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Critema: <br /> <br />I. Borrower must create one ne~' ~tl-dme job for each $20,000 loaned <br />wir52n two years. Said jobs must pay a mimmum wage o£ $9.00 per <br />hour plus benefits. Borrower ~ also be required to meet certain <br />provisions of the Ciw's Business Subsidy Policy. <br /> <br />2. Borrower must be an industrial fzrm and comply with the provisions <br />o£ ~ city's L~d=smiM and business park: zor~2g ordJmances. <br /> <br />Redevelopment Financing Program <br />Purpose:. The Redevelopment Financing Program is available to business and <br /> property, owners in the central business district (CBD) for the <br /> rehabilitation and restoration of their buildings. <br /> <br />~A_mouDU <br /> <br />Up to $50,000 of secondary £mancing (not to exceed 40% of the <br />project cost. <br /> <br />Equity,: <br /> <br />Must. have private-sector commitments for 508/0 of the project cost. <br />Borrower to provide 10% or more of project financing. <br /> <br />Rate: <br /> <br />Term: <br /> <br />FLxed; 2 points below the lowest prime rate published in the <br />Wall Street Journal the day the loan is closed, or 2%, whichever is <br />greater. <br /> <br />Financing with a balloon payment in up to 3-years. Loans may be <br />amortized up to the £ollowing limits: <br /> 15-years on real estate uses; <br /> 10-years on equipment uses. <br /> <br />Extension: <br /> <br />In the event that the Borrower is unable to obtM2 conventional <br />financing to replace the Micro Loan at the end of three years, the <br />loan may be extended up to two additional years at a market rate of <br />interest. <br /> <br />Criteria: <br /> <br />1. At a minimum, 20% of Micro Loan dollars must be used for the <br />improvement of the building's fagade. <br /> <br />2. Borrower must be located in the Central Business District <br />(see attached map). <br /> <br />Industrial Incentive Program <br />Purpose: The purpose of the Industrial Incentive Program is to encourage <br /> industrial development that supports the tax base and brings quality, <br /> jobs to the city. <br /> <br />Amount: <br /> <br />Up to $100,000 of secondary, ~ancing (not to exceed 40% of the <br />project cost. <br /> <br />Equity: <br /> <br />Must have pnivate-sector comrmm'~ents for 50% of the project cost. <br />Borrower to provide 10% or more of project financing. <br /> <br /> River Economic Development Authority <br />Nfic:o Loan Fund Policy. & Gmdeknes <br /> <br />P2ge 3 of 8 <br /> <br /> <br />