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1. <br />The minimum wage for a job to be considered a new or retained job shall be the gre <br />of $15.00 per hour or 150% of state or federal minimum wage, whi <br />exclusive of benefits required by law. <br />2. <br />Increase in tax base <br />3. <br />The project can demonstrate that investment of public dollars induces private funds; <br />4. <br />The project provides higher wage levels to the community or will <br />workforce skills; <br />5. <br />The project results in the sale and/or redevelopment of properti <br />substandard; <br />6. <br />Whether assistance is necessary to retain existing business; and <br />7. <br />Whether assistance is necessary to attract out-of-state business. <br /> <br />A Blighted Properties Forgivable Commercial/Industrial Loan is r <br />5.). A loan cannot be made solely on a finding that the conditions in clause 5.), 6.) or 7.) <br />exist. A finding must be made that a condition in clause 1.), 2 <br /> <br />Blighted Properties Forgivable Commercial/Industrial Loans are a <br />that meet all project and job requirements as outlined within. Projects are evaluated on a <br />first-come, first-served basis and awarded based upon meeting program criteria. <br /> <br /> <br />V. ELIGIBLE ACTIVITIES <br />1. <br />Blighted Properties Forgivable Commercial/Industrial Loan may be <br />the following activities: <br />a. <br />Property acquisition, demolition, soil prep, or building reconst <br />b. <br />VI. BUSINESSES ELIGIBILITY <br />Any project meeting the above criteria, and located or proposed <br />the city limits of Elk River as defined by this program, may be eligible for a Housing <br />and Redevelopment Authority Blighted Properties Forgivable Comme <br />Loan as further defined herein: <br />Business must be a for-profit corporation, partnership, or sole <br />. <br />proprietorship <br />Business must be a small business as defined by the Small Business <br />Administration (SBA). <br />Business must have a positive net worth. <br />Non-Profit corporations, casino, sports facilities and sexually orie <br />businesses are noteligible to usethe Housing and Redevelopment <br />Authority Blighted Properties Forgivable Loan Program. <br />VII. BLIGHTED PROPERTIES FORGIVABLE <br />COMMERCIAL/INDUSTRIAL LOAN TERMS & CONDITIONS <br />Loan Amount <br />There is a maximum of $74,999 per Blighted Properties Forgivable <br />Commercial/Industrial Loan. Federal guidelines require a minimum of one job to be <br /> <br />Blighted Properties Forgivable Commercial/Industrial Loan Policy & Guidelines <br /> <br /> <br />Page 3 of 1717 <br />498473v2 JSB EL185-13 <br />