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1. The minimum wage for a job to be considered a new or retained job shall be the greater of <br /> $15.00 per hour or 150%of state or federal minimum wage,whichever is greater,exclusive <br /> of benefits required by law. <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 /> Blighted Properties Forgivable Commercial/Industrial Loan Policy&Guidelines r1111111111 <br /> Page 3 of 15 NAME <br />