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COMMERCIAL/INDUISTRI'AL LOAN TERMS & CONDITIONS <br /> Loan Amount <br /> There is a MaXIMUM of$75,000 per Blighted properties Forgivable <br /> Cornmercial/I nd us trial Loan, Federal guidelines requirca minunurn of one job to be <br /> c reated for ever) $15,000 requested. To receive maximum loan amount of$75,000, <br /> applicant. would need to create five new F"fE positions '17he nunimum wage for a job <br /> to be considered -a new or retained job shall be the greater of$15,00 per hour or 150'�'o <br /> of state or, federal Minin-Win wage,whichever is greater, exclusive of benefits required by <br /> law. <br /> Loan Structure <br /> J\11 Housing and Redevelopnien t Authority Blighted Properties Forgivable <br /> Corrimcrcial/Industrial Loans shall be structured as direct loans. <br /> Applicant must provide at least 50% of project cost through other means. Equity <br /> down payment reqtdrernents may vary depending on project and primary lending <br /> institution. Blighted Properties forgivable Commercial/Industrial Loan funds may <br /> be used as equity upon approval of primary lending institution <br /> The FIRA may require additional agreements to be sig-lied by the borrower <br /> (i.e. mortgage, promissory note, security agreement,personal guarantees, business <br /> subsidy agreement). <br /> Other HRA Incentives <br /> Projects can combine the Blighted Properties Forgivable Commercial/I rid us trial <br /> 1,oan with all other incentives (i.e.: Micro Loan Program, 'Fax Abatement,TIF, etc.) <br /> Evaluate Building(s) Existing Condition <br /> An evaluation must be conducted to determine if the building(s) is structurally, <br /> substandard by a licensed structural engineer with experience in inspection and <br /> facility assessment projects, Structurally Substandard shall mean containing defects in <br /> structural elements or a combination of deficiencies in essential utilities and facilities, <br /> light and ventilation, fire protection including adequate egress,layout and conditic)n <br /> of interior partitions, or similar factors,which defects or deficiencies are of sufficient <br /> total significance to justify substantial renovation or clearance. <br /> Deliver a written narrative analysis of the property describing why the property does <br /> or does not meet the criteria as "'structura.Hy substandard" as established in <br /> Minnesota Statutes Section 117.025, subdivision 7. <br /> Call of Loan <br /> Blighted properties Forgivable Loan terms are set by the FIRA. Projects wl-iich don't <br /> meet. the terms inay be required to repay all or a portion of the loan as deterinined in <br /> the loan agreement. A job creation extension may be granted upon review of the <br /> Flousingand Redevelopment Authority on a.case by case basis, except as otherwise <br /> required by law. Repayment terms will vaq. 7 depending on the use of funds and <br /> collateral securing the loan. Specific repayment terms will be defined in the loan <br /> agreement in the event repayment of part or the entire Blighted Froperties <br /> Blighted Properties Forgivable(,olTiniercial/Industrial bman Poky&Guidelines <br /> Page 4 of 15 NATURE <br /> QW6 <br />