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POLICY <br />City of Elk River <br />Sewer Access Charge Payment Program <br />In order to minimize the impact of the payment of the Sewer Access Charge (SAC) to new <br />or expanding full service restaurant businesses within the City of Elk River, the City will <br />provide a loan option to pay the Sewer Access Charge fee over time versus at the time the <br />building permit is issued. <br />Payments will be billed and paid monthly in conjunction with the. user's utility bill. The <br />interest rate applied to the loan will be fixed to the city uivestment rate at the time of the <br />loan. Loans with a repayment schedule of 3 year, or less will be charged an interest rate <br />equal to the city investment rate. Those with a repayment schedule greater than 3 years will <br />be charged an interest rate of 1% above the cit<~ investment rate, with no repayment <br />schedule to exceed 5 years. <br />Participants in the program need to be individually metered occupants and the minimum <br />SAC fee to utilize this program is $5,000, kith a maximum 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 dle Note. The Note is also secured by the City's ability to file a <br />lien against the property in the form of a special assessment for repayment of the SAC. <br />