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Redevelopment loans in the central business district are exempt from job creation and <br /> wage goals stated in Section IX, part 5, subdivision (e) provided the loan amount does <br /> • not exceed 50% of the project cost. <br /> Failure to Comply <br /> Businesses failing to comply with the above provisions will be subject to fines, <br /> repayment requirements, and be deemed ineligible by the State to receive any loans <br /> or grants from public entities for a period of five years. <br /> XII. RIGHT OF REFUSAL <br /> The Elk River Economic Development Authority may deny any project which it <br /> deems inappropriate according to the guidelines established in this document. <br /> • <br /> • <br /> 1 Elk River Economic Development Authority <br /> Micro Loan Fund Policy&Guidelines Page 8 of 8 <br />