7. HRSR 09-07-2010 - Laserfiche WebLink

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(b) The factors in paragraph (a) 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. 116T 5764 LOAN TERMS AND CONDITIONS. Subdivision 1 Terms Loans to development authorities for demolition costs may be made by the commissioner subject to the following terms and conditions: 1. the a¢reement to repay the loan must be a general obligation of the development authority, payable primarily from a dedicated source of revenue and the development authority must deliver rts 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 won submission of invoices and other supporting documentation satisfactory to the commissioner; 7. An eli ible 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 1167.5761 to 1167.5764. Subd 3 Forgiveness The commissioner ma~forgY,'ve principal of the loan and interest accrued but unpaid thereon if an~ up to 50°Io 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 1167.575. 116T.5765 NONLIABILITY. The state shall have no responsibility or liabilit relating to or arising out of activities at the site of a proiect solely by reason of the making_of a grant or loan by the commissioner under sections 1167.5761 to 1167.5764.