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<br />10 years on equipment uses. <br /> <br />Extension:In the event that the Borrower is unable to payoff the loan or <br />refinance the Microloan at the end of five years, the loan may be <br />extended up to two additional years at 3% interest. <br /> <br /> <br /> <br />Criteria:Borrower must be an industrial or high technology business and create <br />or retain one new full-time job for each $20,000 loaned within 2 years. <br />Said jobs must pay a minimum wage of $15.00per hour excluding <br />benefits required by law. Loans of $75,000 or more shall meet the city <br />of Elk River Business Subsidy Policy for the creation of new jobs at a <br />minimum wage of $15.00 per hour excluding benefits required by l <br />as well as a 5-year location requirement. <br />In the case where multiple sources of public financing are requested <br />(e.g. Microloan and Tax Increment Financing) job creation goals shall <br />not be double-counted. <br /> <br />Borrower must comply with the provisions of the citys Industrial and <br />Business Park zoning ordinances as applicable. <br /> <br />Permitted Fund Uses: <br />a.Building construction <br />b.Land acquisition <br />c.Machinery <br />d.Furniture, fixtures, and equipment (FF&E) <br />e.Renovation and modernization of buildings <br />f.Public infrastructure needed for economic development expansions <br />g.Investment real estate with a minimum of 50% of the space pre-leased <br /> <br />Ineligible Fund Uses: <br />a.Expenditures for the construction and/or renovation of residenti <br />b.Inventory <br />c.Refinancingof existing debt <br />d.Working capital <br /> <br />Downtown Revitalization Financing Loan <br /> <br />Purpose:The Downtown Revitalization Financing Loan is available to business <br />and property owners in the Downtown Area primarily for the <br />rehabilitation and restoration of older buildings, as well as new business <br />development. Non-profit organizations may be considered.The <br />Downtown Area shall be described as that area in the attached in <br />Exhibit A. <br /> <br /> <br />Amount:Up to $74,999 of secondary financing not to exceed 20% of the total <br /> <br />Page 8 of 22 <br /> <br /> <br />