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considered when it appears the facade irnprOvenicilts are not <br /> necessary. IFInancing of leaseliold improvements will be considered at a <br /> IIII'lit of$25,000,. <br /> Borrower must be located in the Downtown Area. <br /> Lc')ans must be supported bysufficienr collateral,which may include <br /> personal assets and guarantees. <br /> Energy,Efficiency Improvement Program <br /> Purpose: The f4nerp, Efficiency Improvements Prograln is available to <br /> property owners of commercial or industrial buildings in Elk River to <br /> provide capital to businesses to invest in energy efficiency and. <br /> improve their profitability through reduced energy costs and enhance <br /> their ability to retain and create jobs. In addition, the program helps <br /> the city of Elk River use energy conservation as an economic <br /> development tool. Non-profit organizations may be considered, <br /> Amount: Applicants inay apply for the cost of improvements up to $74,999 <br /> Eligible Uses: Energy efficiency measures installed in or on a building include: <br /> • Facility systems optimization (corniTiissioll�ii-ig/re-commissioning) <br /> • Facility systerns control improvements <br /> • Process efficiency iniprovernents (CenterPoirit Energy) <br /> • Trrllglltlil-lg efficiency improvements <br /> • Heating,ventilation and air conditioning system modifications <br /> • Exterior envelope improvements <br /> • Nlotor and pump efficiency irnproverrients <br /> • Ground-source heat purnp systems used to, heat or cool a facility <br /> • Installation of equipment or devices that use renewable energy <br /> sources to generate electricity or heat or cool a building including <br /> solar electricity (photovoltaic),wind turbine or solar thermal. <br /> 1.a.quity: Must have ,I minimum of 10% equity provided by the borrower. <br /> Rate: Fixed; 2 points below the lowest prime rate published in the Wall <br /> Street Journal the day the loan is closed, or 30210,whichever is greater. <br /> Terni: The maximum maturity date will be determined by the useful life of <br /> the improvement and the energy payback achieved. For projects that <br /> have a shorter length of payback (2-5) years as calculated according <br /> to energy savings, the loans will have an initial MatUrity of up to 5 <br /> years from the date of closing. Longer life,improvements (6-15 <br /> years) may apply for I longer maturity of III) to 10 years. <br /> Page 4 of 17 <br />