7.7. SR 04-18-2016 - Laserfiche WebLink

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City of Elk River, Minnesota Die Concepts Inc. March 23, 2016 Page 5 e. Program Objectives: In addition to quality job and wage creation/retention requirements, the applicant must meet all Blighted Properties Forgivable Loan Fund criteria and demonstrate how the proposed activities will meet at least one of the following objectives: • Creation of permanent private-sector jobs to create above-average economic growth • Stimulation or leverage of private investment to ensure economic renewal and competitiveness • Increase local tax base • Improvement of employment and economic opportunity for citizens in the region to create a reasonable standard of living • Stimulation of productivity growth through improved commercial, retail, manufacturing or new technologies 8. Loan Security and Guarantee Requirements (Page 6 of Policy) The City's Housing and Redevelopment Authority Blighted Properties Forgivable Loan policy states that prior to the City granting a loan to a proposed business, that the proposed project must meet certain loan security requirements. These requirements are: • Applicant must be able to secure the loan by providing the HRA with a minimum of a subordinate mortgage upon the building and/or assets or other approved collateral. • Whenever possible, personal guarantees will be made part of any loan agreement: • Key person life insurance may be required as determined by the HRA based on loan amount and company ownership partners: 9. Timing of Project Expenses (Page 6 of Policy) To be regulated if funding is approved and determined to be used for any improvements of the existing building. 10. Procedural Guidelines for Application and Approval (Page 6 of Policy) To be regulated if funding is approved and determined to be used for any improvements of the existing building.