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federal minimum wage,whichever is greater, exclusive of benefits required by law; <br /> 2. The project can demonstrate that investment of public dollars induces private funds; <br /> 3. The project results in the sale and/or redevelopment of properties deemed <br /> structurally substandard; <br /> 4. Increase in tax base; <br /> 5. The project provides higher wage levels to the community or will add value to <br /> current workforce skills; <br /> 6. Whether assistance is necessary to retain existing business; and <br /> 7. Whether assistance is necessary to attract out-of-state business. <br /> A Blighted Properties Forgivable Loan must meet Clauses 1.), 2.), and 3.). A loan cannot <br /> be made solely on findings 1.), 2.) and 3.). A finding must be made that at least two of <br /> the remaining conditions also exist. <br /> Blighted Properties Forgivable Loans are awarded to businesses that meet all project and <br /> job requirements as outlined within. Projects are evaluated on a first-come, first-served <br /> basis and awarded based upon meeting program criteria. <br /> V. ELIGIBLE ACTIVITIES <br /> 1. Blighted Properties Forgivable Loan may be used for the following activities: <br /> a. Property acquisition, demolition, soil prep, infrastructure, or building <br /> construction. <br /> b. Purchase furniture, fixtures, and equipment (FF&E) along with new <br /> construction. <br /> VI. BUSINESSES ELIGIBILITY <br /> Any project meeting the above criteria, and located or proposed to be located within <br /> the city limits of Elk River as defined by this program, may be eligible for the <br /> Housing and Redevelopment Authority Blighted Properties Forgivable Loan <br /> program as further defined herein: <br /> • Business must be a for-profit corporation, partnership, or sole <br /> proprietorship. <br /> • Business must be a small business as defined by the Small Business <br /> Administration (SBA). <br /> • Business must have a positive net worth. <br /> • non-profit corporations, casino, sports facilities and sexually oriented <br /> businesses are not eligible to use the Housing and Redevelopment <br /> Authority Blighted Properties Forgivable Loan Program. <br /> VII. BLIGHTED PROPERTIES FORGIVABLE LOAN TERMS & <br /> CONDITIONS <br /> Loan Amount <br /> 8. There is a maximum of$200,000 per Blighted Properties Forgivable Loan. To <br /> receive maximum loan amount of$200,000, applicant would need to reinvest in the <br /> blighted properties project site including acquisition and site preparation at 100 <br /> Blighted Properties Forgivable Loan Policy&Guidelines P D W E H E D D Y <br /> Page 3 of 15 4A f U R E <br />