7. EDSR 03-11-2013 - Laserfiche WebLink

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• The waste heat from the tanning beds should be considered in design of air circulation • Occupancy sensors for lighting and optimizing natural daylight • Programmable thermostat • Energy efficient ice maker • Use of recycled and organic cups,plates, etc. • Participation in organics recycling program Following approval of the loan and the start of the project,Mr. Sagstetter will work with Ms. Bottineau to implement as many of the changes as are possible within Ms. Bottineau's budget. All rebates received will be applied towards the principal of the Microloan. Since there is no other source of financing, the EDA would obtain a first position on all furniture, fixtures and equipment. A personal guarantee will also be required. In addition to the financial criteria that must be considered, the Finance Committee must also consider to what degree the applicant satisfies the criteria set forth in the Micro Loan Fund policies outlined below: Micro Loan Criteria- Energy Efficiency Improvement Program • Max. Loan Amount: $74,999 • Interest rate: Fixed at 3% or 2 below prime,whichever is greater • Equity: 10% or more of project • Term: The maximum maturity date will be determined by the useful life of the improvement and the energy payback achieved. For projects that have a shorter length of payback (2-5) years as calculated according to energy savings, the loans will have an initial maturity of up to 5 years from the date of closing. Longer life improvements (6-15 years) may apply for a longer maturity of up to 10 years. • Improvements must be eligible as outlined in Micro Loan Policy or as approved by applicable utility provider • Utility rebates as applicable will be assigned to the Elk River EDA and applied toward principal repayment of the loan • The loans will be secured by personal and corporate guarantees, and if applicable a lien on equipment financed and subordinate mortgage on the property • Exempt from job creation and wage goals because the loan amount does not exceed$150,000 and does not qualify as a business subsidy by state law SOUL • Amount requested: $62,304 • Rate requested: Fixed at 3% • Equity proposed: $10,000 • Term: 7-year amortization/5-year balloon • Improvements include HVAC improvements,lighting,water heater,washer and dryer • Improvements for lighting,washer and dryer, and water heater may be eligible for rebates. Rebates will be applied to principle of loan • The EDA will obtain a first position on all furniture, fixtures and equipment associated with the business