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b <br /> Equity: Must have a minimum of 10%equity provided by the borrower. <br /> Rate: Fixed at 2%; <br /> IN" S�ree�re.__...,.t �t e a,.t �i e left_ is elesea e..24,w144..._�...,. <br /> Term: The maximum maturity date will be determined by the useful life of <br /> the improvement and the energy payback achieved as determined by <br /> ERMU.For projects that have a shorter length of payback(2-5)years <br /> as calculated according to energy savings,the loans will have an initial <br /> maturity of up to 5 years from the date of closing. Longer life <br /> improvements (6-15 years)may apply for a longer maturity of up to <br /> 10 years. <br /> Criteria: At ie s. 5004 of M-tticroloan funds shetild shall be spent on energy <br /> efficiency improvements outlined below or related building <br /> improvement costs- <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 conservation <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 (ERMU)or the utility provider for <br /> the property if not ERMU.Proposed energy efficiency improvements <br /> that do not qualify 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 Municipal Utilities,Connexus,CenterPoint) <br /> along with a letter indicating eligible utility 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 Elk River Energy City Commission member will be asked to <br /> participate in the EDA Finance Committee review and <br /> recommendation of the application. <br /> P 0 1 1 0 f a B Y <br /> Page 10 of 29 NATURE <br />