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ELK RIVER HOUSING AND REDEVELOPMENT AUTHORITY <br />BLIGHTED PROPERTIES FORGIVABLE LOAN POLICY <br />GUIDELINES & APPLICATION <br />I. OVERVIEW <br />The Housing and Redevelopment Authority for the City of Elk Rive <br />recognizes the need to stimulate private sector investment to he <br />construction, create and retain employment opportunities and promote the sale and <br />redevelopment of blighted or structurally substandard properties <br /> <br />The focus is on commercial, retail, industrial, manufacturing, and technology-related <br />industries to increase the local and state tax base and improve <br />program can be used toward the purchase of and reinvestment in properties deemed <br />blighted or structurally substandard. <br /> <br />II. TO APPLY <br />Applications will be accepted on an ongoing basis. Projects will be scored based on <br />the attached Application Review Worksheet. The applicant shall complete and <br />submit the attached application to the city, along with a processing fee of $2000 to <br />cover processing expenses. Once application is deemed complete, <br />by the EDA Finance Committee and HRA (process may take up to six weeks) for <br />approval consideration. <br /> <br /> <br />III. PURPOSE <br />The Blighted Properties Forgivable Loan funds are to be used for <br />expansions, and relocations where blighted properties are being <br />are created and tax base is generated. This can be accomplished by the following <br />means: <br /> <br />1.Reinvestment in blighted properties to preserve or enhance local tax base; <br />2.Creation of permanent private-sector jobs in order to create above average <br />economic growth; <br />3.Stimulation or leverage of private investment to ensure economic renewal <br />and competitiveness; <br />4.Improvement of employment and economic opportunity for citizens in the <br />region to create a reasonable standard of living; and <br />5.Stimulation of productivity growth through improved commercial, <br />manufacturing or new technologies. <br />IV. PROJECT ELIGIBILITY AND REQUIREMENTS <br />The Blighted Properties Forgivable Loan must be based on the fol <br /> <br />1.Creation of new jobs shall be the greater of $15.00 per hour or 150% of state or <br /> <br />Blighted Properties Forgivable Loan Policy & Guidelines <br /> <br /> <br />Page 2 of 15 <br />