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have a shorter length of payback (2-5) years as calculated according <br /> to energy savings, the loans will have an initial maturity of up to 5 <br /> years from the date of closing. Longer life improvements (6-15 <br /> years) may apply for a longer maturity of up to 10 years. <br /> Criteria: At least 50% of microloan funds should be spent on energy <br /> efficiency improvements - -- - <br /> Applicant must agree to energy audits conducted under the utility <br /> company's Conservation Improvement Program (CIP). If warranted, <br /> engineering studies then are performed on facilities with conservation <br /> opportunities under the utility company's CIP Program. <br /> Energy efficiency is defined as improvements that are rebatable by <br /> the Elk River Municipal Utilities (ERMU) or the utility provider for <br /> the property if not ERMU. Proposed energy efficiency improvements <br /> that do not qualify for the utility's prescriptive rebate program will be <br /> reviewed and approved by the utility company servicing the upgrade <br /> measures (e.g. Elk River Municipal Utilities, Connexus, CenterPoint) <br /> along with a letter 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 /> • <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 /> • <br /> 31-14. 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 /> Page 5of16 P O N E R E O O Y <br /> MATURE <br />