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4. HRSR 09-29-2015
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4. HRSR 09-29-2015
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9/29/2015
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<br /> <br />the acquisition and demolition costs for a qualifying site. “Demolition costs” means the costs <br />of demolition, destruction, removal, and clearance of all structures and other improvements <br />on the project site, including interior remedial activities, and proper disposal thereof. As <br />used in this subdivision, “structure” has the meaning given it in section 116G.03, subdivision <br />Costs incurred before the loan is awarded are not eligible for payment <br />11. . <br /> <br />TERMS: <br /> Loans for acquisition and demolition costs may be made subject to the following <br />terms and conditions: <br /> <br /> <br />1.The agreement to repay the loan may be a general obligation of the property owner, <br />payable primarily from a dedicated source of revenue, or other security subject to review <br />and approval by the HRA commission. <br /> <br />2.The term of the loan may not exceed 15 years; <br /> <br />3.The loan shall bear interest at a rate equal to two percent, but interest will not accrue <br />during the first two years of the loan term. <br /> <br />4.The property owner shall make monthly payments beginning in the third year of the loan <br />until the end of the term; <br /> <br />5.The principal amount of a loan may not exceed $75,000; <br /> <br />6.Loan proceeds shall be disbursed for eligible demolition costs as incurred or paid by the <br />borrower and upon submission of invoices and other supporting documentation <br />satisfactory to the commission; <br /> <br />FORGIVENESS: <br />TheHRA may forgive the principal of the loan and interest accrued but <br />unpaid thereon, if any, up to 50 percent of the original loan amount, not to exceed the costs <br />of demolition, upon completion of the project is eligible after 5 years of maintaining the <br />property as an owner occupied dwelling. The applicant must submit a formal request for loan <br /> <br />forgiveness to the HRA. <br /> <br />REQUIRED APPRAISALS OR ASSESSMENTS: <br />Land appraisals of the current (as-is) <br />and expected (pre-construction) value of the site are required so that the HRA can determine <br /> <br />the fair market value and any business subsidy.Both appraisals must be done by an <br />independent appraiser using accepted appraisal methodology. In lieu of an appraisal, the <br />applicant may use the current and projected assessed values as determined by the local <br />assessor. Values cannot be determined in any other manner. The value of the property after <br />the proposed development is completed is also requested. <br />2 <br /> <br />
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