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Criteria: Borrower must create one new full-time job for each $20,000 loaned,retain one new full-time <br /> job for each $10,000 loaned, or combination of retainage and creation to meet the <br /> requirements. All new jobs must be created within two years and retained for the period of the <br /> loan. Said jobs must pay greater of$15.00 per hour or 150% of state or federal minimum wage, <br /> exclusive of benefits required by law. Any loans shall meet the city of Elk River Business <br /> Subsidy Policy for the creation of new jobs, as well as a 5-year location requirement. <br /> Relocating 12 jobs to Elk River accounts for a loan amount up to $240,000. By policy, the <br /> applicant is eligible for a $185,200 loan. <br /> Summary <br /> The applicant is eligible for a loan of$185,200, meeting the equity, wage, and job criteria <br /> requirements and the proposed fund uses are eligible expenses. <br /> Financial Impact <br /> If the committee agrees this loan meets the goals of the city and EDA, the loan funds could be funded <br /> from the City Microloan Fund account,which has a balance of$767,636.73. <br /> Attachments <br /> ■ Springsted Analysis (March 24, 2016) <br /> ■ Letter from CorTrust Bank (March 4,2016) <br /> ■ Microloan Application (March 7, 2016) <br /> ■ Financial Documents to be distributed at the meeting <br />