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1. Creation of new jobs must equal a minimum of$12.19/hr. including benefits. <br /> 2. Increase in tax base <br /> 3. The project can demonstrate that investment of public dollars induces private funds; <br /> 4. The project provides higher wage levels to the community or will add value to current <br /> workforce skills; <br /> 5. The project results in the sale and/or redevelopment of properties deemed structurally <br /> substandard; <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 Commercial/Industrial Loan is required to meet clause <br /> 5.). A loan cannot be made solely on a finding that the conditions in clause 5.), 6.) or 7.) <br /> exist. A finding must be made that a condition in clause 1.), 2.), 3.), or 4.) also exists. <br /> Blighted Properties Forgivable Commercial/Industrial Loans are awarded to businesses <br /> that meet all project and job requirements as outlined within. Projects are evaluated on a <br /> first-come, first-served basis and awarded based upon meeting program criteria. <br /> V. ELIGIBLE ACTIVITIES <br /> 1. Blighted Properties Forgivable Commercial/Industrial Loan may be used for <br /> 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 a Housing <br /> and Redevelopment Authority Blighted Properties Forgivable Commercial/Industrial <br /> Loan 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 <br /> COMMERCIAL/INDUSTRIAL LOAN TERMS & CONDITIONS <br /> Loan Amount <br /> There is a maximum of$75,000 per Blighted Properties Forgivable <br /> Commercial/Industrial Loan. Federal guidelines require a minimum of one job to be <br /> Blighted Properties Forgivable Commercial/Industrial Loan Policy&Guidelines P D W E H E D D Y <br /> Page 3 of 15 -4A f URS <br />