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5.5. ERMUSR 05-10-2011
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5.5. ERMUSR 05-10-2011
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5/10/2011 11:51:33 AM
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City Government
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ERMUSR
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5/10/2011
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POLICY <br />Elk River Municipal Utilities <br />Water Access Charge Payment Program <br />In order to minimize the impact of the payment of the Water Access Charge (WAC) to new <br />or expanding full service restaurant businesses within the City of Elk River, the Elk River <br />Municipal Utilities will provide a loan option to pay the Water Access Charge fee over time <br />versus at the time the building permit is issued. <br />Payments will be billed and paid quarterly in conjunction with the user's water bill. The <br />interest rate applied to the loan will be fixed to the Elk River Municipal Utilities investment <br />rate at the time of the loan. Loans with a repayment schedule of 3 years or less will be <br />charged an interest rate equal to the Elk River Municipal Utilities investment rate. Those <br />with a repayment schedule greater than 3 years will be charged an interest rate of 1% above <br />the Elk River Municipal Utilities investment rate, with no repayment schedule to exceed 5 <br />years. <br />Participants in the program need to be individually metered occupants and the m;n;mum <br />WAC fee to utilize this program is $5,000, with a max;mum loan amount being $50,000. <br />Loans will be secured by a Promissory Note executed by both the property owner and <br />business pledging to repay the Note. The Note is also secured by the Elk River Municipal <br />Utilities' abilityto file a lien against the propenyin the form of a special assessment for <br />repayment of the WAC. <br />
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