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<br />10. COMPLIANCE WITH MN BUSINESS SUBSIDY LAW <br />All developers/businesses receiving financial assistance from th <br />shall be subject to the provisions and requirements set forth by <br />Subsidy Policy as amended and Minnesota Statutes Sections 116J.993 to 116J.995 <br /> <br />(the Minnesota Business Subsidy Law) if applicable. <br />11. Agreement to Pay Costs of Review <br />It is the policy of the city of Elk River to require applicants to pay costs incurred by <br />the city in reviewing and acting upon applications, so that these costs are not borne <br />by the taxpayers of the city. These costs include all of the citys out-of-pocket costs <br />for expenses, including the citys costs for review of the application by the citys <br />Financial Consultant and City Attorney, or other consultants, recording fees, and <br />necessary publication costs. <br /> <br />The application processing fees cover anticipated costs; costs i <br />application fee will be invoiced as they are incurred, and paymein <br />thirty (30) days. Any unused portion of the application fee will bereturnedto the <br />applicant. If payment is not received as required by this agreement, the city may <br />suspend the application review process and may deny the applicat <br />comply with the requirements for processing the application. Paym <br />be required whether the application is granted or denied. <br /> <br />12.Microloan Programs <br /> <br /> <br />In order to meet the economic and community development objectiv <br />fivedistinct microloan programs exist within the Business MicroloanFund. <br /> <br />Industrial Incentive Loan <br /> <br /> <br />Purpose:The purpose of the Industrial Incentive Loanis to encourage <br />industrial and high technology business development that supports <br /> <br />the tax base and brings quality jobs to the city. <br /> <br /> <br />Amount:Up to $100,000 of secondary financing not to exceed 20% of the <br /> <br />total project cost. <br /> <br />Remaining <br /> <br />Principal:Must have private-sector commitments for 50% of the project cost. <br />Borrower must provide 10% or more of project financing. <br /> <br /> <br />Rate:Fixed at 3% <br /> <br /> <br />Term:Loans must mature within 5 years, but must be amortized over a <br />longer period of time. The balloon payment must not be longer than <br />the balloon payment of the participating bank if applicable. Loans <br />may be amortized up to the following limits: <br />20 years on real estate uses; <br /> <br />Page 7 of 22 <br /> <br /> <br />