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ELK RIVER HOUSING AND REDEVELOPMENT AUTHORITY <br /> BLIGHTED PROPERTIES FORGIVABLE <br /> COMMERCIAL/INDUSTRIAL LOAN POLICY <br /> GUIDELINES & APPLICATION <br /> I. OVERVIEW <br /> The Housing and Redevelopment Authority for the City of Elk River (HRA) <br /> recognizes the need to stimulate private sector investment to help spur new <br /> construction, create and retain employment opportunities and promote the sale and <br /> redevelopment of structurally substandard properties. <br /> The focus is on commercial, retail,industrial, manufacturing, and technology-related <br /> industries to increase the local and state tax base and improve economic vitality. The <br /> program can be used toward the purchase of properties deemed structurally <br /> substandard. <br /> II. TO APPLY <br /> Applications will be accepted on an ongoing basis. Projects will be scored based on <br /> attached Application Review Worksheet. The applicant shall complete and submit <br /> the attached application to the city, along with a processing fee of$2000 to cover <br /> processing expenses. Once application is deemed complete,it will be reviewed by the <br /> cities Financial Advisor, Executive Director and HRA (process may take up to six <br /> weeks). <br /> III. PURPOSE <br /> The Blighted Properties Forgivable Commercial/Industrial Loan funds are to be <br /> used for business start-ups, expansions, and relocations where jobs are created and <br /> tax base is generated. This can be accomplished by the following means: <br /> 1. Creation of permanent private-sector jobs in order to create above average <br /> economic growth; <br /> 2. Stimulation or leverage of private investment to ensure economic renewal <br /> and competitiveness; <br /> 3. Increase local tax base; <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, retail, <br /> manufacturing or new technologies. <br /> IV. PROJECT ELIGIBILITY AND REQUIREMENTS <br /> The Blighted Properties Forgivable Commercial/Industrial Loan must be based on <br /> the following criteria: <br /> Blighted Properties Forgivable Commercial/Industrial Loan Policy&Guidelines P D W E H E D D Y <br /> Page 2 of 15 -4AUR <br />