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Criteria: At least 50111"0 of microloan funds should be spent on energy <br /> efficiency improvernents. <br /> Applicant must agree to energy audits conducted under the utility <br /> company's Conservation Improvement Program (CIP). If warranted, <br /> engineering studies then are performed on facilities with consen-ation <br /> opportunities under the utility company's CIP Program, <br /> Energy efficiency is defined as Improvements that are rebatable by <br /> the Elk River Municipal Utilities (E'RNIU) or the utility provider for <br /> the property if not ERM(T. Proposed energy efficiency improvements <br /> that do not qUalif)l for the utility's prescriptive rebate program will be <br /> reviewed and approved by the utility company, servicing the upgrade <br /> measures (e.g. Elk River Nfunicipal Utilities, ConueXUS, CenterPoint) <br /> along with a letter indicating eligible utiliny rebates. <br /> Utility rebates as applicable will be assigned to the Elk River EDA <br /> and applied toward principal repayment of the loan. <br /> An E'Ik River Energy City Comt-nission mern. ber will be asked to <br /> participate in the EDA Finance ("omrnittee review and <br /> recommendation of the application. <br /> The loans will be secured by personal and corporate guarantees, and <br /> if applicable a lien on equipinent financed and Subordinate mortgage <br /> on the property. Loans are not transferrable. <br /> Installation must be certified through a licensed contractor and <br /> electrician. New construction is eligible when participating with a <br /> utility coinparly rebate program. Eligible costs shall include only <br /> incremental costs over industry design standards. <br /> Jobs Incentive Program <br /> purpose: To assist existing businesses with expansion and attract new <br /> businesses to the City whose local operations will help expand the <br /> City's economy through job retention and creation and <br /> maintain/grow the City's tax base. 'rhe purpose: of the_Jobs Incentive <br /> Program is to encourage the creation of high paying and quality jobs <br /> to, the city. <br /> Amount: UP to $200,000 of secondary financing not to exceed 2(P,/6 of the <br /> project cost. <br /> f"quity: Must have private-sector commitments for 50% of the project cost. <br /> Borrower must provide 10'1/0 or more of project financing. <br /> Rate: Fixed at 2'rf`o. <br /> P 0 1 <br /> Page 5 of 17 6N�AXITW6R�JE <br />