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may be extended up to two additional years at a market rate of <br /> interest. <br /> Criteria: At a minimum,20%of Microloan dollars must be used for the <br /> improvement of the building facades,with exceptions to be <br /> considered when it appears the facade improvements are not <br /> necessary.Financing of leasehold improvements will be considered at a <br /> limit of$25,000. <br /> Borrower must be located in the Downtown District(DD). <br /> Loans must be supported by sufficient collateral,which may include <br /> personal assets and guarantees. <br /> Energy Efficiency Improvement Program <br /> Purpose: The Energy Efficiency Improvements Program is available to <br /> property owners of commercial or industrial buildings in Elk River to <br /> provide capital to businesses to invest in energy efficiency and <br /> improve their profitability through reduced energy costs and enhance <br /> their ability to retain and create jobs. In addition,the program helps <br /> the city of Elk River use energy conservation as an economic <br /> development tool. \ca rn <br /> niza ) 111 l ..nS r ,1V be c si cred <br /> Amount: Applicants may apply for the cost of improvements up to$74,999 <br /> Eligible Uses: Energy efficiency measures installed in or on a building include: <br /> • Facility systems optimization(commissioning/re-commissioning) <br /> • Facility systems control improvements <br /> • Process efficiency improvements(CenterPoint Energy) <br /> • Lighting efficiency improvements <br /> • Heating,ventilation and air conditioning system modifications <br /> • Exterior envelope improvements <br /> • Motor and pump efficiency improvements <br /> • Ground-source heat pump systems used to heat or cool a facility <br /> • Installation of equipment or devices that use renewable energy <br /> sources to generate electricity or heat or cool a building including <br /> solar electricity(photovoltaic),wind turbine or solar thermal. <br /> Equity: Must have a minimum of 10%equity provided by the borrower. <br /> Rate: Fixed;2 points below the lowest prime rate published in the Wall <br /> Street journal the day the loan is closed,or 3%,whichever is greater. <br /> Term: The maximum maturity date will be determined by the useful life of <br /> the improvement and the energy payback achieved. For projects that <br /> Pagc 4 of 16 P 0 W Eli E P 0 Y <br /> INATUREI <br />