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interest. <br /> Criteria: Borrower must be an industrial or high technology firm and create or <br /> retain one new full-time job for each$20,000 loaned within 2 years. <br /> Said jobs must pay a minimum wage of$10.00 per hour excluding <br /> benefits required by law. Loans of$75,000 or more shall meet the city <br /> of Elk River Business Subsidy Policy for the creation of new jobs at a <br /> minimum wage of$15.00 per hour excluding benefits required by law, <br /> as well as a 5-year location requirement. <br /> In the case where the multiple sources of public financing are requested <br /> (e.g.Microloan and Tax Increment Financing)job creation goals shall <br /> not be double-counted. <br /> Borrower must comply with the provisions of the city's Industrial and <br /> Business Park zoning ordinances as applicable. <br /> Downtown Revitalization Financing Program <br /> Purpose: The Downtown Revitalization Financing Program is available to <br /> business and property owners in the Downtown District(DD)-�, <br /> defined by d `<�. not <br /> primarily for the rehabilitation and restoration of older buildings, <br /> as well as new business development.Nola profit:organizations may be <br /> considered. The Downtown area shall be defined as that area zoned <br /> ............................................�_ _ <br /> Downtown District in the Zoning Ordinance, The EDA may consider <br /> the Core area of the 2012 Mississ l-.) .i Connections Development <br /> Framework as the Downtown.District. <br /> The downtown_trea or district is the area shown by the attached rrrp <br /> g1.r.,i..:nar ati�,e_ofthr`...I,.�c�lndaries,.. <br /> Amount: Up to$74,999 of secondary financing not to exceed 40%of the <br /> project cost. <br /> Equity: Must have private-sector commitments for 50%of the project cost. <br /> Borrower must provide 10%or more of project financing. <br /> Rate: Fixed at 2%. <br /> Term: Financing with a balloon payment in up to 5-years.Loans may be <br /> amortized up to the following limits: <br /> 20-years on real estate uses; <br /> 10-years on equipment uses. <br /> Extension: In the event that the Borrower is unable to obtain conventional <br /> financing to replace the Microloan at the end of five years,the loan <br /> Page 3of16 P 0 W E R E R R Y <br />