4.1. EDSR 06-28-2016 - Laserfiche WebLink

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Amount: Up to$100,000 of secondary financing not to exceed 20%of the total project cost. £Remaining Principal: Must have private-sector commitments for 50%of the project cost. Borrower must provide 10%or more of project financing. Rate: Fixed at 2%, ° Comment[OAl]:Talk to a bank about this? Formatted:Indent:Left: 0",First line: 0.5" Term: .Loans must mature within 5 years,but must be amortized over a longer period of 44ietime.The balloon payment must not be longer than the balloon payment of the participating bank if applicable. Loans may be amortized up to the following limits: 20 years on real estate uses; 10 years on equipment uses. Extension. T_.k_ .q1g 4 i.P u is _411 H. Rte. :_ In the event that the Borrower is unable to payoff the loan or Formatted:Indent:First line: o" refinance the Microloan at the end of five years,the loan may be extended up to two additional years at 2 points below the lowest prime rate published in the Wall Street journal the day the loan is closed,or 3%.whichever is greater.of interest. Criteria: Borrower must be an industrial or high technology€tffi7business and create or retain one new full-time job for each$20,000 loaned within 2 years.Said jobs must pay a minimum wage of$4$A915.00 per hour excluding benefits required by law. Loans of$75,000 or more shall meet the city of Elk River Business Subsidy Policy for the creation of new jobs at a minimum wage of$15.00 per hour excluding benefits required by law,as well as a 5-year location requirement. In the case where multiple sources of public financing are requested (e.g.Microloan and Tax Increment Financing)job creation goals shall not be double-counted. Borrower must comply with the provisions of the city's Industrial and Business Park zoning ordinances as applicable. Permitted Fund Uses: Formatted:Indent:First line: 0" P 0 1 1 0 f a B Y Page 7 of 29 INATUREJ