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may be extended up to two additional years at a market rate of <br />interest. <br />Criteria: 1. Borrower must be an industrial firm and create one new <br />full-time job fox each $20,000 loaned within 2 years. Said jobs must <br />pay a minimum wage of $10.00 per hour excludinh benefits reyuircd by <br />I:1\y~ Loans in excess of $75,000 shall meet the attached City of fSlk _ Deleted: Pt°zneneets <br />RiceLBusiness Subsidy Pohcy fox new job. and wage goals, as well as a _ - pelf; •, <br />5-}car location requirement - Deleted: s <br />In the case where the multiple sources of public financing am reyucsted <br />(~. llicro Loan and Tax Increment liinaneing~ job aeation ~o~k sh•tll <br />no[ be double-counted. <br /> 2. Borrower must comply with the provisions of the city's ~.ndustrial - Deletetl: i <br /> and I~tsiness~'ark zoning ordinances as applicables - pele~; y <br />Redevelop ment Financing Program oeleaa. r <br /> <br />Purpose: <br />The Redevelopment Financing Program is available to business and Deleted:. <br /> property owners in the Downtown District j1>ll~ fox the rehabilitation _ Deleted: °eemi tu.,~e~ distaet lcenl <br /> and restoration of their buildings. <br />Amount: Up to (50,000 of secondary financing (not to exceed 40% of the <br /> project cost. <br />Equity: Must have private-sector commitments fox 50% of the project cost. <br />Borrower to provide 10% or more of project financing. <br />Rate: Fixed; 2 points below the lowest prime rate published in the <br />Wall Street Journal the day the loan is closed, or 2%, whichever is <br />greater. <br />Temt: Financing with a balloon payment in up to 3-years. Loans may be <br />amortized up to the following limits: <br />,'~0--years on real estate uses; _ - Deletetl: is <br />10-years on equipment uses. <br />Extension: In the event that the Borrower is unable to obtain conventional <br />financing to replace the Micro Loan at the end of three years, the <br />loan may be extended up to two additional years at a market rate of <br />interest. <br />Criteria: 1. At a minimum, 20% of Micro Loan dollazs must be used for the <br />improvement of the buddingfa~ade+. - Deleted: •s <br />2. Borrower must be located in the J~owntown District DD -Deleted: crn~ a°si°ess <br />(see attached map). <br />Deletetl: Revised Junc Jai <br />Formatted: SupetxriD[ <br />Elk River Economic Development eluthority Page 3 of 15 <br />Micro Luan Fund Policy & Guidelines <br />.k' Draft Pchn -¢y 20(16 - , <br />