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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 eli gible 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 /> 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 /> to the city. <br /> Amount: Up to $200,000 of secondary financing not to exceed 20% 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 /> P 0 W E R E 0 0 V <br /> Page 5 of 18 INAMPE1 <br />