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created for every $15,000 requested. To receive maximum loan am <br />applicant would need to create five new FTE positions. The minim <br />job to be considered a new or retained job shall be the greater 5.00 per hour or <br />150% of state or federal minimum wage, whichever is greater, exc <br />required by law. <br /> <br /> <br />Loan Structure <br />All Housing and Redevelopment Authority Blighted Properties Forg <br />Commercial/Industrial Loans shall be structured as direct loans. <br /> <br />Applicant must provide at least 50% of project cost through othe <br />down payment requirements may vary depending on project and prim <br />institution. Blighted Properties Forgivable Commercial/Industri <br />be used as equity upon approval of primary lending institution <br />The HRA may require additional agreements to be signed by the bo <br />(i.e. mortgage, promissory note, security agreement, personal guentity <br />guarantees, business subsidy agreement). <br />Other HRA Incentives <br />Projects can combine the Blighted Properties Forgivable Commerci <br />Loan with all other incentives (i.e.: Micro Loan Program, Tax Ab <br /> <br />Evaluate Building(s) Existing Condition <br />An evaluation must be conducted to determine if the building(s) is structurally <br />substandard by a licensed structural engineer, or city building <br />experience in inspection and facility assessment projects. Struc <br />shall mean containing defects in structural elements or a combination of deficiencies <br />in essential utilities and facilities, light and ventilation, fi <br />adequate egress, layout and condition of interior partitions, or <br />defects or deficiencies are of sufficient total significance to justify substantial <br />renovation or clearance. <br /> <br />Deliver a written narrative analysis of the property describing <br />or does not meet the criteria as structurally substandard as e <br />Minnesota Statutes Section 117.025, subdivision 7. <br /> <br />Call of Loan <br />Blighted Properties Forgivable Loan terms are set by the HRA. Pr <br />meet the terms may be required to repay all or a portion of the <br />the loan agreement. A job creation extension may be granted upon review of the <br />Housing and Redevelopment Authority on a case by case basis, exc <br />required by law. Repayment terms will vary depending on the use <br />collateral securing the loan. Specific repayment terms will be defined in the loan <br />agreement in the event repayment of part or the entire Blighted <br />Forgivable Commercial/Industrial Loan is required. A loan shall <br />payable in full if a business relocates outside of the city of Eer prior to the <br />maturity date of the loan. Jobs created must be maintained for <br />from the date of closing.Benefit Date as defined in Minnesota Statutes, Section <br /> <br />Blighted Properties Forgivable Commercial/Industrial Loan Policy & Guidelines <br /> <br /> <br />Page 4 of 1717 <br />498473v2 JSB EL185-13 <br />