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may be extended up to two additional years at -a market rate of <br /> interest.. <br /> Criterix Borrower rnust be an industrial or high technology firril and create or <br /> retain one new full-timc, job for each $20,000 loaned within 2 years, <br /> Said jobs must pay minimum wage of$1(.).(,.)0 per hour excluding <br /> benefits required by law, Loaris of$75,000 or more shall meet the city <br /> of Elk River Business Subsidy Policy for the creation of new jobs at a <br /> rr:ihtimurn wage of$15.00 per hour excluding benefits required by law, <br /> as well as a 5-year location requirement. <br /> In the case where multiple sources of public financing are requested <br /> (e.g. Microloan and Tax Increment Financing) job creation goals shall <br /> not be double-counted. <br /> Borrower must comply with the provisions of the city's Industrial and <br /> Business Park zoning ordinances as applicable. <br /> Do,wntown Revitalization Financing Program <br /> Purpose: The Downtown Revitalization Financing Program is available to <br /> business and property owners in the Downtown Area primarily for the <br /> rehabilitation and restoration of older buildings, as well as new business <br /> development. Non-profit organizations may be considered. The <br /> Downtown Area shall be described as that area in the attached Exhibit <br /> A. <br /> Amount: Ulp to $74,999 of secondary financing not to exceed 40",'o of the <br /> project cost. <br /> l:"quity'. Must hake private-sector con-1.1-nitri-te tits for 50%0 of the project cost. <br /> Borrower must provide 10016 or more of project Financing. <br /> Rate: Fixed at 2"/o. <br /> Ten-1-1: Financing with a balloon payment in up to 5-years. Loans may be <br /> amortized tip to the following lirnits: <br /> 20 years on real estate. uses; <br /> 10 years on equipment uses. <br /> F�.'xtension: In the event that the Borrower is unable to obtain conventional <br /> financing to replace the Nficroloan at the end of five years, the loan <br /> may be extended up to two additional years at a market rate of <br /> interest. <br /> Criteria: At a minimum, 2W/o of Microloan dollars must: be used for the <br /> improvement of the building faqades,with exceptions to be <br /> Targe 3 of 17 <br />