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<br />ELK RIVER HOUSING AND REDEVELOPMENT AUTHORITY <br />BLIGHTED PROPERTIES FORGIVABLE <br />COMMERCIAL/INDUSTRIAL LOAN POLICY <br />GUIDELINES & APPLICATION <br /> <br />I. OVERVIEW <br /> <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 /> <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 /> <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 /> <br /> <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 /> <br /> <br />1.Creation of permanent private-sector jobs in order to create above average <br />economic growth; <br /> <br />2.Stimulation or leverage of private investment to ensure economic renewal <br />and competitiveness; <br /> <br />3.Increase local tax base; <br /> <br />4.Improvement of employment and economic opportunity for citizens in the <br />region to create a reasonable standard of living; and <br /> <br />5.Stimulation of productivity growth through improved commercial, retail, <br />manufacturing or new technologies. <br /> <br /> <br />IV. PROJECT ELIGIBILITY AND REQUIREMENTS <br />The Blighted Properties Forgivable Commercial/Industrial Loan must be based on <br />the following criteria: <br /> <br /> <br />Blighted Properties Forgivable Commercial/Industrial Loan Policy & Guidelines <br /> <br /> <br />Page 2 of 15 <br /> <br />