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irt <br /> 91614 <br /> ECONOMIC DEVELOPMENT REVOLVING LOAN FUND <br /> 411 <br /> ELK RIVER, MINNESOTA <br /> POLICY GUIDELINES <br /> 1 . PURPOSE <br /> It is the purpose of this document to establish a Revolving Loan <br /> Fund for Economic Development in the City of Elk River. <br /> 2 . POLICY STATEMENT <br /> The Economic Development Authority for the City of Elk River <br /> (EDA) recognizes the need to stimulate private sector investment <br /> into manufacturing facilities and equipment in order to create <br /> new jobs, boost productivity and retain existing jobs for local <br /> residents . It is also the intent of the loan program to provide <br /> affordable loans for expansion and/or rehabilitation of <br /> commercial and retail buildings in order to maintain the <br /> economic viability of Elk River's business districts . <br /> An EDA loan is intended primarily when other conventional loans <br /> and equity have been maximized, and therefore, the project may <br /> not occur without an EDA loan supplementing the financing. Such <br /> a loan is not intended to give an unfair competitive advantage <br /> over similar businesses in the community. <br /> 411 3 . USES <br /> Permitted Fund Uses : <br /> a. Building construction <br /> b. Land acquisition <br /> c. Machinery <br /> d. Equipment <br /> e. Fixtures <br /> f . Industrial Raw Material ( Inventory) <br /> g. Working capital <br /> h. Renovation and modernization of buildings <br /> i . Exterior renovation of retail, commercial and industrial <br /> buildings <br /> j . Public infrastructure needed for economic development <br /> expansions <br /> Any project meeting the above criteria, and located or proposed <br /> to be located within the City limits of Elk River, may be <br /> eligible for an Economic Development Revolving Loan. A loan <br /> shall become due and payable in full if a business relocates out <br /> of the City of Elk River prior to the maturity date of the EDA <br /> loan. <br /> 411 <br />