6.1 EDSR 11-18-2013 - Laserfiche WebLink

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interest. Criteria: Borrower must be an industrial or high technology firm and create or retain one new full-time job for each $20,000 loaned within 2 years. Said jobs must pay a minimum wage of$10.00 per hour excluding benefits required by law. Loans of$75,000 or more shall meet the city of Elk River Business Subsidy Policy for the creation of new jobs at a minimum wage of$15.00 per hour excluding benefits required by law, as well as a 5-year location requirement. In the case where the multiple sources of public financing are requested (e.g. Microloan and Tax Increment Financing) job creation goals shall not be double-counted. Borrower must comply with the provisions of the city's Industrial and Business Park zoning ordinances as applicable. Downtown Revitalization Financing Program Purpose: The Downtown Revitalization Financing Program is available to business and property owners in the Downtown District (DD)-as ma-ir,primarily for the rehabilitation and restoration of older buildings, as well as new business development. Non-profit organizations may be considered. The Downtown Area shall be defined as that area zoned Downtown District in the Zoning Ordinance. The EDA may consider the Core area of the 2012 Mississippi Connections Development Framework as the Downtown District. The downtown area or district is the area shown by the attached map and narrative of the boundaries. Amount: Up to $74,999 of secondary financing not to exceed 40% of the project cost. Equity: Must have private-sector commitments for 50% of the project cost. Borrower must provide 10%or more of project financing. Rate: Fixed at 2%. Term: Financing with a balloon payment in up to 5-years. Loans may be amortized up to the following limits: 20-years on real estate uses; 10-years on equipment uses. Extension: In the event that the Borrower is unable to obtain conventional financing to replace the Microloan at the end of five years, the loan Page 3of16 PONEBEO BY NATURE