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I- The rnininiurn wage for a job to be considered a new or retained job shall be the greater of <br /> $15.00 per hour or 15011110 of state or federal rninitnum. %vage,whichever is greater,exclusive <br /> of benefits required by law. <br /> 2. Increase in tax base <br /> 3. 'T'he 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/Industnial 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 1-nust be made that a condition in clause I,),2,), 3), or 4.) also exists. <br /> Blighted Properties Forgivable ('ornmercial/Industrial 1.,oans are awarded to businesses <br /> that meet all project and job requirements as outlined within. Projects are evaluated on a <br /> first-come, first-senedbasis 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 foRowing activities: <br /> a. Property acquisition, dernolition, soil prep,infrastructure, or building <br /> construction. <br /> b. Purchase furniture, fixtures, and equipment (IJ&E) along with new <br /> construction. <br /> V1. 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 1-lousing <br /> and Redevelopment Authority Blighted Properties, Forgivable Commercial Indus trial <br /> Loan as further defined herein, <br /> • Business must be a for-profit corporation, partnership, or sole <br /> proprietorship, <br /> • Business must be a s1nallbusinessas 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 I fousing and Redevelopment <br /> Authority Blighted Properties ForgiN;aide Loan Program. <br /> V11. BLIGHTED PROPERTIES FORGIVABLE <br /> Blighted Properties 1�()rgjvawc(,(.)niiiiei�cia.1/indusTriiiI Loan Policy&Guidehiies P I I I N, E I I I <br /> Page 3 of LS ONAXWTURE, <br />