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opportunities under the utility company's CIP Program. <br /> Proposed energy efficiency improvements that do not qualify for the <br /> utility's prescriptive rebate program will be reviewed and approved by <br /> the utility company servicing the upgrade measures (e.g. Elk River <br /> Municipal Utilities, Connexus,CenterPoint) along with a letter <br /> indicating eligible utility rebates. <br /> Utility rebates as applicable will be assigned to the Elk River EDA <br /> and applied toward principal repayment of the loan. <br /> An Elk River Energy City Commission member will be asked to <br /> participate in the EDA Finance Committee review and <br /> recommendation of the application. <br /> The loans will be secured by personal and corporate guarantees,and <br /> if applicable a lien on equipment financed and subordinate mortgage <br /> on the property. Loans are not transferrable. <br /> Installation must be certified through a licensed contractor and <br /> electrician. New construction is eligible when participating with a <br /> utility company rebate program. Eligible costs shall include only <br /> incremental costs over industry design standards. <br /> III. USES <br /> 1. Permitted Fund Uses: <br /> a. Building construction <br /> b. Land acquisition <br /> c. Machinery <br /> d. Furniture, fixtures,and equipment (FF&E) <br /> e. Renovation and modernization of buildings <br /> f. Exterior renovation of retail,commercial and industrial buildings <br /> g. Public infrastructure needed for economic development expansions <br /> h. Investment real estate with a minimum of 50% of the space pre-leased <br /> 2. Ineligible Fund Uses: <br /> a. Expenditures for the construction and/or renovation of residential units <br /> b. Working capital <br /> c. Refinancing of existing debt <br /> d. Inventory <br /> IV. BUSINESSES ELIGIBILITY <br /> Any project meeting the above criteria,and located or proposed to be located within <br /> the city limits of Elk River as defined by this program,may be eligible for an <br /> Economic Development Microloan as further defined herein: <br /> Page 5of15 1 1 ll E a E 1 / 1 <br /> [NATUREJ <br />