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ELK RIVER HOUSING AND REDEVELOPMENT AUTHORITY <br />BLIGHTED PROPERTIES FORGIVABLE <br />COMMERCIAL/INDUSTRIAL LOAN POLICY <br />GUIDELINES & APPLICATION <br />I.OVERVIEW <br /> <br />The Housing and Redevelopment Authority for the City of Elk River (HRA) <br />recognizes the need to stimulate private sector investment to he <br />construction, create and retain employment opportunities and pro <br />redevelopment of structurally substandard properties. <br /> <br />The focus is on commercial, retail, industrial, manufacturing, and t-related <br />industries to increase the local and state tax base and improve <br />program can be used toward the purchase of properties deemed str <br />substandard. <br />II. TO APPLY <br />Applications will be accepted on an ongoing basis. Projects will <br />attached Application Review Worksheet. The applicant shall compl <br />the attached application to the city, along with a processing feo cover <br />processing expenses. Once application is deemed complete, it wil <br />cities Executive Director and HRA (process may take up to six we <br />III. PURPOSE <br />The Blighted Properties Forgivable Commercial/Industrial Loan fu <br />used for business start-ups, expansions, and relocations where jobs are created and <br />tax base is generated. This can be accomplished by the following <br />1. <br />Creation of permanent private-sector jobs in order to create above average <br />economic growth; <br />2. <br />Stimulation or leverage of private investment to ensure economic renewa <br />and competitiveness; <br />3. <br />Increase local tax base; <br />4. <br />Improvement of employment and economic opportunity for citizens <br />region to create a reasonable standard of living; and <br />5. <br />Stimulation of productivity growth through improved commercial, retail, <br />manufacturing or new technologies. <br /> <br />IV. PROJECT ELIGIBILITY AND REQUIREMENTS <br />The Blighted Properties Forgivable Commercial/Industrial Loan mu <br />the following criteria: <br /> <br /> <br /> <br />Blighted Properties Forgivable Commercial/Industrial Loan Policy & Guidelines <br /> <br /> <br />Page 2 of 1717 <br />498473v2 JSB EL185-13 <br />