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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 /> 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 /> 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 /> Jobs Incentive Program <br /> Purpose: To assist existing businesses with expansion and attract new <br /> businesses to the City whose local operations will help expand the <br /> City's economy through job retention and creation and <br /> maintain/grow the City's tax base.The purpose of the Jobs Incentive <br /> Program is to encourage the creation of high paying and quality jobs <br /> Page llof18 E R E I 11 <br /> 11111111 NATUR 1 <br /> Page 5 of 18 <br />