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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: AS.least..50`14)of microtoan furl.dr slioul.d.Inc:pent on every <br /> efficiency improvements-€o -eai f€ittc. ..1I.—I <br /> Applicant must agree to energy audits conducted under the utility ,- ) Formatted:Indent:First line: 0" <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 /> jium— eft iciencti•is defined as iim nrovemenrs that are rebatable b_y <br /> the l?U Rives i1\ icip it Utilities .'RM1_I)or tlix utility provider for <br /> the 2ro_Bert if not RIM] 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 /> recommendation of the application. <br /> The loans will be secured by personal and corporate guarantees,and <br /> if applicable alien 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 /> 3 . 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 1 E 6 E 0 0 q <br />