incurred or paid by borrower and upon submission of invoices and other supporting documentation satisfactory to the commissioner;, 7. An eligible borrower shall establish a dedicated source of revenue for repayment of the loan. Subdivision 2. Modification of loan terms. The commissioner has the discretion to consent. to the modification of the rate of interest, time of payment. installment of principal or interest, or other term of a loan made under sections 116J.5761 to 116J.5764. Subd. 3. Forgiveness. The commissioner may forgive principal of the loan and interest accrued but unpaid. thereon, if any, up to 50°10 of the original loan amount, upon completion of the redevelopment plan, if the proiect would otherwise have received grant funding in the most recent semiannual grant round, based on the priorities in section 116J.575. 116.T.5765 NONLIABILITY. The state shall have no responsibility or liability relating to or arising out of activities at the site of a aroiect solely by reason of the making of a grant or loan by the commissioner under sections 116J.5761 to 116J.5764.