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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 properti <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 /> <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 /> <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 /> <br /> <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 <br />construction. <br />b.Purchase furniture, fixtures, and equipment (FF&E) along with ne <br />construction. <br /> <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 />. <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 <br /> <br />businesses are noteligible to usethe Housing and Redevelopment <br /> <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 <br />blighted properties project site including acquisition and site preparation at 100 <br /> <br />Blighted Properties Forgivable Loan Policy & Guidelines <br /> <br /> <br />Page 3 of 15 <br />