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<br />1.Creation of new jobs must equal a minimum of $12.19/hr. including benefits. <br /> <br />2.Increase in tax base <br /> <br />3.The project can demonstrate that investment of public dollars induces private funds; <br /> <br />4.The project provides higher wage levels to the community or will add value to current <br />workforce skills; <br /> <br />5.The project results in the sale and/or redevelopment of properties deemed structurally <br />substandard; <br /> <br />6.Whether assistance is necessary to retain existing business; and <br /> <br />7.Whether assistance is necessary to attract out-of-state business. <br /> <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 /> <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 /> <br /> <br />V. ELIGIBLE ACTIVITIES <br /> <br />1.Blighted Properties Forgivable Commercial/Industrial Loan may be used for <br />the following activities: <br /> <br />a.Property acquisition, demolition, soil prep, infrastructure, or building <br />construction. <br /> <br />b.Purchase furniture, fixtures, and equipment (FF&E) along with new <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 a Housing <br />and Redevelopment Authority Blighted Properties Forgivable Commercial/Industrial <br />Loan as further defined herein: <br /> <br /> <br />Business must be a for-profit corporation, partnership, or sole <br />. <br />proprietorship <br /> <br /> <br />Business must be a small business as defined by the Small Business <br />Administration (SBA). <br /> <br /> <br />Business must have a positive net worth. <br /> <br /> <br />non-profit corporations, casino, sports facilities and sexually oriented <br /> <br />businesses are noteligible to usethe Housing and Redevelopment <br /> <br />Authority Blighted Properties Forgivable Loan Program. <br /> <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 /> <br />Blighted Properties Forgivable Commercial/Industrial Loan Policy & Guidelines <br /> <br /> <br />Page 3 of 15 <br /> <br />