Laserfiche WebLink
PREVAILING WAGE <br />Per Minn. Stat. 116J.871, laborers and mechanics at the project site during construction, installation, <br />remodeling, and repairs must be paid the state prevailing wage if the financial assistance is greater than $2,000 <br />for a loan. All contracts for publicly owned infrastructure using the RLF must comply with the prevailing <br />wage provisions. <br /> <br />DATA PRIVACY <br />The provision of any information related to any applications for. 13.591, <br />particularly Subd 1 and 2. Other applicable state and federal laws and rules must also be followed. <br /> <br />JOBS INCENTIVE MICROLOAN PROGRAM <br />Purpose: To assist existing businesses with expansion and attract new bus <br />whose local operations will help expand the Citys economy throu <br />creation and maintain/grow the Citys tax base. The purpose of the Jobs Incentive <br />Program is to encourage the creation of high paying and quality jobs <br />Amount: Up to $200,000 of secondary financing not to exceed 20% of the t <br /> <br />Equity: Must have private-sector commitments for 50% of the project cost. Borrower must <br />provide 10% or more of project financing. <br /> <br />Rate: Fixed at 3%. <br /> <br />Term: Financing with a balloon payment in up to 5-years. Loans may be amortized up to the <br />following limits: <br />20 years on real estate uses; <br />10 years on equipment uses. <br /> <br />MICROLOAN FUND TERMS & CONDITIONS <br /> <br />Loan Structure <br />All Economic Development Microloans shall be structured as direc <br />approved by the EDA Finance Committee. If a participation loan i <br />signed by the borrower, primary lender and the EDA. <br /> <br />The EDA may require additional agreements to be signed by the borrower <br />(i.e. security agreement, personal guarantees, business subsidy <br /> <br />Simultaneous Microloans <br />The simultaneous use of different EDA microloan programs by any <br />project is prohibited. <br /> <br />Loan Repayment <br />Jobs Incentive funds, including principal and interest received <br />restaurant, retail, casinos, or sports facilities. <br /> <br /> <br /> <br />Call of Loan <br />4 <br /> <br />